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Redding, California - July 2, 2024

Infrastructure-as-a-Service Market to be Worth $512.4 Billion by 2031

Infrastructure-as-a-Service Market Size, Share, Forecast, & Trends Analysis by Offering (Compute, Storage, Others), Deployment (Public, Private, Hybrid), Organization Size, Application (Hosting, Others), Sector (IT & Telecommunications, BFSI, Others), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled,‘Infrastructure-as-a-Service Market by Offering (Compute, Storage, Others), Deployment (Public, Private, Hybrid), Organization Size, Application (Hosting, Others), Sector (IT & Telecommunications, BFSI, Others), and Geography - Global Forecast to 2031.’

According to this latest publication, the infrastructure-as-a-service market is projected to reach $512.4 billion by 2031, at a CAGR of 23.1% from 2024 to 2031. The growth of the infrastructure-as-a-service market is driven by the growing adoption of cloud infrastructure in the BFSI sector and enterprises’ increasing preference for IaaS over conventional on-premise services. However, data privacy & security concerns restrain the growth of this market.

Furthermore, the growing adoption of cloud technologies among SMEs and the increasing focus on customized and managed cloud services are expected to generate growth opportunities for the stakeholders in this market. However, the shortage of skilled IT professionals is a major challenge impacting the growth of the infrastructure-as-a-service market.

The infrastructure-as-a-service market is segmented by offering (compute, network, storage, other offerings), deployment mode (public cloud, private cloud, hybrid cloud), organization size (large enterprises, small & medium-sized enterprises), application (testing and development, hosting, storage, backup, and recovery, high performance computing, other applications), sector (IT & telecommunications, BFSI, healthcare, retail & e-commerce, government & defense, manufacturing, transportation & logistics, other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, the infrastructure-as-a-service market is segmented into compute, network, storage, and other offerings. In 2024, the compute segment is expected to account for the largest share of above 42% of the infrastructure-as-a-service market. The large market share of this segment is attributed to the increasing use of virtualized computing resources by SMEs due to limited IT budgets and increasing digital transformation by various sectors to transfer their workload to the cloud.

However, the storage segment is projected to register the highest CAGR during the period. This segment's growth is driven by the increasing volume of data in large enterprises and the increasing demand for storage solutions to reduce the installation and maintenance costs of data centers.

Based on deployment mode, the infrastructure-as-a-service market is segmented into public cloud, private cloud, and hybrid cloud. In 2024, the public cloud segment is expected to account for the largest share of above 50% of the infrastructure-as-a-service market. The large market share of this segment is attributed to the increasing use of the public cloud by small and medium-sized enterprises due lower cost of subscription-based or pay-per-usage pricing models in the public cloud.

However, the hybrid cloud segment is projected to register the highest CAGR during the period. This segment's growth is driven by organizations' increasing deployment of hybrid cloud to improve performance and security, modernize existing infrastructure, reduce cost, and use both public and private clouds according to company requirements.

Based on organization size, the infrastructure-as-a-service market is segmented into large enterprises and small & medium-sized enterprises. In 2024, the large enterprises segment is expected to account for the larger share of above 55% of the infrastructure-as-a-service market. The large market share of this segment is attributed to the growing adoption of advanced technologies such as cloud computing, AI, and blockchain, and the rapid migration of IT infrastructure in the cloud.

However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the period. The growth of this segment is driven by the growing digital transformation, growing adoption of public cloud services, and benefits related to IaaS solutions such as low cost, security, and better computing processes.

Based on application, the infrastructure-as-a-service market is segmented into testing and development, hosting, storage, backup and recovery, high performance computing, and other applications. In 2024, the storage, backup, and recovery segment is expected to account for the largest share of above 38% of the infrastructure-as-a-service market. The large market share of this segment is attributed to the increasing use of cloud storage applications in large enterprises due to the increasing volume of data and growing demand across SMEs to avoid the complexity of storage management, the lack of skilled professionals, and reduce cost.

Moreover, the storage, backup, and recovery segment is also projected to register the highest CAGR during the period. This segment's growth is driven by the increasing digital transformation and migration of workloads to the cloud and the increasing volume of data in large enterprises.

Based on sector, the infrastructure-as-a-service market is segmented into IT & telecommunications, BFSI, healthcare, retail & e-commerce, government & defense, manufacturing, transportation & logistics, and other sectors. In 2024, the IT & telecommunications segment is expected to account for the largest share of above 32% of the infrastructure-as-a-service market. The large market share of this segment is attributed to the increasing adoption of advanced technologies, including cloud computing, and the increasing use of the IaaS model to reduce data centers and increase storage capacity. Telecommunications operators are migrating to cloud infrastructure to decrease operational costs and increase deployment times. For instance, Deutsche Telekom AG (Germany) is using Amazon Web Services, Inc. (U.S.) and Microsoft Corporation (U.S.) cloud infrastructure to reduce its data centers from 89 to 13 across the globe and increase computing and storage capacity by around 25%.

However, the retail & e-commerce segment is projected to register the highest CAGR during the period. The growth of this segment is driven by the increasing need to automate workflows and online transactions, the need for data integrity in the retail & e-commerce industry, and the increasing use of cloud infrastructure to store data and offer insights regarding customer preferences.

Based on geography, the infrastructure-as-a-service market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of above 46% of the infrastructure-as-a-service market. The market growth in North America is driven by the increasing government initiatives for the implementation of cloud computing technologies, the presence of major technology companies in the region, the high acceptance & extensive adoption of cutting-edge technologies in the region, and growing cloud adoption to manage security, infrastructure, network, business continuity, mobility, and regulatory standards within the cloud infrastructure. Companies are increasingly adopting cloud infrastructure to improve business productivity and decision-making capabilities by migrating their on-premise workload to the cloud. For instance, in April 2022, Amazon Web Services, Inc. (U.S.) extended its partnership with Boeing (U.S.), the leading manufacturer of airplanes, rotorcraft, rockets, satellites, and telecommunications equipment, to migrate Boeing’s applications from on-premises data centers to AWS cloud to strengthen their engineering and manufacturing processes.

However, Asia-Pacific is projected to record the highest CAGR of above 24.5% during the forecast period. The region’s growth is attributed to the growing adoption of IaaS by small and medium-sized enterprises to reduce maintenance costs, the increasing proliferation of cloud computing services in China and Japan, and the presence of well-established IaaS providers in China. Increasing investments by major players, such as IBM Corporation (U.S.) and Google LLC (U.S.), to strengthen cloud computing services and the growing adoption of managed cloud data center services in China, Japan, and India are supporting the growth of the IaaS market in Asia-Pacific.

Key Players

The key players operating in the infrastructure-as-a-service market are Amazon Web Services, Inc. (U.S.), Microsoft Corporation (U.S.), Alibaba Cloud (China), Google LLC (U.S.), Huawei Technologies Co., Ltd. (China), Oracle Corporation (U.S.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), VMware, Inc. (U.S.), Rackspace Technology, Inc. (U.S.), DigitalOcean LLC (U.S.), Hewlett Packard Enterprise Company (U.S.), Tencent Cloud (China), Linode LLC (U.S.), NTT Communications Corporation (Japan), Utho (India), and Vultr (U.S.).

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Key Questions Answered in the Report:

What are the high-growth market segments in terms of the offering, deployment mode, organization size, application, and sector?
What is the historical market size for the infrastructure-as-a-service market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the infrastructure-as-a-service market?
Who are the major players in the infrastructure-as-a-service market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the infrastructure-as-a-service market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the infrastructure-as-a-service market, and how do they compete with other players?

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Redding, California - July 2, 2024

Infrastructure-as-a-Service Market to be Worth $512.4 Billion by 2031

Infrastructure-as-a-Service Market Size, Share, Forecast, & Trends Analysis by Offering (Compute, Storage, Others), Deployment (Public, Private, Hybrid), Organization Size, Application (Hosting, Others), Sector (IT & Telecommunications, BFSI, Others), and Geography - Global Forecast to 2031

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