Meticulous Research®, a well-known global market research company, has published a new 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." This report provides detailed insights into the infrastructure-as-a-service (IaaS) market and its projected growth over the next several years.



According to the report, the IaaS market is expected to grow at a compound annual growth rate (CAGR) of 23.1% from 2024 to 2031, reaching a market size of $512.4 billion by 2031. The report identifies several factors driving this growth, including the increasing adoption of cloud infrastructure, particularly in the banking, financial services, and insurance (BFSI) sector, as well as the growing preference for IaaS solutions over traditional on-premise services.



However, despite these positive trends, the report also highlights some challenges facing the market. One of the most significant is the ongoing concern over data privacy and security, which remains a major barrier to the widespread adoption of cloud-based infrastructure solutions. These concerns are particularly acute in industries that handle sensitive data, such as healthcare and finance.



Despite these challenges, the report suggests that the IaaS market is poised for significant growth, driven by several emerging trends. Among these is the increasing adoption of cloud technologies by small and medium-sized enterprises (SMEs), which are looking to leverage the cost and efficiency benefits of cloud computing. Additionally, there is a growing demand for customized and managed cloud services, which offer businesses greater control over their IT infrastructure and more flexibility in managing their operations.

However, the report also notes that the shortage of skilled IT professionals poses a major challenge to the growth of the IaaS market. As demand for cloud computing services continues to rise, the need for professionals with expertise in cloud technologies is also increasing. This talent gap could slow the adoption of IaaS solutions and limit the market's growth potential.



The IaaS market is segmented into several categories, including offering, deployment mode, organization size, application, and sector. In terms of offering, the market is divided into compute, network, storage, and other services. The compute segment is expected to be the largest, accounting for more than 42% of the market by 2024. This is largely due to the increasing use of virtualized computing resources by SMEs, which are looking to optimize their IT budgets and drive digital transformation.



Meanwhile, the storage segment is projected to experience the highest growth rate during the forecast period. The growing volume of data generated by large enterprises, coupled with the need for cost-effective storage solutions, is driving demand for cloud-based storage services.



In terms of deployment mode, the market is divided into public, private, and hybrid clouds. The public cloud segment is expected to be the largest, capturing more than 50% of the market by 2024. This growth is driven by the widespread adoption of public cloud services by SMEs, which are attracted by the cost-effectiveness and flexibility of subscription-based pricing models.



However, the hybrid cloud segment is expected to see the highest growth rate during the forecast period. Organizations are increasingly adopting hybrid cloud solutions to improve performance and security, modernize their infrastructure, and optimize costs by using both public and private clouds.

When it comes to organization size, large enterprises are expected to hold the largest share of the market, accounting for over 55% by 2024. The report attributes this to the growing adoption of advanced technologies such as cloud computing, artificial intelligence (AI), and blockchain, as well as the rapid migration of IT infrastructure to the cloud.



Nevertheless, SMEs are expected to see the highest growth rate during the forecast period. This growth is being driven by the increasing digital transformation of SMEs, as well as their growing adoption of public cloud services. The cost-efficiency, security, and enhanced computing capabilities offered by IaaS are particularly appealing to smaller businesses.



In terms of application, the market is segmented into testing and development, hosting, storage, backup and recovery, high-performance computing, and other applications. The storage, backup, and recovery segment is expected to account for the largest share of the market, exceeding 38% by 2024. This is due to the increasing reliance on cloud storage solutions by large enterprises, driven by the growing volume of data and the need for simplified storage management.



Moreover, this segment is expected to experience the highest growth rate during the forecast period. The ongoing digital transformation and migration of workloads to the cloud, coupled with the increasing volume of data generated by large enterprises, are key factors driving this growth.



The market is also segmented by sector, with the IT & telecommunications sector expected to hold the largest share, accounting for over 32% of the market by 2024. The increasing adoption of advanced technologies such as cloud computing, as well as the widespread use of IaaS to reduce data center costs and increase storage capacity, are driving growth in this sector.



However, the retail & e-commerce sector is expected to see the highest growth rate during the forecast period. The growing need to automate workflows and online transactions, coupled with the demand for data integrity and the increasing use of cloud infrastructure to store data and analyze customer preferences, are driving the adoption of IaaS in this sector.



Geographically, North America is expected to dominate the IaaS market, accounting for over 46% of the global market by 2024. The report attributes this growth to several factors, including government initiatives promoting cloud computing, the presence of major technology companies, and the widespread adoption of advanced technologies.



However, the Asia-Pacific region is expected to see the highest growth rate during the forecast period. The growing adoption of IaaS by SMEs to reduce maintenance costs, coupled with the proliferation of cloud computing services in countries such as China and Japan, are key factors driving this growth. Additionally, increasing investments by major players in strengthening cloud computing services, as well as the adoption of managed cloud data center services in China, Japan, and India, are expected to further fuel market expansion in the region.

 

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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