Infrastructure-as-a-Service Market Growth Projections: $512.4 Billion by 2031

Roshani

posted on 3 months ago — updated on 1 second ago

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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 prominent global market research firm, has unveiled its latest 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 offers a detailed analysis of the infrastructure-as-a-service (IaaS) market and projects its growth trajectory over the coming years.

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The report forecasts that the IaaS market will reach a remarkable $512.4 billion by 2031, expanding at a compound annual growth rate (CAGR) of 23.1% from 2024 to 2031. This growth is primarily driven by the increasing adoption of cloud infrastructure across various sectors, particularly within the banking, financial services, and insurance (BFSI) industry. The shift from traditional on-premise services to IaaS solutions is being fueled by the need for scalable, flexible, and cost-effective IT infrastructure.

However, the report also highlights several challenges that could potentially hinder the market's growth. One of the most significant challenges is the ongoing concern over data privacy and security. These concerns remain a major barrier for organizations considering the transition to cloud-based infrastructure, particularly in industries that handle sensitive data, such as healthcare and finance.

Despite these challenges, the IaaS market is expected to continue its rapid growth, driven by several emerging trends. One such trend is the increasing adoption of cloud technologies by small and medium-sized enterprises (SMEs), which are looking to leverage the cost-efficiency and scalability offered by cloud computing. Additionally, there is a growing demand for customized and managed cloud services, which provide businesses with greater control over their IT infrastructure and the flexibility to scale operations as needed.

The report also notes that the shortage of skilled IT professionals presents a significant 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 growing. However, there is a substantial talent gap in this area, which could slow the adoption of IaaS solutions and limit the market's growth potential.

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The IaaS market is segmented by 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 dominate the market, accounting for over 42% of the total market share by 2024. This dominance is attributed to the increasing use of virtualized computing resources by SMEs, which are driven by limited IT budgets and the need for digital transformation.

Meanwhile, the storage segment is projected to experience the highest growth rate during the forecast period. The rising volume of data generated by large enterprises and the growing need for cost-effective storage solutions are key factors driving this segment's growth.

In terms of deployment mode, the market is categorized into public cloud, private cloud, and hybrid cloud. The public cloud segment is anticipated to lead the market, capturing more than 50% of the market share 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 offered by subscription-based pricing models.

However, the hybrid cloud segment is expected to register the highest CAGR over the forecast period. Organizations are increasingly adopting hybrid cloud solutions to enhance performance and security, modernize their infrastructure, and optimize costs by leveraging both public and private cloud environments.

When analyzing the market by organization size, large enterprises are expected to hold the largest share, accounting for over 55% of the market by 2024. The adoption of advanced technologies such as cloud computing, artificial intelligence (AI), and blockchain, coupled with the rapid migration of IT infrastructure to the cloud, are key factors contributing to this dominance.

Nevertheless, SMEs are expected to register the highest growth rate during the forecast period. The digital transformation of SMEs, combined with their increasing adoption of public cloud services, is driving the demand for IaaS solutions among smaller businesses. The cost-efficiency, security, and enhanced computing capabilities offered by IaaS are particularly appealing to SMEs.

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 dominance is due to the growing reliance on cloud storage solutions by large enterprises, driven by the increasing volume of data and the need for simplified storage management.

Moreover, this segment is also expected to experience the highest growth rate during the forecast period. The ongoing digital transformation and the migration of workloads to the cloud, along with the growing data volumes in 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 key drivers for this segment.

However, the retail & e-commerce sector is expected to register 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 region's growth is driven by government initiatives promoting cloud computing, the presence of major technology companies, and the widespread adoption of advanced technologies. Companies in North America are increasingly leveraging cloud infrastructure to improve business productivity and decision-making by migrating their on-premise workloads to the cloud.

However, the Asia-Pacific region is projected to witness the highest CAGR of over 24.5% 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 like China and Japan, are key factors driving this growth. Additionally, increasing investments by major players in strengthening cloud computing services and 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?