Global Cloud Infrastructure Service Market to attain market size of US$ 680.2 billion by 2024, growing at a CAGR of 12.1%. Cloud advertising to dominate the public cloud service market
As per the report published by UnivDatos Market Insights (UMI), global cloud infrastructure service market is anticipated to reach the market size of US$ 680.2 billion by 2024 expanding at reasonable CAGR of 12.1% during the forecasted period (2018-2024). Public and private cloud services paired with applications in end user industries are the prominent revenue generating segment under the cloud infrastructure service market. The benefits of cloud infrastructure can also be witnessed extensively among various industry verticals wherein adoption of the cloud technology has been the game changer for industries such as manufacturing, healthcare, government agencies among others. In 2017, public cloud dominated the global cloud infrastructure market. The segment is anticipated to generate revenue size of US$ 319.3 billion by 2019. Alternatively, under public cloud services, cloud advertising is projected to enjoy reasonable growth, accredited to drastic surge in demand for dynamic optimization of advertisements among several industries such as retail and media & entertainment. Rising consumer preferences for online transactions is also expected to generate huge amount of data and to secure big data at low cost incurred would be possible through cloud service. Data transformation initiatives require very robust, reliable and scalable cloud infrastructure. Cloud services are fueling them with atomic pricing. Moreover, managed hosting, cloud services would dominate the private cloud service market by 2024 due to its high frequency bandwidth, advanced infrastructure, continuous security and special services offerings. In addition, disruption is constantly occurring, as cloud infrastructure is gaining prominence among telecom & IT industry, cloud computing has introduced an innovative approach to deliver software services over the network.
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Usage of cloud computing services has significantly benefitted the organizations and enterprises in terms of cost efficiency along with fostering information technology. Rising demand for cost effective and flexible IT resources has dramatically fostered the cloud computing services at global scale. Additionally, information technology has witnessed explosive growth over the years. Cloud computing, Big Data and IoT have gained wide prominence and continue to attract huge corporate spending. Global IT spending is anticipated to reach US$ 2.65 trillion by 2020 compared to US$ 2.18 trillion in 2015. Substantial Surge in adoption of cloud computing service by small and medium enterprises would further provide enormous growth opportunities for the companies operating in the market.
Unique variations of cloud infrastructure is bifurcated extensively into deployment type, public cloud services and end-user industries. Determined by deployment type, cloud computing market is bifurcated into public cloud and private cloud. In 2017, public cloud services dominated the market and is projected to reach market size of US$ 543.9 billion by 2024. While SaaS, PaaS, IaaS, BPaaS and cloud advertising are the significant services of public cloud available in the market. Cloud advertising is anticipated to witness rapid adoption while IaaS is predicted to enjoy speediest CAGR of 18.5% throughout the forecast period of time. Moreover, co-location private cloud service is projected to display reasonable CAGR growth of 13.1% during the analyzed period 2018-2024. Based on application, the market is segmented based on its applications in industrial verticals such as banking, financial and insurance services, retail, Telecom & IT, healthcare, media and entertainment , government agencies, education, energy and manufacturing. Telecom & IT segment held the major market share. However, energy sector is conversely anticipated to showcase maximum CAGR of 13.5% during the forecasted period.
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Additionally, for better examination and penetration of cloud computing solutions the report bifurcates the global cloud infrastructure service market into distinct landscapes and countries including North America (U.S., Canada, Mexico and rest of North America), Europe (Russia, Germany, France, U.K., Italy, Spain and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and rest of Asia-Pacific) , Latin America (Brazil, Argentina, Chile and Rest of Latin America) and Middle East and North Africa( UAE, Saudi Arabia, Kuwait,, Qatar, Algeria, Egypt and rest of Middle East and North Africa). In 2017, North America is approximated to remain one of the lucrative and the largest regions attributed to the intense competition, innovation paired with rapid adoption of SaaS across the region. Moreover, Europe and Asia-Pacific are poised to register radical advancement throughout the forecast time period attributed to influx of numerous players, regulatory initiatives undertaken by government paired with wide adoption among SME’s and maturity of cloud computing among the regions.
Some of the major companies operating in the global cloud infrastructure service market includes Cisco Systems Inc., Equinix Inc., Google Inc., IBM Corporation, Salesforce.com, AT&T Inc., Amazon Web Services Inc., DXC Technology Company, HP Inc. and Rackspace Hosting Inc. These players consistently aim to focus on product development, and enhance their existing portfolios to expand their customer base and strengthen their market position through partnerships and collaborations which further offers them growth opportunities for geographic expansion.
Market Insight, by Deployment Model
- Public Cloud
- Private Cloud
Public Deployment Market Insight, by Services
- Software as a Service (SaaS)
- Platform as a Service (PaaS)
- Infrastructure as a Service (IaaS)
- Business Process as a Service (BPaaS)
- Cloud Advertising
Private Deployment Market Insight, by Service
- Managed Hosting
Market Insight, by End-User Industry
- BFSI (Banking, Financial Services and Insurance)
- Telecom & IT
- Media & Entertainment
- Government Agency
- Other Industries
Market Insight, by Region
- North America Cloud Infrastructure Market Insight
- United States Cloud Infrastructure Market Insight
- Canada Cloud Infrastructure Market Insight
- Mexico Cloud Infrastructure Market Insight
- Rest of North America Cloud Infrastructure Market Insight
- Europe Cloud Infrastructure Market Insight
- Germany Cloud Infrastructure Market Insight
- France Cloud Infrastructure Market Insight
- United Kingdom Cloud Infrastructure Market Insight
- Spain Cloud Infrastructure Market Insight
- Russia Cloud Infrastructure Market Insight
- Italy Cloud Infrastructure Market Insight
- Rest of Europe Cloud Infrastructure Market Insight
- Asia-Pacific Cloud Infrastructure Market
- China Cloud Infrastructure Market Insight
- Japan Cloud Infrastructure Market Insight
- India Cloud Infrastructure Market Insight
- Singapore Cloud Infrastructure Market Insight
- South Korea Cloud Infrastructure Market Insight
- Australia Cloud Infrastructure Market Insight
- Rest of Asia-Pacific Cloud Infrastructure Market Insight
- Middle East Africa Cloud Infrastructure Market
- United Arab Emirate Cloud Infrastructure Market Insight
- Kingdom of Saudi Arabia Cloud Infrastructure Market Insight
- Algeria Cloud Infrastructure Market Insight
- Egypt Cloud Infrastructure Market Insight
- Kuwait Cloud Infrastructure Market Insight
- Qatar Cloud Infrastructure Market Insight
- Rest of Middle East Africa Cloud Infrastructure Market Insight
- Latin America Cloud Infrastructure Market
- Brazil Cloud Infrastructure Market Insight
- Argentina Cloud Infrastructure Market Insight
- Chile Cloud Infrastructure Market Insight
- Rest of Latin America Cloud Infrastructure Market Insight
- Cisco System Inc.
- Equinix Inc.
- Alphabet Inc. (Google)
- International Business Machine Corporation
- Salesforce. Com
- AT&T Inc.
- Amazon Web Services Inc. (AWS)
- Computer Science Corporation
- Hewellet Packard Company Ltd.
- Rackspace Hosting Inc.