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IaaS: Powering the Cloud Economy in 2024
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According to The Business Research Company's, The infrastructure as a service (iaas) market size has grown rapidly in recent years. It will grow from $94.85 billion in 2023 to $108.34 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to evolving workforce dynamics, rise of devops and agile practices, strategic shift to outsourced it infrastructure, globalization and market expansion, disaster recovery and business continuity.
The infrastructure as a service (iaas) market size is expected to see rapid growth in the next few years. It will grow to $212.34 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to digital transformation initiatives, enhanced security measures, focus on sustainable infrastructure, hybrid and multi-cloud adoption, ai and machine learning integration. Major trends in the forecast period include serverless computing adoption, containerization and kubernetes, edge computing infrastructure, artificial intelligence (ai) integration, software-defined infrastructure (sdi).
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Market Drivers and Trends:
A rise in number of the small and medium-sized businesses is expected to propel the growth of the infrastructure as a service (IaaS) market going forward. Small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. IaaS providers handle all of the infrastructure components, which reduces maintenance and upgrade costs for SMBs. For instance, according to the U.S. Small Business Administration (SBA), a US-based government agency, small businesses make up 99.9% of all businesses in the United States. In 2021, there were 31.7 million small businesses in the United States, which accounted for 64.2% of net new private-sector jobs created from 2010 to 2021. Thus, a rise in number of the small and medium-sized businesses is driving the growth of the infrastructure as a service (IaaS) market.
Major companies operating in the infrastructure as a service market are developing innovative products such as Watson AIOps to self-detect, diagnose and respond to IT anomalies. Watson AIOps is an AIOps platform and IT operations management solution that lets IT operators place AI at the core of their ITOps toolchain. For instance, in September 2022, IBM, a US-based technology company launched Watson AIOps. Watson AIOps uses traceable AI to help teams and stakeholders trust AI-powered recommendations and insights for their mission-critical workloads. Watson AIOps provides clear, succinct recommendations and actions to help teams find solutions fast.
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Major Key Players of the Market:
Alphabet Inc., Google Inc., Microsoft Corporation, Alibaba Group Holding Limited, Dell Technologies Inc., Tencent Holdings Limited, Amazon Web Services Inc.., International Business Machines Corporation, Cisco Systems Inc.., Oracle Corporation, Fujitsu Limited, Hewlett Packard Enterprise Company, Savvisa Century Link Company, DXC Technology Company, Vmware Inc., Alibaba Cloud Inc., RedHat Inc., Rackspace Technology Inc., Nutanix Inc., IONOS Cloud Inc., Joyent Inc., Redcentric plc, Linode LLC, MapR Technologies Inc., Mesosphere Inc., ProfitBricks Inc., Mirantis Inc., EMC Corporation, Micronaut Foundation, OpenStack Foundation.
Infrastructure as a service (IaaS) Market 2024 Key Insights:
• The infrastructure as a service (iaas) market size is expected to see rapid growth in the next few years. It will grow to $212.34 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%.
• Small And Medium-Sized Businesses Fueling The Growth Of Infrastructure As A Service (IAAS) Market
• Ibm's Watson Aiops Revolutionizes It Anomaly Detection And Response
• North America was the largest region in the infrastructure as a service (IaaS) market in 2023
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