June 13, 2024
ICT

Cloud Infrastructure Market Size To Surpass USD 653.88 Bn By 2032

The global cloud infrastructure market size is projected to hit around USD 653.88 billion by 2032 from USD 233.91 billion in 2023 expanding at a CAGR of 12.10% during the forecast period from 2023 to 2032.

Key Takeaways

  • North America contributed more than 42% of revenue share in 2022.
  • Asia-Pacific is estimated to expand the fastest CAGR between 2023 and 2032.
  • By type, the hardware segment has held the largest market share of 56% in 2022.
  • By type, the services segment is anticipated to grow at a remarkable CAGR of 13.4% between 2023 and 2032.
  • By end use, the  IT & telecom segment generated over 28% of revenue share in 2022.
  • By end use, the healthcare segment is expected to expand at the fastest CAGR over the projected period.

Cloud Infrastructure Market Size 2023 To 2032

The Cloud Infrastructure Market is a dynamic and rapidly evolving sector driven by the growing demand for scalable and flexible computing resources. It encompasses a broad range of services, including computing power, storage, and networking solutions, delivered over the internet. As organizations increasingly shift towards cloud-based infrastructure, this market plays a pivotal role in supporting digital transformation initiatives across various industries.

Get a Sample: https://www.precedenceresearch.com/sample/3660

Growth Factors

The market’s growth is fueled by several key factors. Firstly, the escalating adoption of cloud computing by businesses seeking to enhance operational efficiency and reduce infrastructure costs is a significant driver. Additionally, the increasing trend of remote work and the need for secure, accessible, and collaborative computing resources contribute to the market’s expansion. The scalability and cost-effectiveness offered by cloud infrastructure further stimulate its adoption across enterprises of all sizes.

Cloud Infrastructure Market Scope

Report Coverage Details
Growth Rate from 2023 to 2032 CAGR of 12.10%
Market Size in 2023 USD 233.91 Billion
Market Size by 2032 USD 653.88 Billion
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Type and By End-use
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Drivers:

A primary driver for the Cloud Infrastructure Market is the demand for data storage and processing capabilities, driven by the exponential growth of data generated by businesses and individuals. The migration towards cloud-native applications, coupled with the rise of artificial intelligence and machine learning workloads, serves as another compelling driver. Furthermore, the need for reliable disaster recovery solutions and the ability to quickly deploy resources drive the adoption of cloud infrastructure services.

Trends:

One prominent trend in the Cloud Infrastructure Market is the increasing focus on edge computing. As applications demand lower latency and real-time processing, edge computing enables the distribution of computing resources closer to the end-users. Multi-cloud strategies are also gaining traction, allowing organizations to leverage services from multiple cloud providers to optimize performance and avoid vendor lock-in.

Regions Snapshot

The adoption of cloud infrastructure varies across regions. North America, with its robust technological infrastructure and early cloud adoption, remains a key market. The Asia-Pacific region is witnessing substantial growth due to increasing digitalization efforts in emerging economies. Europe is also a significant player, with organizations prioritizing cloud solutions for agility and competitiveness.

Read Also: Electrophoresis Market Size To Touch USD 3.94 Billion By 2032

Recent Developments

  • In April 2023, Alibaba Cloud introduced cost-effective alternatives for its Elastic Compute Service (ECS) and Object Storage Service (OSS), aligning with the escalating demand for cloud services. The newly unveiled ECS Universal ensures comparable stability to ECS while offering up to a 40% reduction in costs. Tailored for applications like web hosting, enterprise office tools, and offline data analysis, ECS Universal addresses diverse computing needs. Additionally, Alibaba Cloud introduced the OSS Reserved Capacity (OSS-RC), enabling customers to reserve storage capacity in a specific cloud region for a year, resulting in potential savings of up to 50%.
  • In November 2022, Amazon Web Services (AWS) inaugurated India’s Second Infrastructure Region, enhancing options for Indian customers in workload execution, resilience, and data storage. This expansion aims to provide heightened resilience, secure data storage, and lower latency for end-users. AWS’s investment of over USD 4.4 billion in the new AWS Asia Pacific (Hyderabad) region by 2030 is expected to generate more than 48,000 full-time employment opportunities annually, contributing significantly to India’s economic landscape.

Competitive Landscape:

The Cloud Infrastructure Market is highly competitive, with major players continually innovating to gain a competitive edge. Industry leaders such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform dominate the market share. These companies invest heavily in research and development to enhance their service offerings, security measures, and global infrastructure. Additionally, a multitude of smaller players and regional providers contribute to the competitive landscape, fostering diversity and specialization within the market. As the demand for cloud infrastructure services continues to surge, competition is likely to intensify, driving further advancements and innovations in the industry.

Cloud Infrastructure Market Companies

  • Amazon Web Services (AWS)
  • Microsoft Azure
  • Google Cloud Platform (GCP)
  • IBM Cloud
  • Alibaba Cloud
  • Oracle Cloud
  • VMware
  • Cisco Systems
  • Hewlett Packard Enterprise (HPE)
  • Dell Technologies
  • Red Hat
  • Salesforce
  • SAP
  • Intel Corporation
  • NetApp

Segments Covered in the Report

By Type

  • Hardware
  • Services

By End-use

  • IT & Telecom
  • BFSI
  • Retail & Consumer Goods
  • Manufacturing
  • Healthcare
  • Media & Entertainment

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

TABLE OF CONTENT

 

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@precedenceresearch.com

Web: https://www.precedenceresearch.com

Blog: https://www.expresswebwire.com/

Blog: https://www.uswebwire.com/

Blog: https://www.dailytechbulletin.com/

Blog: https://www.autoindustrybulletin.com/


Leave a Reply

Your email address will not be published. Required fields are marked *