Cloud Infrastructure Services Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


Cloud Infrastructure Services Market Analysis:

The market for cloud infrastructure services is projected to experience significant growth in the coming years. It is estimated that the market will expand from USD 72.69 billion in 2023 to USD 100.15 billion by 2028, with a compound annual growth rate (CAGR) of 6.62% during the forecast period. This growth can be attributed to various factors such as the cost-effectiveness, scalability, flexibility, and security offered by cloud infrastructure services. Organizations are increasingly adopting these services to accelerate their Time-to-Market (TTM) and facilitate rapid application development and execution. Additionally, the need to reduce operational costs and maintenance of IT infrastructure is driving the adoption of cloud infrastructure services by many organizations.

One of the key drivers of the cloud infrastructure services market is the exponential growth in data volumes worldwide. Customers are increasingly turning to cloud-based technologies to enhance data security, integrity, and service delivery. Furthermore, the global increase in internet penetration and smartphone adoption rates is also contributing to the growth of this market. These factors are creating a favorable environment for the expansion of cloud infrastructure services.

In terms of service type, storage as a service is expected to hold a significant market share during the forecast period. According to Eurostat, email services and file storage are the most common uses of cloud computing in the European Union (EU), accounting for 66% and 53% respectively. While email management remains stable, there has been a substantial 15% increase in the utilization of cloud-based file storage. Additionally, there is a growing demand for hosting company databases, particularly through virtual private server (VPS) hosting. These trends indicate the increasing reliance on cloud infrastructure services for storage purposes.

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