When we talk of Cloud Computing technologies, the Infrastructure as a Service (IaaS) sub-segment tends to get a lot of attention. This is primarily because of the rapid shift in enterprise IT infrastructures, as they move away from on-premise, towards IaaS.
In the Infrastructure as a Service (IaaS) space, the deploying enterprise is able to leverage the hardware resources of a Cloud Service Provider (CSP) like dinCloud. This in turn enables deploying enterprises to move away from a CapEx, towards an OpEx model.
A company named Verified Market Research recently published a report titled, “Cloud Infrastructure as a Service Market”. In this report, the research company paints a very promising picture of the future growth prospects of the Cloud.
According to the forecast by this company, the size of the global Cloud Infrastructure as a Service (IaaS) market could attain a whopping US $1.3 Trillion by the year 2028. In the year 2020, the global IaaS market stood at US $235 Billion.
Considering the company’s forecast period, which spans the years 2021 and 2028, the global IaaS market seems well poised to grow at a Compound Annual Growth Rate (CAGR) of nearly 11.5%, despite a global crisis.
According to the study, the major factors that are driving the demand for Cloud Computing solutions globally are lower costs, improved flexibility as well as scalability, and a robust cyber security posture.
The report also cited the effectiveness of IaaS solutions in executing digital transformation initiatives across various organizations. Some of the other factors which contributed to this hyped demand for IaaS were a robust cyber security and business continuity posture.
In the end, the report forecasts more than decent growth for the global Cloud Computing market in general, and the IaaS market in particular.