Remote Working and High Reliance on Digital Services Pushing Adoption of Cloud Infrastructure Solutions: Fact.MR Report
Remote Working and High Reliance on Digital Services Pushing Adoption of Cloud Infrastructure Solutions: Fact.MR Report
According to a new research report published by Fact.MR, the global cloud infrastructure market is projected to be valued at US$ 320.12 billion in 2024 and further expand at a CAGR of 5.6% from 2024 to 2034.
Globally, the demand for cloud infrastructure is surging due to rapid technological advancements and the digital transformation trend across various industries. Adoption rates are climbing sharply as organizations recognize the scalability, flexibility, and cost-effectiveness of cloud solutions. This trend has been accelerated by the COVID-19 pandemic, which has made digital services and remote work standard practice. Cloud infrastructure has proven essential in ensuring seamless communication and maintaining business continuity during this shift.
Emerging technologies such as the Internet of Things, machine learning, and artificial intelligence are fueling the need for robust cloud systems capable of managing vast amounts of data. Industries such as healthcare and finance are leveraging cloud infrastructure to drive innovation and improve their services. Moreover, advancements in edge computing and 5G networks are enhancing the cloud’s capabilities, enabling real-time processing for applications like autonomous vehicles and smart cities. As businesses increasingly focus on innovation and agility, cloud infrastructure is transitioning from a competitive edge to a fundamental necessity in today’s digital landscape.
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Key Takeaways from the Market Study:
“With the advent of 5G technology, the requirement for cloud infrastructure has become more prominent as it supports network function virtualization,” says a Fact.MR analyst.
Adoption of Quantum Computing Leading to Significant Rise in Demand for Cloud Infrastructure
Cloud-based quantum computing is expanding processing capacity and drawing interest from sectors like finance and medicine. In the meantime, machine learning skills are being improved by AI-optimized cloud architectures, which is hastening the development of autonomous systems and predictive analytics.
Integration of edge computing involves extending cloud capabilities to the edge of the network, allowing 5G apps and IoT devices to handle data in real-time. This is especially important for new technologies like smart cities and driverless cars.
Growing in popularity, serverless computing frees developers from the burden of maintaining underlying infrastructure so they may concentrate entirely on writing code. Processes for developing and deploying applications are being streamlined across sectors as a result. Even the most sensitive industries may now utilize cloud computing thanks to advanced security features like homomorphic encryption and confidential computing, which solve data privacy issues.
Along with improving already available cloud services, these advances are generating new use cases and accelerating their widespread acceptance in a variety of international businesses. Because of this, there is an ongoing global need for cloud infrastructure, which is changing the technical environment and accelerating digital transformation.
Cloud Infrastructure Industry News:
Key players in the cloud infrastructure industy are introducing new products, including cloud computing and cloud-managed services, to stay competitive. In February 2022, Amazon Connect launched the AWS Cloud Formation Service for management APIs, allowing customers to manage Amazon Connect instances by integrating Lex bots (and Lex v2), Lambda functions, approved origins, and security keys with their AWS infrastructure.
In May 2022, IBM signed a collaboration agreement with Amazon Web Services (AWS) to offer a broad software catalog as Software as a Service (SaaS) on AWS, providing clients with easy access to IBM software for automation, data, and AI. Additionally, in July 2021, AT&T partnered with Google Cloud to introduce a new solution combining edge computing and 5G technologies, including AT&T's on-site Multi-access Edge Computing system and wired, wireless, and LTE capabilities to enhance edge computing capabilities.
Leading Players Driving Innovation in the Cloud Infrastructure Market:
Key industry participants like Alibaba Cloud; Amazon Web Services, Inc.; CloudHesive; Coastal Cloud; DigitalOcean; Google; GroundCloud; IBM; Microsoft Azure; Oracle Cloud; Rackspace Technology, Inc.; Salesforce, Inc.; Tencent; The Descartes Systems Group Inc.; VMware LLC etc. are driving the cloud infrastructure industry.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the cloud infrastructure market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (hardware, services), end user (banking, financial services, & insurance, consumer goods & retail, manufacturing, business & consulting services), and infrastructure (public, private, hybrid), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Check out More Related Studies Published by Fact.MR Research:
Cloud computing market is calculated at a size of US$ 628.6 billion for 2024 and is projected to increase at a noteworthy CAGR of 14.2% to reach US$ 2,371.6 billion by 2034.
Public cloud system infrastructure service market is valued at US$ 150,350.5 million in 2024 and is projected to expand at a 19.5% CAGR, reaching a market valuation of US$ 890,256.1 million by 2034.
Public cloud service market is estimated to be valued at US$ 220,180 million in 2024 and is anticipated to reach US$ 880,189.6 million by 2034, with a projected CAGR of 14.9% from 2024 to 2034.
Healthcare cloud computing market size is estimated at US$ 41.12 billion in 2024 and is projected to reach US$ 320.9 billion by the end of 2034, expanding at a noteworthy CAGR of 17.9% between 2024 and 2034.
Sales of cloud managed services in 2021 was held at US$ 86.1 Bn. With 9.6%, the projected market growth during 2022 to 2032.
Cloud infrastructure refers to the hardware and software components that are required for cloud computing, including servers, storage, and networking resources.
Digital transformation is the process of using digital technologies to create new or modify existing business processes, culture, and customer experiences to meet changing business and market requirements.
Artificial intelligence (AI) is the simulation of human intelligence processes by machines, especially computer systems, which can perform tasks such as learning, reasoning, and problem-solving.
Edge computing is a distributed computing paradigm that brings computation and data storage closer to the location where it is needed, improving response times and saving bandwidth.
Serverless computing is a cloud computing model where the cloud provider dynamically manages the allocation of machine resources, allowing developers to focus on writing code without worrying about server management.
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