Cloud Infrastructure Services Market in private cloud deployment model Is expected to exhibit lucrative growth from 2018 to 2024. This private cloud market has been widely used by large and small businesses as it provides better control over data and information assets. It also provides better security and superior performance as compared to other deployment models. The public clouds are preferred by organizations that use application systems or web servers in which security is not a prime concern. The public clouds are most suitable for start-ups as there are minimal setup costs.
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The Asia Pacific Cloud Infrastructure Services Market is anticipated to grow at the fastest pace due to the growing demand from developing economies. The supportive government initiatives and policies across the region also promote the demand for cloud services. For instance, in 2017, China launched the Digital China Initiative to enable the rapid commercialization of digital business models on a large scale.
North America is projected to the lead the cloud infrastructure services market over the forecast time. The market growth is attributed to the presence of major technology players such as Amazon, Google, and Microsoft. This region is also a major hub for technology start-ups. Favorable business conditions and supportive government policies have encouraged businesses to develop advanced cloud platforms. Moreover, increasing venture capital in the cloud technology by prominent tech players has also driven the market growth.
Cloud Infrastructure Services Market in hybrid cloud sector is accelerated by rising demand for agility, flexibility, and control. The hybrid cloud allows organizations to respond to fluctuating demands and helps balance the high subscription costs associated with private cloud platforms. Vendors are focusing on expanding their hybrid cloud product portfolio. For instance, VMware has joined forces with Amazon to offer a complete hybrid platform on AWS. Some vendors are also offering on-premise platforms to extend their public cloud offerings.
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The Storage as a Service (SaaS) market holds the largest market share in the cloud infrastructure services market. This is a business model in which large businesses lend storage space to smaller companies. SaaS vendors are promoting the service as a convenient way to store the backup data. Compute as a Service (CaaS) market is anticipated to grow at a rapid pace over the forecast timespan. This service is used to allow access to raw computing resources on demand. Most of the CaaS services are priced through a consumption-based model.
Cloud Infrastructure Services Market is estimated to witness lucrative growth from 2018 to 2024 propelled by increasing digitalization and growing need for more scalable models. As the internet penetration and smartphone adoptions across the globe are increasing, customers are becoming more empowered. This is encouraging organizations to opt for more dynamic and advanced delivery models to connect to their customers and provide personalized experiences.
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