The overall cloud infrastructure market is projected to reach USD 209.66 billion by 2022 from USD 101.42 billion in 2016, growing at a CAGR of 12.9% during 2016-2022. Major drivers for market growth are increasing ICT spending and growing trend for adopting big data analytics, growing demand of organizations for agile, scalable, and cost- effective computing, and high penetration of hybrid clouds.
Banking, financial services and insurance (BFSI) is expected to hold the largest market during the forecast period
The demand for cloud infrastructure services is witnessing traction across all industries. Since cloud has become one of the key elements of IT infrastructures today, the demand for cloud related services is increasing. Enterprises require scalability and mobility, and thus, industries, such as BFSI, telecommunications & ITES and ITes, and retail adopted cloud at the early stage of cloud computing market evolution. Due to this, these industries are anticipated to account for a major share of the total cloud infrastructure market.
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The market for services is expected to register the highest CAGR during 2016-2022
Capital expenditure is one of the major reasons for organizations to increase the adoption of colocation services; these services are generally involved in setting up an entire data center space. Colocation allows companies to shift their focus from having capital-intensive data centers to predictable operating expenses are the major factors are leading to higher growth of the services market.
The market for Ethernet switches is expected to register the highest during 2016-2022
Ethernet switches are used to build a network connection between computers. Packet switching is used to receive, process, and forward data. This growth is mainly attributed to the continued infrastructure expansion by cloud service providers. Additionally, growth in this segment is primarily propelled by the expansion of the data center industry.
North America is expected to account for the largest market size during the forecast period
The large share is mainly attributed to the increasing IT capacity requirements and growing adoption of new data center technologies. The cloud infrastructure market in the US will also grow exponentially, owing to a significant number of organizations opting for cloud services to save their upfront cost of building new data centers for business continuity is the the major factor driving the market.
Key players in the cloud infrastructure market include Hewlett Packard Enterprise Co (US), Dell Inc. (US), Cisco Systems, Inc. (US), EMC Corporation (US), IBM Corporation (US), Amazon Web Services (US), Salesforce.com (US), Alphabet Inc. (US), NetApp, Inc. (US), Intel Corporation (US), Lenovo group Limited (China), AT&T, Inc. (US), Oracle Corporation (US), Quanta Computer Inc. (Taiwan), Foxconn Technology Group (Taiwan), and Rackspace Hosting, Inc. (US).