Cloud IaaS market to triple to $150 bn by 2023: Report

As of now there is a strong demand for the cloud infrastructure as a Service and is also likely to more than triple the size of this market to $150 Billion by the end of 2023 as the approach helps the enterprise in their digital transformation journey, according to the report which has been revealed.

The current market size is also estimated to be $45.6 billion and is also expected to grow at a compound annual growth rate of 27%. The report also added that the enterprise is using the cloud for the strategic benefits such as the supporting transformation journey rather than for the tactical ones, such as hardware/software maintenance and reducing the IT infrastructure costs.

This approach has also changed the way enterprises choose and even manage their infrastructure, and even led them to deploy the applications across the multiple pieces of infrastructure, from on-premises to cloud, which even results in the higher demand for Iaas.

“The emergence of cloud brokerage and cloud management platforms is boosting the trend of hybrid and multi-cloud, making managed cloud services providers key in supporting enterprises. Managed service providers (MSPs) will support companies with workload assessment and placement, workload migration, and hybrid cloud integration,” said Maiara Munhoz, senior industry analyst for cloud computing at Frost & Sullivan.

“Some countries in the Asia-Pacific, like Japan and Australia, are more mature, while India, China, Singapore, South Korea, and Hong Kong are fast-growing markets,” Munhoz added.

The report also revealed that the cloud IaaS vendors will be required to invest in the integrated services – on premises as well as in the cloud. They will also be expected to offer with some of the more advanced services in the cloud – such as the serverless architecture and containers, and even the tools for the enterprises to manage, analyze and act on their data.