Frost & Sullivan Report: Cloud Infrastructure-as-a-Service Market to Grow at 27% CAGR

SANTA CLARA -- The strong market demand for cloud Infrastructure-as-a-Service (IaaS) is expected to drive the $45.6 billion market toward $150.7 billion by 2023, at a compound annual growth rate of 27%. Enterprises are using the cloud for strategic benefits such as supporting digital transformation rather than for tactical ones, such as reducing IT infrastructure costs and hardware/software maintenance burden. This has changed the way enterprises choose and manage their infrastructure, and led them to deploy applications across multiple infrastructures, from on-premises to cloud (multi- and single-tenant), resulting in higher demand for IaaS. “As the mix of deployment models and best-of-breed cloud IaaS vendors becomes increasingly diverse, single-tenant IaaS will gain revenue share over multi-tenant services,” said Maiara Munhoz, Cloud Computing Senior Industry Analyst. “Meanwhile, 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 will support companies with workload assessment and placement, workload migration, and hybrid cloud integration.” Frost & Sullivan’s recent analysis, Global Cloud Infrastructure as a Service Market Outlook, Forecast to 2023, analyzes the current global IaaS market and forecasts revenue growth from 2019 to 2023. The analysis is segmented by multi-tenant and single-tenant cloud services, geographic regions (North America, Europe and the Middle East, Asia-Pacific, and Latin America) and by global market share. “The competitive landscape of the global cloud IaaS market is concentrated between the top…