In other words, the customer does not hold responsibility for maintaining or developing these resources but instead is free to focus on managing higher-level resources, such as the platform, the operating system, or the necessary software. In this way, customers pay only for what they consume. At the same time, providers are free to sell unused resources, leading to a substantial opportunity for cost savings and efficiency gains for both sides.
In the IaaS market, the largest companies by revenue are Amazon (Web Services), Microsoft (Azure), and Google (Compute Engine), as well as the Chinese multinational technology company Alibaba. Despite Amazon being the largest vendor of cloud infrastructure by some margin, its hold over the market may lessen as Google and Microsoft make headway, with surveys suggesting cloud services companies are fighting for a piece of the cloud IaaS market.
The annual spending on cloud-based IT infrastructure is projected to grow by over 110 billion U.S. dollars by 2024. Original design manufacturers also play a significant role in the market, making up around one-third of the total market.
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Lionel Sujay Vailshery
Research expert covering the consumer electronics industry