Lionel Sujay Vailshery
Research expert covering the consumer electronics industry
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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.
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.
IaaS market size
IaaS accounted for over a quarter of the overall cloud computing market in 2021. Public cloud IaaS revenues are expected to rise significantly over the coming years, from around 115 billion U.S. dollars in 2022 to more than 150 billion U.S. dollars by 2023. However, the cloud infrastructure market share is expected to decrease in favor of the promising development of the PaaS market. Nonetheless, the largest segment in the overall cloud computing market is and will continue to be SaaS, with more than 197 billion U.S. dollars in annual revenue.Major IaaS vendors and providers
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.
