According to a report by UnivDatos, the Global Cloud Infrastructure Service Market is projected to reach USD 680.2 billion by 2024, expanding at a CAGR of 12.1% (2018–2024). The market is being fueled by the rising adoption of public and private cloud services across diverse end-user industries.
Cloud technology has become a game-changer for industries such as manufacturing, healthcare, BFSI, government, and telecom, enabling cost efficiency, scalability, and innovation. The growing reliance on digital services, online transactions, and big data management has accelerated demand for reliable and scalable cloud infrastructure.
Market Dynamics
- Public Cloud Services Dominate: In 2017, the public cloud segment led the market and is projected to generate USD 543.9 billion by 2024. Within this, cloud advertising is gaining traction due to increasing demand for dynamic ad optimization in retail and media. Meanwhile, Infrastructure as a Service (IaaS) is expected to record the highest CAGR of 18.5%.
- Private Cloud Growth: Managed hosting is anticipated to dominate the private cloud segment by 2024, driven by its high bandwidth, robust security, and specialized services. Co-location private cloud services are also expected to grow at a CAGR of 13.1% during the forecast period.
- Enterprise Benefits: Organizations worldwide are adopting cloud computing for its cost-efficiency, flexibility, and ability to enhance IT capabilities. SMEs are increasingly leveraging cloud solutions, presenting enormous growth opportunities for market players.
- IT Spending Surge: Global IT spending is forecasted to rise from USD 2.18 trillion in 2015 to USD 2.65 trillion by 2020, with cloud services, Big Data, and IoT attracting significant corporate investments.
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Market Segmentation
By Deployment Model
- Public Cloud
- Private Cloud
Public Cloud Services
- Software as a Service (SaaS)
- Platform as a Service (PaaS)
- Infrastructure as a Service (IaaS)
- Business Process as a Service (BPaaS)
- Cloud Advertising
Private Cloud Services
- Managed Hosting
- Co-Location
By End-User Industry
- Banking, Financial Services Insurance (BFSI)
- Retail
- Telecom IT
- Healthcare
- Media Entertainment
- Government Agencies
- Education
- Energy
- Manufacturing
- Others
Regional Insights
- North America: The largest and most lucrative region, supported by rapid adoption of SaaS, intense competition, and technological innovation.
- Europe Asia-Pacific: Expected to witness significant growth due to regulatory initiatives, government support, and growing adoption among SMEs.
- Middle East Africa / Latin America: Emerging as key regions, driven by rising demand for digital transformation, cloud adoption in telecom IT, and increasing government support for modernization.
Key Players
The market is highly competitive, with leading companies focusing on product development, portfolio expansion, partnerships, and collaborations to strengthen their market position. Major players include:
- Cisco Systems Inc.
- Equinix Inc.
- Alphabet Inc. (Google)
- IBM Corporation
- Salesforce.com
- ATT Inc.
- Amazon Web Services Inc. (AWS)
- DXC Technology (formerly CSC)
- Hewlett Packard (HP) Inc.
- Rackspace Hosting Inc.
Conclusion
Cloud infrastructure services are becoming central to digital transformation, offering scalability, flexibility, and cost-efficiency. With enterprises increasingly shifting workloads to the cloud and SMEs embracing cloud solutions, the market is poised for robust growth. Public cloud will remain dominant, while private cloud adoption will accelerate, especially among enterprises requiring enhanced security and specialized services. The rise of IaaS, cloud advertising, and managed hosting will further shape the global cloud infrastructure market in the coming years.
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