The global cloud infrastructure-as-a-service market was valued at USD XX Bn in 2018 and is expected to reach USD Bn by 2026, growing at a CAGR of 20.5% during the forecast period.
Infrastructure-as-a-service (IaaS), also known as the hardware as a service (HaaS), is an instant computing infrastructure that provides virtualized computing resources over the internet. It offers several benefits to users such as time and cost efficiency, increased safety, and remote monitoring. It also helps in gathering evidence in legal cases. The growing adoption of cloud-based and multi-cloud IaaS platform is one of the major factors in driving the growth of the cloud infrastructure-as-a-service market.
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Apart from these, the rising focus of businesses on improving governance to prevent data losses is a major driving factor for the market. Owing to rising security issues and concerns, governments are focusing on implementing the cloud infrastructure-as-a-service system for the protection of financial and business information and other critical data. Further, rapid technological advancements and innovations are going to drive the shift towards cloud infrastructure-as-a-service during the forecast period.
Additionally, companies are developing advanced security systems for providing enhanced safety and security on premises. For instance, in September 2019, Oracle has partnered with VMware to offer support to customers in implementing hybrid cloud strategies by running VMware Cloud Foundation on Oracle Cloud Infrastructure. It has enabled customers to easily transfer VMware vSphere workloads to Oracle’s Generation 2 Cloud Infrastructure and take advantage of consistent operations and infrastructure.
However, the growing concern about application performance and reliability and lack of technical expertise to manage IT infrastructure are expected to impede the growth of the cloud infrastructure-as-a-service market.