The cloud system infrastructure services (IaaS) segment is forecast to grow by 32.7 percent in 2024 compared to 2022. The public cloud services market as a whole is expected to grow by 20 percent, with only cloud business process services (BPaaS) experiencing single digit annual growth rates.
Cloud computing as a service
The cloud-based “as-a-service” market is a relatively new tech phenomenon where cloud computing resources are rented from large providers. These service companies provide businesses of all sizes with cloud capabilities without the need to purchase and maintain their own hardware and software. The software as a service (SaaS) market size alone is expected to surpass 176 billion dollars in 2022.
Cloud service providers
Over 75 percent of surveyed technical professionals from industries around the world stated that their organization was currently running apps using the as a service platform Amazon Web Services, and many of the world’s largest tech firms are quickly incorporating cloud service packages into their offerings. Microsoft’s intelligent cloud segment, which includes the Microsoft Azure cloud offerings, has grown rapidly, rivalling even the company’s long-established personal computing segment in terms of revenue generation.
