Portland, OR -- (SBWIRE) -- 07/10/2017 -- Infrastructure-as-a-Service (IaaS) Market Report, published by Allied Market Research, forecasts that the global IaaS market was valued at $19,319 million in 2016, and is projected to reach $92,075 million by 2023, growing at a CAGR of 25.3% from 2017 to 2023.

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The banking, financial services, and insurance (BFSI)segment has witnessed high demand in IaaS market, due to expanding customer base and internet users. Reduced investment for new hardware and software in banking and insurance industries, is expected to drive the market for IaaS in the near future. Moreover, the healthcare segment has exhibited an increasing cloud adoption across various regions, owing to its low cost and improved reliability & scalability.

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North America was the largest market in IaaS industry in 2016, owing to the growth in demand for low-cost cloud infrastructure development and faster network accessibility. Developing countries including China, Australia, and Brazil are creating potential space for market development at a fast pace. For instance, as of May 2016, EMC corporation planned to launch Virtustream, one of its subsidiary for cloud service in Australia. This strategic move is expected to enhance the companys presence in Asia-Pacific. In addition, industry participants have realized the importance of strengthening the overall IaaS solution to ensure competence and effectiveness of cloud infrastructure in several other emerging markets such as Latin America, the Middle East, and Africa.

The surge in ICT expenditure and increase in cloud adoption across several industry verticals including BFSI, retail, healthcare, manufacturing, and government & education are anticipated to augment the market penetration. The prominent markets, such as Asia-Pacific and Europe, provide growth in cloud infrastructure development, high adoption of Internet of Things (IoT) technology, and surge in demand for low-cost IT infrastructure deployment, which is anticipated to fuel the IaaS market growth in the coming years.

Based on geography, the IaaS market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2016, accounting for around 41.1% share of the overall IaaS market. In addition, Asia-Pacific is projected to grow at the highest CAGR of 27.7% during the forecast period, driven by growth in penetration of workforce mobility and cloud adoption by small- and mid-sized companies.

Hybrid deployment model is expected to witness highest growth rate during the forecast period, owing to enhanced flexibility in switching cloud space depending upon the functions of IT infrastructure and usage in the cloud. Moreover, increase in demand for unlimited storage, security, protected networks, and reduced IT expenditure are anticipated to drive the cloud adoption among SMEs.

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The key players profiled in the study are Amazon Web Services, Inc., Microsoft Corporation, IBM Corporation, Redcentric plc., Google, Inc., VMware, Inc., Oracle Corporation, EMC Corporation, Rackspace Hosting, Inc., and Red Hat, Inc. All these players are involved in the competitive strategies, such as geographical expansion, mergers & acquisitions, product portfolio expansion, and partnership to augment the growth of the IaaS market.

Key Findings Of The Infrastructure-as-a-Service (IaaS) Market:

- The hybrid deployment model segment accounted for the highest share of the IaaS market in 2016, growing at a CAGR of 26.9% from 2017-2023.
- North America generated the highest revenue in 2016, valued at $7,938 million.
- SMEs dominated the market, in terms of growth, during the forecast period.
- U.S. led the IaaS market in 2016. In addition, Canada, China, UK, Australia, South Korea, and the other emerging markets are anticipated to provide significant opportunities for major players.