Cloud infrastructure services will be a virtual gold mine for the channel as the global market is expected to more than double between now and 2023, exceeding $81 billion.
That’s according to a new report by MarketsandMarkets, which anticipates a compound annual growth rate of more than 22 percent. The market is valued at $30 billion this year.
Key market drivers include: governments’ increasing investments in new digital transformation initiatives, such as cloud and analytics; an increased awareness among enterprises about the benefits of cloud and its technologies, and IoT; and business-continuity requirements increasing demand for cloud storage, disaster recovery, and backup services.
Demand for disaster recovery and backup as a service are growing as they help minimize the operational and capital expenditure incurred, according to MarketsandMarkets. Enterprises are rapidly adopting these services because of their pay-as-you-go pricing model.
The public cloud deployment model is expected to record a high growth rate through 2023 due to its cost-effectiveness and easy availability.
Increasing adoption of advanced application development technologies and growing data volume will drive strong growth of the Asia Pacific market during through 2023. Public cloud is gaining massive adoption in this region due to its low costs, on-demand availability and improved security.