As per a new report published by a market research and competitive intelligence provider, the global bare metal cloud market is anticipated to surpass the US$ 12 bn mark by the end of 2021 and surge at a CAGR of more than 25% during the assessment period from 2021-2031.
In current market scenario, North America is set to account for a majority of revenue share of close to 30% by the end of forecast period (2031), owing to the presence of prominent bare metal cloud players as well as a matured end-use industry. Tech giants established in North America are the core driving factor contributing significantly to annual volume share.
High spending on bare metal cloud R&D is expected to introduce service advancements and may smoothen operational experience. Key players are offering customized services to increase their market share.
BFSI (banking, financial, services and insurance) is expected to account for significant market share over the coming years. Increasing reliance on digital operations will proportionally pile the datasets of the BFSI sector. Large datasets and concerns regarding data breached will channelize demand for bare metal clouds in the BFSI sector.
Key Takeaways from Market Study
- According to market intelligence study, North America dominates the global bare metal cloud market and is foreseen to maintain its dominance in terms of market share over the forecast period. The regional market is estimated to expand at a CAGR of 26% throughout the forecast period.
- China is estimated to account more than 40% of the East Asia market value share by 2031.
- Revenue from AI & machine learning is anticipated to surge at a CAGR of 29% during 2021-2031.
- The Middle East & Africa is yet in the introduction phase, accounting for less than 15% market share at present.
“Increasing digitalization across multiple avenues will aid market growth over the future course of time,” said a Research Analyst.
Key players in the market have been spending on research & development and strengthening their distribution networks. Prominent bare metal cloud providers are leaned towards developing offerings that are comparatively more flexible and scalable.
Such enhancements will drive market growth of bare metal clouds in the medium- to long-term forecast period.
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Rebecca Morpeth Spayne,
Editor, Security Portfolio
Tel: +44 (0) 1622 823 922