The cloud enables organisations to utilise remote, virtually limitless computational capacities on a pay-as-you-go basis. As a result, firms can maximise their available resources and significantly lower the costs of managing on-site infrastructure. This has resulted in a surge in demand for cloud computing services, which has boosted the centralised hyperscale service providers.
According to market data, Amazon, Microsoft, and Alibaba accounted for over 70% of the global IaaS public cloud service market in 2020. If we stay on the current course, this market dominance will likely continue even as the cloud market grows by 500% by 2030 .