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Public cloud Infrastructure as a service (IaaS) revenues are expected to rise significantly over the coming years, from around $50 billion in 2020 to over $156 billion by 2023. IaaS, one of the features of cloud computing, accounted for over a quarter of the overall cloud computing market in 2020.

The global cloud market was valued at $70.19 billion in 2021. That number is expected to grow to $83.41 billion in 2022. The cloud market is expected to have an annual growth rate of 19.1 per cent for the entire industry and, by 2029, the cloud market industry is forecast to be worth $376.37 billion. However, the cloud infrastructure market share is expected to decrease in favour of the promising development of the platform as a service (PaaS) market. Nonetheless, the largest segment in the overall cloud computing market is and will continue to be SaaS, with over $208 billion in annual revenue. In the IaaS market, the largest companies by revenue are Amazon (Web Services), Microsoft (Azure), and Google (Compute Engine), as well as the Chinese multinational technology company Alibaba. AWS market share is about 32 per cent of the total cloud service market. Amazon has become the biggest chunk of the remaining top contenders such as Google and Microsofts Azure.

As of Q421, the Google Cloud market share was nine per cent worldwide. Revenue growth has consistently been up to 45 per cent over the past several years. Huawei Cloud IaaS revenue surged by a stunning 202.8 per cent, placing it in the top five list of cloud IaaS providers in the world, according to a report from market research firmGartner Inc. According to the research firm, this is the second consecutive year of over 200 per cent growth for Huawei Cloud in the IaaS market, braking Huawei Cloud into the top five IaaS vendors with 4.2 per cent in global market share. Despite Amazon being the largest vendor of cloud infrastructure by some margin, its hold over the market may lessen as Google and Microsoft make headway, with sur-veys suggesting cloud services companies are fighting for a piece of the cloud IaaS market. The major hardware IT infrastructure providers for the IaaS cloud market are Dell, HPE, Inspur, Cisco and Lenovo, representing around 45 per cent of the market combined. Original design manufacturers also play a significant role in the market, making up around one-third of the total market. Alongside software as a service (SaaS) and platform as a service (PaaS), infrastructure as a service (IaaS) is one of the core service models of cloud computing. Under the IaaS model, customers (often enterprises rather than individuals) are permitted to provision and access virtualised hardware and resources such as servers, networks, storage, or virtual machines.

In other words, the customer does not hold responsibility for maintaining or developing these resources, but instead, is free to focus on managing higher-level resources, such as the platform, the operating system, or the necessary software. In this way, customers pay only for what they consume. Also, providers are free to sell unused resources, leading to a substantial opportunity for cost savings and efficiency gains on both sides. Despite the eminent challenges faced in a developing country like Nigeria, deployment of cloud computing has been thriving in finance, business and oil sectors of the country. Suggestions on expanding participants of cloud computing to include small and medium scale enterprises, health sector and others were proffered. Speaking on the policy guiding cloud computing in Nigeria, the Minister of Communications and Digital Economy, Mallam Isa Pantami, said: The need to make these computing resources available and accessible is critical to the countrys continuous growth and sustainable development. The countrys Economic Recovery and Growth Plan (ERGP) recognises information technologies as an enabler for promoting a digital-led growth. Digitalled growth cannot happen except the country has policy direction peculiar to her environment for supporting the government and SMEs to acquire and deploy computing resources in the most efficient manner. Cloud Computing is a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources (e.g. networks, servers, storage, applications and services) that can be rapidly provisioned and released with minimal management effort or service interaction. Adoption of Cloud Computing policy by Nigerian Government will lead to capital costs reduction, improved responsiveness to citizens or customers needs, increased transparency and enhanced public service delivery. In addition, cloud computing adoption will also support Small Medium Enterprise (SMEs) that provide IT-enabled services to the government cross the barrier of initial IT capital investments and ensure there is a provision suitable for cloud procurement in the countrys procurement requirements. This will facilitate creation of new set of jobs and add value to the economy. Therefore, the Nigeria Cloud Computing Policy (NCCP) is promoting Cloud First as a proposition to federal public institutions (FPIs) and SMEs as an efficient way of acquiring and deploying computing resources for better and improved quality of digital services.

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