[2] Iaas provides users high-level APIs to control details of underlying network infrastructure such as backup, data partitioning, scaling, security and physical computing resources.
Pools of hypervisors in the cloud operational system can support large numbers of virtual machines and the ability to scale services up and down according to demand by customers.
It also enables VM migration between hosts, allocates storage volumes, and attaches them to VMs that track usage information for billing.
The global IaaS market is projected to reach a value of $411.9 billion by 2030, expanding at a compound annual growth rate (CAGR) of 22.6% from 2023 to 2030.
This growth is primarily driven by the adoption of cloud-based infrastructure within the Banking, Financial Services, and Insurance (BFSI) sector, which employs these technologies to enhance scalability and reduce operational costs.