Edited by Societe Generale Securities: "IaaS capital expenditure has made great progress, and the investment value of the industrial chain is significant."
The cloud computing market has been surging in recent years, both the market size and technology maturity are showing a trend of rapid improvement. According to Gartner, the global cloud computing market will reach 411.4 billion US dollars in 2020. The cloud computing market is mainly divided into public cloud, private cloud and hybrid cloud market, of which public cloud is the fastest growing.Societe Generale Securities believes that the public cloud market is worthy of attention..
Public cloud mainly includes SAAS, PAAS and IaaS services.According to the growth rate of the three market segments calculated by wind, we can see that the scale of the IaaS market is expanding rapidly and its share continues to increase, while with the increase in the importance of underlying infrastructure.In the future, IaaS is expected to become the largest segment of cloud computing.
Societe Generale Securities pointed out that the value of IaaS lies in reducing the cost of enterprise application information and helping enterprises to focus on business.The rapid development of IaaS has led to a subversive change in the traditional IDC model, the service model has changed from project construction to infrastructure services, the charging model has changed from one-off charges to long-term charges, and the competition pattern has changed from IDC builders to cloud computing giants.
Under the pattern of oligarchic competition, international giants such as Amazon.Com Inc, Microsoft Corp and Alphabet Inc-CL C continued to increase their investment, and capital expenditure increased rapidly, all reaching more than $10 billion.And there are a large number of newly planned data centers, and there are also domestic policies to clearly support the backbone enterprises of cloud computing, and the future capital expenditure of IaaS will maintain a trend of rapid progress.
Societe Generale Securities emphasizesThe rapid development of IaaS has a far-reaching impact on the upstream and downstream industries, and has obvious value in reducing costs and increasing efficiency to downstream customers, but because of the oligopoly pattern in the field of IaaS, it has a very strong bargaining power to the upstream, weakening the upstream profitability, and the equipment manufacturers represented by servers are relatively affected.
Societe Generale Securities judges that there will be an obvious Matthew effect in the future public cloud IAAS field.Based on the analysis of AWS and Aliyun, the leading companies in IAAS field, it is concluded that: 1. With the rapid development of cloud computing business, the first-mover advantage is very important; 2. Cloud computing investment continues to increase, the arms race has begun; 3. Cloud computing business has an important positive impact on stock prices: AWS currently contributes more than half of Amazon.Com Inc's profits, cloud business has better growth and stability than retail business, and the stock price continues to rise. Although Aliyun business currently accounts for a relatively small proportion of revenue, it is growing fast, and the market gives higher growth expectations, which plays an obvious positive role in the rise of BABA's stock price.
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