The cloud Infrastructure-as-a-Service (IaaS) and Platform-as-a-Service (PaaS) markets continue on their steady growth path, accelerated by the COVID-19 pandemic. This is partly due to cloud technology's proven effectiveness in powering digital transformation initiatives for enterprises of all sizes around the world. In addition, a solid cloud foundation is becoming increasingly necessary for organizations as they attempt to unleash the next wave of benefits from cloud-based technologies such as Artificial Intelligence (AI), analytics, Internet of Things (IoT), and 5G wireless. Evolving workplace dynamics, the transition of baby boomers out of the workforce, and the rise of the remote workforce during the pandemic have also contributed to the growth of the cloud IaaS and PaaS markets. In this report, we delve into the market for cloud IaaS and PaaS, the factors that will help this market grow, key challenges for public cloud infrastructure and platform providers, and growth opportunities for the future.