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Private Cloud Services Market: Segmented: By Service (SaaS, PaaS and IaaS); BY Hosting Type (User and Provider); By User Type (SMEs and Large Enterprise); By Industry Vertical (BFSI, IT & Telecom, Government & Education, Healthcare, Retail, Manufacturing, Energy & Utility, Media & Entertainment, and Others); and Region - Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
private cloud services market was valued at 4.1 Billion in 2019 and is estimated to reach 32.4 Billion by 2030, growing at a CAGR of 20.70% from 2019 to 2030.
Private cloud services provide an infrastructure that offers entirely dedicated hosted services to a single entity. It provides all the advantages, such as mobility, scalability, and the ability to build multiple virtual machines for dynamic computing activities and tasks connected with the public cloud while retaining a high degree of data protection and privacy. The single-tenant ecosystem offered by a private cloud server enables companies to take all of the advantages associated with a public cloud server along with more stable and flexible managed services, such as storage, processing power, and networking. For organizations with complex computing needs where direct control of the environment is of utmost importance, a private cloud server might be ideal.
private cloud services market is expected to project a CAGR of 20.70% during the forecast period, 2019-2030
Private cloud services offer easy server, network, and storage access for all kinds of users including large and small, and medium enterprises. The global private cloud services market is anticipated to see a substantial growth rate due to the government's rise in ICT spending in various developed and developing regions, including North America, Europe, and Asia-Pacific, as well as increasing concerns about data protection and disaster recovery, coupled with the continued acceptance of the trend to bring your device (BYOD) and increasing mobile workforce are the major factors projected to drive the development of the market for private cloud services in the forecast period of 2020-2030.
Low-cost and stable IT operations demand
Enterprises across the globe have concentrated on building a mobile workforce whereby workers can access data through the internet from remote sources. Thus, shortly, virtual sets of IT components, including servers, storage, networks, and others, are anticipated to be in high demand. Data security is emerging as a major concern for different organizations. A private cloud server provides a much-secured alternative and has a high degree of data protection compared to its public cloud service. Hence, large companies with higher spending potential take a private cloud server as an integral part of their IT infrastructure, in particular. Also expected to drive market growth is the increasing focus on ensuring real-time and easy access to data.
Rise in Cloud Adoption among SMEs and other Industry Verticals
Cloud adoption has increased among SMEs, owing to benefits such as enhanced uptime, reliability, enriched IT service, increased data access versatility, and professional services. Due to data protection over the growing customer base and internet usage, the banking, financial services, and insurance categories have witnessed high demand in the global private cloud services market. Additionally, it is anticipated that reduced investment in new systems and a pay-as-you-go delivery model in a private cloud would boost demand and market growth in the forecast period.
Underdeveloped nations lack IT infrastructures
The countries of Latin America, the Middle East, and Africa have still not embraced technologically advanced hubs with affluent IT infrastructure and digital content, which in turn is anticipated to hamper the development of the global demand for private cloud services in the forecast period.
North America became the world's largest private cloud services market, as demand for low-cost cloud services grew and software services increased. North America was the largest revenue source in 2019, representing nearly 45% of the global private cloud services market. The U.S. and Canada have demonstrated efficiency in introducing private cloud server solutions due to the growing numbers of transactions and consequently the data in those countries-based organizations.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Private Cloud Services Market size was estimated at USD 4.1 billion in 2019 and is expected to reach USD 32.4 billion by 2030
Cisco Systems, Inc. Dell Inc., Microsoft Corporation, Oracle Corporation, Rackspace Hosting, Inc., Red Hat, Inc., Salesforce.com, Inc., VMware, Inc. IBM Corporation, F. Hoffmann, La-Roche, AG Merck, KGaA, Other Prominent Players
Drivers Low-cost and stable IT operations demand
Private cloud services provide an infrastructure that offers entirely dedicated hosted services to a single entity. It provides all the advantages, such as mobility, scalability, and ability to build multiple virtual machines for dynamic computing activities and tasks connected with the public cloud while retaining a high degree of data protection and privacy.
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