Private Cloud Services Market Is Estimated To Grow At A CAGR Of 18.60% During The Forecast Period 2024-2032

MRFR Press Release/- Market Research Future published a half cooked research report on global private cloud services market.

Market Highlights

The global Private Cloud Services Market is accounted to register a CAGR of 18.60% during the forecast period and is estimated to reach USD 28.7 Billion by 2032.

The private cloud is an individual cloud service that works upon a virtual private network (VPN) limiting access to specific enterprises to help prevent security breaches and cyber-attacks. The major driving factors that influence market of private cloud service over public cloud include growing demand for low-cost and secured IT operations, increase in cloud adoption across various industrial verticals, and increasing inclination towards cloud services for secured data. The cloud service opens up a wide scope of opportunity for large enterprises to deploy their services in emerging nations. Another major factor driving the growth is the rise in adoption of cloud services among small and medium enterprises.

However, lack of technical expertise and higher initial cost are some of the factors that may slow the growth of the private cloud services market. The Software-as-a-Service (SaaS) segment accounted for the highest share of the global private cloud services market. The SMEs segment dominated the global market, in terms of growth. The North American private cloud services market holds the largest market share. The U.S. dominates the global private cloud services market. However, countries like Canada, China, the U.K, Australia, Japan, and the other emerging markets are anticipated to provide a significant opportunity to the major players.

Key Players

The competitive landscape of private cloud service market is categorized into various key players and other emerging companies ranging from tier one to tier five. Some of the key players in the private cloud services market include Cisco Systems, Inc (U.S.), Dell Inc (U.S.), Hewlett Packard Enterprise Company (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Rackspace Inc (U.S.), Red Hat, Inc (U.S.) Salesforce.com, Inc (U.S.), Amazon Web Services (U.S.) among others.

The key players constantly keep innovating and investing in research & development for producing the cost-effective portfolio.

Regional Analysis

The geographical segmentation of the global private cloud market include regions like North America, Europe, Asia Pacific and rest of the world. Among these regions, North America is leading the private cloud services market due to the growing demand for low-cost cloud infrastructure development and software services. Additionally, due to the presence of various diversified companies in information and technology in countries like the U.S. and Canada. Additionally, the North American region is the early adopter of the cloud services across various industrial sectors and domains.

However, the Asia Pacific region is among the fastest growing region for private cloud services market along with Europe. Many large enterprises are finding their way towards the countries lying in the Asia Pacific for churning out the services in minimal cost and effective manner. Additionally, the countries like India and China are becoming the hub for IT services. Latin America and the Middle East are expected to account for less market share as compared to other regions.