Reduction in investment for new hardware and pay-as-you-go deployment model in private cloud along with demand for Low-cost and Secured IT operations fuel the growth in the Private Cloud Services market. However, unavailability of IT Infrastructure in the underdeveloped countries hinder the market growth. On the other hand, technological advancements resulting in enhanced security and better reliability & scalability of private cloud services create new opportunities in the market.
Regionally, North America contributed the major market share in 2017, accounting for more than one-third of the total Private Cloud Services market share. This region is expected to continue its dominant position throughout the forecast period. Contrarily, Asia-Pacific region would register the highest growth rate with a CAGR of 5.9% from 2017 to 2023.
The global private cloud services market was valued at $3,703 million in 2016, and is projected to reach $14,111 million by 2023, growing at a CAGR of 21.1% from 2017 to 2023.
Private cloud is an infrastructure network which is remotely located, utilized by one enterprise or customer. The organizations can also choose on-premise private cloud, which is relatedly more expensive and the organizations would not have physical control over the infrastructure. For the enterprises the level of security and control is high while using a private network among others, but the investment in an on-premise cloud infrastructure is high.
Based on services, the SaaS segment held the largest revenue share in 2017, contributing nearly three-fifths of the total share. This segment is expected to continue its lead position throughout the forecast period. On the other hand, the PaaS segment would grow at the highest CAGR of 28.3% from 2017 to 2023.
On the basis of user type, the large enterprises segment contributed to the major market share in 2017, accounting for nearly three-fifths of the Private Cloud Services market, and will continue to contribute its dominance during the forecast period. However, the SMEs segment is projected to register the fastest CAGR of 21.7% during the forecast period.
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The key players profiled in the study are Cisco Systems, Inc., Dell Inc., HP Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Hosting, Inc., Red Hat, Inc., Salesforce.com, Inc., and VMware, Inc. All these players are involved in the competitive strategies, such as geographical expansion, mergers & acquisitions, product portfolio expansion, and partnership to augment the private cloud services market growth.
Top Impacting Factors Such as –
- Demand for Low-cost and Secured IT operations
- Increase in Cloud Adoption Across Several Industry Verticals
- Increase in Inclination Towards Private Cloud for Better Data Security
- Lack of IT Infrastructure in the Underdeveloped Nations
- Rise in Adoption of Cloud Among SMEs
Key Findings 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 in 2016, growing at a CAGR of 19.6% from 2017 to 2023.
- North America private cloud services market generated the highest revenue in 2016, valued at $1,366 million.
- The SMEs segment dominated the global market, in terms of growth, during the forecast period.
- The U.S. dominated the global private cloud services market in 2016. In addition, Canada, China, UK, Australia, Japan, and the other emerging markets are anticipated to provide significant opportunities for major players.
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