Global Private Cloud Services Market 2019-2023
Global Private Cloud Services Market: About this market
In private cloud services, IT resources are delivered over private IT infrastructure for dedicated use in single enterprises. These services are mostly provided on a subscription basis. Technavio’s private cloud services market analysis considers sales from the internet as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS) segments. Our analysis also considers the sales of private cloud services in APAC, Europe, MEA, North America, and South America. In 2018, the IaaS segment held the highest market share, which is expected to remain prevalent over the forecast period. IaaS solutions facilitate quick access to resources and rapid innovation, reduce CAPEX, and provide better security compared with other services. These factors will significantly help the market segment in maintaining its leading position. Also, our global private cloud services report has observed market growth factors such as increased inclination for private cloud for enhanced data security, rise in adoption of cloud solutions among SMEs, and control over data backup and recovery. However, high costs associated with private cloud services, lack of scalability in private cloud, and vendor lock-in and operational complexities may hamper the growth of the private cloud services industry over the forecast period.
Global Private Cloud Services Market: Overview
Increased inclination for private cloud for enhanced data security
Industries such as financial services and healthcare and government agencies are opting for private cloud solutions to strengthen their data security and gain maximum control over the entire backup process. Vendors have been capitalizing on this market development and are launching new products. They are also forming partnerships to expand their presence. As a result, the sales of private cloud services are rising, which will lead to the expansion of the private cloud services market at a CAGR of 24% during 2019-2023, despite its decelerating growth momentum.
Increasing acceptance of private cloud in BFSI segment
BFSI enterprises have been deploying private cloud services primarily to reduce CAPEX, improve cost savings, and strengthen data security. Moreover, the real-time data analysis feature offered by the technology is helping BFSI companies in gaining insights for product and service improvement. These benefits and more are increasing the prevalence of private cloud in the BFSI segment, which will have a positive impact on the overall market growth during 2019-2023.
For the detailed list of factors that will drive the global private cloud services market during the forecast period 2019-2023, click here.
With the presence of a few major players, the global private cloud services market is moderately concentrated. Technavio’s robust vendor analysis is designed to help clients in improving their market positions, and in line with this, this report provides a detailed analysis of several leading private cloud services manufacturers, which include Cisco Systems Inc., Dell Technologies Inc., IBM Corp., Microsoft Corp., and Oracle Corp.
Also, the private cloud services market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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