Press release
Private Cloud Services Market Trends and Opportunity Analysis | Top Players such as - Red Hat, Salesforce and VMware
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.
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The global private cloud services market garnered USD 4.47 billion in 2017, and is expected to reach USD 14.11 billion by 2023, registering a CAGR of 21.1% from 2017 to 2023.
The global private cloud services market is segmented based on service, user type, industry vertical, and geography. On the basis of service, it is classified into SaaS, PaaS, and IaaS. On the basis of user type, it is bifurcated into SMEs and large enterprises. On the basis of industry vertical, it is divided into banking, financial services, and insurance (BFSI), IT & telecom, government & education, healthcare, retail, manufacturing, media & entertainment, energy & utilities, and others.
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Based on 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.
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 in 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.
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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 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.
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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 USD 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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