PORTLAND, Oregon and PUNE, India, November 8, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Private Cloud Services Market by Service, User Type, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017-2023, 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.
The banking, financial services, and insurance (BFSI) segment has witnessed high demand in the global private cloud services market in 2016 due to data security over expanding customer base and internet user. In addition, reduced investment for new hardware and pay-as-you-go deployment model in private cloud are expected to fuel the market growth in the near future. Moreover, the government & education and healthcare segments have witnessed increased adoption of cloud across various regions, owing to enhanced security and improved reliability & scalability of private cloud services.
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North America was the largest private cloud services market in the world in 2016, owing to the growth in demand for low-cost cloud infrastructure development and software services. Developing countries, including China, Australia, Japan, and Brazil, offer lucrative scope for market development. For instance, in May 2016, EMC Corporation planned to launch Virtustream, one of its subsidiaries for cloud service in Australia. This strategic move is expected to expand the companys presence in Asia-Pacific. In addition, industry participants have focused on improving their private cloud services to ensure competence and effectiveness of the private cloud model across other emerging markets such as Latin America, the Middle East, and Africa.
The increase in cloud adoption across several industry verticals including BFSI, retail, healthcare, manufacturing, and government & education and surge in ICT expenditure are anticipated to augment the market penetration. The prominent markets, such as North America, Europe, and Asia-Pacific, provide growth opportunities to the global market. Moreover, growth in adoption of Infrastructure-as-a-Service (IaaS) among SMEs is anticipated to fuel the private cloud services market growth in the near future.
North America was the highest revenue contributor in 2016, accounting for around 36.9% share of the overall private cloud services market. In addition, Asia-Pacific is projected to grow at the highest CAGR of 23.2% during the forecast period, driven by growth in penetration of workforce mobility and cloud adoption by small- and mid-sized companies.
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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.
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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SOURCE Allied Market Research