CHICAGO, June 20, 2019 /PRNewswire/ -- According to a new market research report "Virtual Private Cloud Market by Component (Software and Services), Service (Training and Consulting, Integration and Deployment, Support and Maintenance, and Managed Services), Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Virtual Private Cloud Market is expected to grow from USD 20.9 billion in 2019 to USD 58.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 23.0% during the forecast period. Increased flexibility and performance, and reduced time and cost are expected to spur the demand for VPC offerings across the globe.
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Managed services help organizations increase efficiency, reduce the deployment time, and saves costs
Managed services providers deliver third-party infrastructure services that help organizations manage billing processes for their products and services. Managed services are focused on service quality and end-user experience while delivering speed and cost optimization. As the end users adopt the VPC environment, managed services ensure and manage the additional operational challenges.
Need to store and manage data securely, improve scalability, and avoid redundancy and duplication of data to drive the adoption of VPC among large enterprises
The growing connectivity of bandwidths and mobility trends can be seen more among large enterprises, due to the presence of a huge workforce. Moreover, the increasing demand for employees to access computing resources and applications from anywhere and at any time has made it complex for enterprises to store their data properly, maintain and manage their data centers, and focus on their core business operations.
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North America to dominate the global Virtual Private Cloud Market in 2019
North America is estimated to hold the largest market size in the global VPC market in 2018, and the trend is expected to continue during the forecast period. The region is a mature market, due to the large presence of several players offering VPC. Organizations shifting toward the adoption of emerging technologies and the increasing adoption of digital business strategies are the major factors for the adoption of VPC offerings in North America. The US and Canada are the top countries contributing to the growth of VPC market in North America.
The report also studies various growth strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to expand their presence in the global VPC market. Major vendors in the global Virtual Private Cloud Market include AWS (US), Microsoft (US), Google (US), Alibaba (China), OVH (France), Huawei (China), Rackspace (US), CenturyLink (US), DXC (US), Atos (France).
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