According to a new market research report published by Credence Research “Private Cloud Services Market (By Deployment Model – On-premise Private Cloud, Hosted Private Cloud; By Service – SaaS, IaaS, PaaS; By Industry Vertical) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall private cloud services market worldwide was valued at US$ 36.72 Bn in 2018 and is set to grow with a CAGR of 18.9% during the forecast period.
The overall cloud computing market is highly driven by the rapidly growing expenditure on overall cloud services worldwide. Private cloud is increasingly being seen as a highly secure mode of data storage and other related cloud services. Increasing popularity of internet services and mobile applications across social media, online payments, video streaming and various others have resulted in huge need for secure cloud computing service. Similarly, growing volumes of data across verticals including BFSI, IT & telecom, healthcare, government, retail and others have forced these sectors to embrace cloud service for data storage and other computing services.
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Increasing concerns over security has ensured robust spending over private clouds, thereby increasing its penetration at a significant rate. Private cloud service offers dedicated infrastructure and resources exclusively for the client organization. Thus, organizations receive optimum service and output by moving to private cloud service. According to IDC, private cloud spending worldwide is expected to cross US$ 40 Bn mark by 2019, exhibiting a growth of more than 20% over the previous year. This is primarily due to higher data security offered by private cloud as compared to their public cloud counterparts. Considering the growing concerns over data security, private cloud services would experience high growth over the forecast period.
Based on service type, SaaS segment led the market with more than 50% contribution in private cloud market revenue. The segment is followed by the IaaS segment. In the following years, PaaS segment is projected to register the fastest growth in the market. Further, based on industry verticals, BFSI segment led the market due to heavy required of secure cloud services in the sector. Based on the geography, North America dominates the market with revenue share of more than 40% across the globe. The market here is governed by the U.S. having heavy spending on cloud services coupled with significant penetration of these services. In addition, presence of major cloud services vendors in the country is another prominent factor supporting the market growth. Asia Pacific is set to demonstrate the fastest growth in the market over the forecast period.
Some of the major companies profiled in the report include Amazon Web Services, Cisco Systems, Inc., Dell EMC, Google, LLC, HPE Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, Rackspace, Inc., Red Hat, Inc., Salesforce.com, Inc. and VMware, Inc. among others.
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By Service Type Segment (2017–2027; US$ Bn)
- Software-as-a-Service (SaaS)
- Infrastructure-as-a-Service (IaaS)
- Platform-as-a-Service (PaaS)
By Deployment Model Segment (2017–2027; US$ Bn)
- On-premise Private Cloud
- Hosted Private Cloud
By Industry Vertical Segment (2017–2027; US$ Bn)
- IT & Telecom
- Media & Entertainment
By Geography (2017–2027; US$ Mn)
- North America
- Latin America
- Middle East and Africa
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