Private Cloud Services Market to grow at a CAGR of 26.71% from 2022 to 2027
According to a recent
market report by Technavio, the size of the private cloud services market is
anticipated to expand by USD 276.36 billion between 2022 and 2027, at a CAGR of
26.71%. The rising preference for private clouds for improved data security,
the rise in SME cloud usage, and control over data backup and recovery will all
contribute to the market's growth.
Technavio has extensively analyzed 15 major vendors,
including Adobe Inc., Alibaba Group Holding Ltd., Alphabet Inc.,
Amazon.com Inc., BMC Software Inc., Broadcom Inc., Cazena Inc., Dell
Technologies Inc., HashiCorp Inc., International Business Machines Corp.,
Microsoft Corp., Nutanix Inc., Rackspace Technology Inc., Salesforce.com Inc.,
SAP SE, Tata Consultancy Services Ltd., TIBCO Software Inc., Cisco Systems
Inc., Hewlett Packard Enterprise Co., and Oracle Corp.
The market is segmented by
service (IaaS, SaaS, and PaaS), end-user (large enterprise, small, and medium
enterprise), and geography (North America, Europe, APAC, South
America, and Middle East and Africa).
The market share growth of the IaaS segment will be
significant during the forecast period. The companies are deploying IaaS
to support their operations as it is a cloud service model which delivers
computing infrastructure on an outsourced basis and is managed over the
internet by professionals.
Furthermore, the computing-related services taken from multiple servers
and networks which are distributed across numerous data centers are being
offered by the vendors. The private cloud is considered more secure as
resources are not shared with other clients compared to the public cloud. As a
result, the cyber threat is higher in the public cloud than in the private
cloud. This is due to the security which is offered by the private cloud as the
information is not only stored within the organization but also encrypted.
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