Technological advancements resulting in enhanced security and better reliability & scalability of private cloud services create new opportunities in the market. 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.
Key market players such as 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.
The global private cloud services market garnered $4.47 billion in 2017, and is expected to reach $14.11 billion by 2023, registering a CAGR of 21.1% from 2017 to 2023.
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.
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 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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On the basis of 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.
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