Global Private Cloud Services Market 2019-2023 | Increasing Acceptance of Private Cloud in BFSI Segment to Boost Growth | Technavio

LONDON--()--The global private cloud services market is expected to post a CAGR of about 24% during the period 2019-2023, according to the latest market research report by Technavio. However, the market’s momentum will decelerate in the coming years because of the decrease in year-over-year growth.

Security and compliance concerns have been the primary reasons for unwillingness among organizations to adopt a public cloud solution. The adoption of private cloud has been increasing significantly as it offers a greater degree of security and control than a public cloud platform. As private cloud operates entirely within corporate firewalls, it provides the organization complete control over the entire backup process. Such security benefits of private cloud solutions are expected to increase its adoption during the forecast period.

As per Technavio, the increasing acceptance of private cloud in BFSI segment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global private cloud services market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global Private Cloud Services Market: Increasing Acceptance of Private Cloud in BFSI Segment

Finance service institutions are increasingly adopting private cloud solutions due to their agility and cost-savings. Private cloud solutions help financial institutions reduce their CAPEX and focus on business transformation initiatives that increase organizational agility. Also, the need for data security and compliance with the changing regulatory environment is prompting financial institutions to adopt a private cloud. Thus, the increasing acceptance of private cloud is expected to be a key trend in the market during the forecast period.

“Apart from the increasing acceptance of private cloud in BFSI segment, other factors such as strategic partnerships and collaborations, and the emergence of hyper-converged cloud will have a significant impact on the growth of the private cloud services market value during the forecast period,” says a senior analyst at Technavio.

Global Private cloud services Market: Segmentation Analysis

This market research report segments the global private cloud services market worth by service (IaaS, PaaS, and SaaS), and geographic regions (North America, Europe, APAC, South America, and MEA).

The North America region led the private cloud services market in 2018, followed by Europe, APAC, South America, and MEA, respectively. The dominance of private cloud services in North America can be attributed to the ease of virtualization, dynamic scaling, and the automation of administrative tasks through private cloud services.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The global private cloud services market is expected to post a CAGR of about 24% during the period 2019-2023, according to Technavio.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com