LONDON--(BUSINESS WIRE)--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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