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Private Cloud Services Market to Grow by USD 70.55 Billion During 2020-2024, Driven by Increased Inclination for Private Cloud for Enhanced Data Security

Strategic Insights

— 2 min read

The private cloud services market is expected to grow at a compound annual growth rate (CAGR) of over 25% during the forecast period 2020-2024, driven by the increasing inclination for private cloud for enhanced data security. The market is poised to reach USD 70.55 billion, according to a report by Technavio. The growth of the market is expected to be driven by the adoption of cloud among small and medium-sized enterprises (SMEs), which will offer immense growth opportunities.

Key Takeaways:

  • The private cloud services market is expected to grow at a CAGR of over 25% during the forecast period 2020-2024.
  • The market is fragmented, and the degree of fragmentation will accelerate during the forecast period.
  • The adoption of cloud among SMEs has been instrumental in driving the growth of the market.
  • The private cloud services market is segmented into service, geography, and customer landscape.
  • The market segments include Infrastructure as a Service (IaaS), Software as a Service (SaaS), and Platform as a Service (PaaS).
  • The geography segment includes North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
  • The customer landscape segment includes small and medium-sized businesses and large enterprises.
  • The major market participants include BMC Software Inc., Cisco Systems Inc., Citrix Systems Inc., Dell Technologies Inc., Hewlett Packard Enterprise Co., International Business Machines Corp., Microsoft Corp., Oracle Corp., SAP SE, and VMware Inc.
  • The growth of the private cloud services market is expected to be driven by the increasing inclination for private cloud for enhanced data security, the adoption of cloud among SMEs, and other factors.

Statistics:

  • The market is expected to reach USD 70.55 billion during the forecast period 2020-2024.
  • The CAGR of the market during the forecast period 2020-2024 is over 25%.
  • The market is expected to grow at an accelerated rate during the forecast period 2020-2024.
  • The degree of fragmentation of the market will accelerate during the forecast period 2020-2024.
  • The number of market participants is expected to increase during the forecast period 2020-2024.
  • The growth of the private cloud services market is expected to be driven by various factors, including the increasing inclination for private cloud for enhanced data security, the adoption of cloud among SMEs, and other factors.

Sources:

  • Technavio, "Global Private Cloud Services Market 2020-2024"
  • Business Wire, "Technavio Announces Its Latest Market Research Report on Global Private Cloud Services Market 2020-2024"
  • Technavio, "Technavio's Research Reports and Analysis on Emerging Market Trends"

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