The new report by Expert Market Research titled, ‘Global Virtual Private Cloud Market Growth, Share, Size, Price, Trends, Report, Forecast 2023-2028’, gives an in-depth analysis of the Global Virtual Private Cloud Market, assessing the market based on its services, organization-size, industry-verticals, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 30 Billion
- Forecast CAGR (2023-2028): 22.5%
- Forecast Market Size (2026): USD 102 Billion
The growth in the global virtual private cloud market is induced by the rising demand for easy-to-implement and low-cost disaster recovery methods, as well as the growing popularity of VPC among small and medium-sized businesses. Furthermore, the growing popularity of IoT will open up new opportunities in the virtual private cloud market.
Efficiency, flexibility, reduced time, and lower costs are expected to drive global demand for virtual private cloud products. The cost-effectiveness of the product is primarily driving the market. However, in some countries, poor internet infrastructure may stymie the development of the virtual private cloud industry.
Virtual Private Cloud Industry Definition and Major Segments
A virtual private cloud provides a secure and isolated environment that is an excellent choice for businesses looking to expand their on-premises cloud infrastructure. It can be used for applications such as disaster recovery, backup, and development testing. Healthcare and regulatory compliance financial institutions, for example, are good candidates for virtual private cloud because they require high levels of security, privacy, and control.
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Based on component, the market is divided into:
- Training and Consulting
- Integration and Deployment
- Support and Maintenance
- Managed Services
Based on organisation size, the industry is segmented into:
- Small and Medium-Sized Enterprises
- Large Enterprises
Based on industry verticals, the market can be categorised as:
- Banking, Financial Services, and Insurance
- IT and Telecom
- Government and Defence
- Media and Entertainment
On the basis of region, the market is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Virtual Private Cloud Market Trends
The increasing volume of data and connectivity trends in enterprises have resulted in more efficient storage and management, as well as faster time-to-market, which will accelerate the growth of the virtual private cloud market in large corporations. Furthermore, the growing demand for workers to access mobile applications and resources complicates businesses’ ability to store, maintain, and focus their data centres on core business activities.
The BFSI sector is expected to grow at a substantial CAGR during the forecast period, as mobile payment services and other digital transactions increase in real-time. Virtual private cloud services also assist companies in the sector in focusing even more on the customer-centric model by establishing a multi-channel communication with consumers at every stage of their services.
Key Market Players
The major players in the market are Google (NASDAQ: GOOGL), Microsoft, Alibaba, AWS, OVH, Huawei, Rackspace, CenturyLink, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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