CHICAGO, July 29,
2024 /PRNewswire/ -- The global Private Cloud
Market will grow from USD 124.8
billion in 2024 to USD 190.9
billion by 2029 at a compounded annual growth rate (CAGR) of
8.9% during the forecast period, according to a new report by
MarketsandMarkets™. The private cloud continues to expand globally
because organizations are awakening to the potential of security
compliance and efficiency. Many organizations across various
industries, including finance, healthcare, and government, have
grown awareness about data and privacy. Private clouds allow
organizations to have the required security by offering an isolated
physical space needed to address cyber threats and unauthorized
access while at the same time giving the organizations exclusive
control over security measures protective of data. The private
cloud allows one to specify security requirements according to an
organization's compliance and data location. This focus on security
and compliance drives the global Private Cloud Market
significantly.
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Browse in-depth TOC on "Private Cloud Market"
300 –
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110 - Figures
310 – Pages
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Report Scope
Report
Metrics
|
Details
|
Market size available
for years
|
2019–2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
Value (USD
Billion)
|
Segments
Covered
|
Type, Organization
Size, Service Model, and Vertical
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East Africa, and Latin America
|
Companies
Covered
|
Some of the significant
Private Cloud Market vendors are Microsoft (US), Google (US), IBM
(US), AWS (US), Oracle (US), VMware (US), Alibaba Cloud (China),
HPE (US), Cisco (US), and SAP (Germany)
|
Indeed, there are other drivers, but the most important ones are
security and compliance. The second critical driver is cost
reduction by operational efficiency. From the performance
perspective, the private clouds help organizational management
optimally utilize resources, acquire the necessary resources, and
control an environment better suited to specific activities,
reducing overall costs. As the business has begun outsourcing many
applications and integrating itself with superior technologies such
as AI, ML, and big data analytics, the private cloud has become a
perfect ground for these applications. Also, private cloud adoption
by organizations, together with the hybrid and multi-cloud
strategies, allows the use of private and public clouds' benefits
for more versatility, innovation, and efficiency across various
sectors today. The implication of the above factors can be extended
further by emphasizing the significance of the private clouds in
the current business world, making them a strategic IT plan.
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The IaaS segment is expected to capture the highest CAGR
during the forecast period by service model segment.
The service model segment of the Private Cloud Market is
segmented into SaaS, IaaS, and PaaS. The IaaS segment accounted for
the highest CAGR during the forecasted period. Laws are essential
in the Private Cloud Market since they enable the utilization of
computing resources such as virtual machines, storage, and
networking over a period; this means that organizations can take
full advantage of cloud computing and, at the same time, keep all
of the company's data and infrastructure. Moreover, outsourcing
operational tasks, optimizing resource utilization, and managing
costs of procuring equipment and machinery can be well managed
through lead. Also, it has increased security measures and
compliances, which are essential for regulatory requirements,
particularly in specific fields.
Based on the IaaS, the compute segment is expected to hold
the largest market share during the forecast period.
The Private Cloud Market, by laaS, is segmented into computing,
storage, and networking. The computing segment is expected to hold
the largest market size in the Private Cloud Market during the
forecast period. Counting LaaS as a service model in the Private
Cloud Market is important because there is a demand for virtual
computing resources. With this functionality, organizations can
access their business's CPU and memory resources without investing
in expensive physical resources. When using compute IaaS, an
organization can increase flexibility, scalability, and
cost-effectiveness by adequately allocating resources and reducing
downtime; this also improves the possibility of controlling the IT
environment, protecting data, and meeting regulatory requirements.
This model contributes to the quick and massive deployment and
scaling of applications in the relevant environment to encourage
innovations and enhance operational capacities. Private cloud-based
Compute IaaS is very useful for large enterprises that demand much
customization in their computing resources and need to adapt
quickly to new business requirements while ensuring high levels of
security and performance.
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North America is projected
to hold the largest market share during the forecast
period.
By region, North America will
hold the most market share in the worldwide Private Cloud Market in
2024, and this pattern is anticipated to be valid throughout the
forecast period. Private cloud solutions are becoming more critical
in North America for enterprises
that require better security, regulation, and management of
organizational IT infrastructure. From this perspective, private
clouds are provided with dedicated environments. Therefore, the
data is processed more securely than in the case of public clouds;
this is especially true in sectors such as healthcare, finance, and
government organizations, whose compliance standards demand robust
data security solutions. Moreover, private clouds offer
organizations the option of having a unique infrastructure that
aligns with the organization's operational requirements, which
leads to better results.
Moreover, North America is also
adopting private cloud services due to the flexibility and
scalability of workload management. Companies receive a significant
advantage in the possibility of a fast and flexible increase or
decrease in the volume of resources, achieved without any adverse
effects on such vital factors as security or compliance. This
agility enables the firm to pursue innovation and fosters shorter
time-to-new-product and time-to-new-service development. Moreover,
sophisticated applications such as AL, ML, and big data in private
cloud help organizations to leverage data as a necessary tool to
gain competitive advantage Thus, private clouds remain a solution
that North American businesses must acquire as they progress
through digital transformation to adapt to new the needs of modern
economies and achieve effective IT infrastructure.
Top Key Companies in Private Cloud Market:
Some of the significant private cloud vendors include Microsoft
(US), Google (US), IBM (US), AWS
(US), Oracle (US), VMware (US), Alibaba Cloud (China), HPE (US), Cisco (US), and SAP
(Germany).
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