The global private cloud services market 2020 reported record quarterly profit and revenue during a period when the Coronavirus ripped through the global economy and financial markets, reveals Market Research Future in its latest reports. The market’s earnings rose to 21% and expect revenue of USD 13 Billion and profit four times more than previously gained. The future gains might be possible from the years 2016 to 2023 (forecasted period).
Top Grossing Factors
The hasty move of organizations to cloud deployment models has already proven that there has been a prototype shift in the way businesses were done a decade ago. Businesses are no more engrossed in handling the whole ecosystem of their product; instead, focus on core competency to gain a competitive gain in the market. Cloud computing has evolved as one of the fastest adopted technologies in the software industry and has become the quintessence of business operations across the bulk of the industry verticals. The private cloud model has its advantages or disadvantages. Organizations from small to large have embraced the adoption of private cloud computing technology and thus contributed to its remarkable growth in the past decade of the private cloud services market.
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In current years, the software industry has been gradually changing to the cloud deployment model owing to the stated advantages that it offers. Exceedingly scalable nature of businesses prompt them to opt for private cloud services as the data at storage centres can be scaled up and down as per the user requirements. Through this, the core competency of businesses is maintained and hence allows them to stay competitive in this highly dynamic market. These factors have also been inherently liable for the growth of private cloud services market.
Another primary factor driving the private cloud market is the flexibility offered and the ease of management. Privacy and security for highly sensitive and critical data being offered owing to the private deployment are also one of the drivers for the private cloud market. Necessitate for a scalable, agile, flexible, accessible and competent IT infrastructure is also driving private cloud services market considerably.
Despite such benefits of private cloud services, the growth of private cloud services has observed a few obstacles. The factor of costly infrastructure spending required to build an on-premise environment is observed to be a restraining factor for the private cloud services market as well as organizations.
While COVID-19 pandemic continues to cripple, the study of the private cloud services market is conducted through segments—services, organization size and industry.
Depending on services segment, the market has included a platform as a service (PaaS), software as a service (SaaS), and infrastructure as a service (IaaS).
Depending on the organization size segment, the market included SME’s and large enterprises.
Depending on the industry segment, the market includes information technology and telecommunication, banking and financial services, education, government, retail, healthcare, media & entertainment and manufacturing.
Regionally, the private cloud services market has been studied for the regions of North America, Asia Pacific, Europe, and the rest of the world.
Among these, North America is leading the private cloud services market owing to the incidence of diverse diversified companies in information and technology in countries like the U.S. and Canada. Also, the North American region is the early adopter of the cloud-services that could bee seen in various industrial sectors.
The Asia Pacific region is the fastest region for private cloud services market along with Europe. Several large enterprises are finding ways towards the countries lying in the Asia Pacific for churning out the services in minimal cost and effective manner. Additionally, countries like India and China are becoming the hub for IT services.
The top players in the private cloud services market include Dell Inc (U.S.), Cisco Systems, Inc (U.S.), International Business Machines Corporation (U.S.), Hewlett Packard Enterprise Company (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Red Hat, Inc (U.S.) Rackspace Inc (U.S.), Amazon Web Services (U.S.) and Salesforce.com, Inc (U.S.).
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