The virtual private cloud market is expected to escalate at a CAGR of 12.8%, from US$ 38.8 billion in 2022 to US$ 129.6 billion through 2032. The market growth of the virtual private cloud market will be supported by key factors such as the cost-effectiveness of products, the rising volume of business data and connectivity trends, & the growing need for workers to access mobile applications and resources.
The virtual private cloud market is experiencing rapid growth due to the increasing demand from small and medium enterprises, ever-increasing adoption of cloud-based services by large enterprises across different industry verticals, along with the increased number of data breaches over a network that is primarily the result of unauthorized access by third parties.
Various government agencies have been investing heavily into the digitization of their operations to improve productivity and reduce operating costs through the implementation of efficient management practices, thereby expanding the use of virtual private clouds throughout most organizations.
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Digital Business Models that have seen a rapid rise in popularity and implication, such as “as a service”, have played a significant role in fueling product innovation and development within VPC providers all over the world.
In addition to offering private cloud advantages, virtual private clouds provide safe intranet connectivity and data storage advantages in a public cloud environment.
KEY TAKEAWAYS:
- The virtual private cloud market is predicted to develop at a CAGR of 11.8% through 2032 in the software section of the component category.
- The CAGR for the banking, financial services, & insurance segment of the vertical method category in virtual private cloud market is anticipated to be 11.5% through 2032.
- In the United States, the virtual private cloud market is estimated to reach US$ 5.3 billion by 2032, rising at a CAGR of 12.5% throughout the forecast period.
- By 2032, the virtual private cloud market in the United Kingdom is expected to be valued US$ 5.3 billion, with a CAGR of 11.8% through 2032.
- With a CAGR of 12.1% throughout the forecast period, China is expected to reach a market size of US$ 9.2 billion in virtual private cloud market by 2032.
- By 2032, the virtual private cloud market in Japan is estimated to be worth US$ 7.5 billion, growing at an annual rate of 11.0% through 2032.
- With a CAGR of 10.3% throughout the forecast period, South Korea is predicted to reach a market size of US$ 4.6 billion in virtual private cloud market by 2032.
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COMPETITIVE LANDSCAPE:
Key companies profiled in the virtual private cloud market report include Amazon Web Services, HP, IBM, Microsoft, Google, VMware, Oracle, Cisco Systems, Red Hat, and NetApp.
There have been major gains in the global virtual private cloud market over the past five years in North America. The growing demand for VPCs in this region is due to the growing number of large enterprises involved across different industry verticals. Latin America is expected to grow at an impressive rate during the forecast period, recording the highest CAGR.
Due to their improved operational efficiency and security features, VPCs are in high demand from both small and large enterprises across a wide variety of industries, such as banking & finance, telecommunications, manufacturing, healthcare, etc. Europe holds the second-largest market share due to their demand from both small and large enterprises.
Key Segments
By Component:
- Software
- Services
By Organisation Size:
- Small and Medium Sized Enterprises
- Large Enterprises
By Vertical:
- Banking, Financial Services, and Insurance
- IT and Telecom
- Government and Defence
- Healthcare
- Media and Entertainment
- Retail
- Manufacturing
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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