Global Virtual Private Cloud Market Report and Forecast 2024-2032

Global Virtual Private Cloud Market Outlook

The global virtual private cloud market attained a value of around USD 55.24 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of more than 22.6% to reach USD 346.93 billion by 2032.  

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Further flexibility, efficiency, lower time, and cost are expected to stimulate the demand for virtual private cloud products worldwide. The market is primarily being driven by the product’s cost-effectiveness.

Market Segmentation

A virtual private cloud enables a compliant and isolated environment that is an ideal alternative for companies to expand their on-site cloud infrastructure. It offers a safe atmosphere for mission-critical business applications because the virtual private cloud can easily address the demands of the most demanding applications at no additional cost. For applications like backup, disaster recovery, and a dev-test environment, a virtual private cloud can be deployed. Virtual private cloud is suitable for companies that are looking for high levels of security, privacy, and control, like healthcare and regulatory compliance financial institutions.

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On the basis of the component, the market can be divided into software and services.

Services can be further divided into:

• Training and Consulting
• Integration and Deployment
• Support and Maintenance
• Managed Services

The organisation size can be divided into:

• Small and Medium-Sized Enterprises 
• Large Enterprises

The market can be broadly categorised based on its industry verticals into:

• Banking, Financial Services, and Insurance 
• IT and Telecom 
• Government and Defence 
• Healthcare 
• Media and Entertainment 
• Retail 
• Manufacturing

The EMR report looks into the regional markets of virtual private cloud like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.

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Market Analysis

The rising volume of data and connectivity trends in enterprises has driven efficient storage and management and improved time-to-market, which will accelerate the virtual private cloud market growth in large companies. In addition, the rising demand for workers to access mobile applications and resources is increasing the complexity for businesses to store, maintain, and concentrate their data centres on their core business activities.

It is estimated that the BFSI sector is increasing at a significant CAGR over the forecast period as mobile payment services and other online transactions are increasing in real-time. Virtual private cloud services also help companies operating within the sector to further focus on the customer-centric model by creating a multi-channel relationship with customers at every stage of their services. BFSI companies quickly take digitalization initiatives to meet growing customer expectations and to sustain themselves in the highly competitive market. They operate with high data volumes that must be collected, processed, and replicated, which regularly contribute to data storage, recovery, and safety issues. Virtual private cloud systems are out-of-the-box solutions that offer private cloud advantages in a public cloud environment that provides safe intranet connectivity and data storage. Compatibility problems with legacy systems can, however, might limit the growth of the virtual private cloud industry. 

Competitive Landscape

The report presents a detailed analysis of the following key players in the global virtual private cloud market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Google LLC
• Microsoft Corporation
• Alibaba Cloud International 
• Amazon Web Services, Inc.
• Huawei Software Technologies Co., Ltd. 
• Rackspace Technology, Inc. 
• Atos SE
• OVH Groupe SAS
• Others 

The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report