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 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.
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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.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 28, 2022