The market witnessed healthy growth even during the previous forecast period of 2018 to 2021. Rising demand for VPC in BFSI coupled with the increasing demand for a more agile and secure cloud solution are the factors that are driving the growth of the market during the forecast period.
VPC provides several users with the provision of an isolated, private section of cloud infrastructure. It is a private network within the public cloud infrastructure. Also, it is virtually partitioned from the larger cloud, typically through a firewall and VLAN, rather than completely physically separated.
VPC gives enterprise data centres the ability to mimic their on-premises environment by creating a secure, dedicated section of a public cloud service for running virtual machines and other resources.
It is often seen as a bridge between traditional network security models and more flexible but less secure app development in the multi-cloud era.
To efficiently tackle service requests, such as end-user issues and technical issues the role of VPC becomes immensely important. Thus, the factor is driving the growth of the market during the forecast period.
Key Market Trends
Owing to seamless scalability, flexibility, pay-as-you-go payment model, reduced operational costs, and customized offerings as per business requirements it is estimated for Small and Medium-sized Enterprises to grow at the highest rate during the forecast period.
The rising purchasing power of customers and the need to satisfy customer expectations leading to existing customer retention and new customer acquisition are the factors that are boosting the growth of the market during the forecast period.
Apart from this, online retailing and cloud technologies have significantly disrupted the retail vertical leading to the adoption of cloud computing mainly for storage, backup, and security services. This factor is also estimated to drive the growth of the market during the forecast period.
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Segmental Analysis of the Market
By Type
- Software
- Platform
- Infrastructure
- Others
It is estimated for the software category to drive the growth of the market during the forecast period.
By Application
- BFSI
- Manufacturing
- Healthcare
- Media Entertainment
- Others
It is estimated for the BFSI category to drive the growth of the market during the forecast period.
Asia Pacific region to drive the growth of the market during the forecast period
Owing to the fact that major countries have contributed significantly towards IT spending which will continue over the next five years or so it is estimated for the Asia Pacific region to drive the growth of the market during the forecast period. The Middle East Africa region is expected to witness the highest CAGR in terms of revenue and is estimated to grow at a significant rate during the forecast period.
Competitive Landscape
Some of the prominent companies operating in the market are
- Google (US)
- Microsoft (US)
- Alibaba (China)
- AWS (US)
- OVH (France)
- Huawei (China)
- Rackspace (US)
- CenturyLink (US)
- DXC (US)
- Atos (France)
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Influence of the COVID-19 outbreak on market trends for virtual private clouds
The prolonged COVID-19 dispute has had catastrophic consequences on the world economy as well as a variety of trade restrictions and disrupted supply lines for hundreds of companies. However, due to the increase in remote work and the greater absorption of digitalization in businesses, it turned out to be a potential booster for the virtual private cloud sector.
There is a considerable reliance on private cloud services to satisfy the need for improved data protection and disaster recovery, according to some recent polls.
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