SMEs will dominate the Virtual Private Cloud (VPC) market in the coming years and this virtual private cloud market is estimated to reach USD45.69 billion by 2022, according to a recent study.
Globally, BFSI and Telecom are the industry verticals which are spending a lot on secure and cost-friendly cloud solutions, says Infoholic Research LLP, a global ICT market research and consulting organisation, in a study titled “Virtual Private Cloud: Trends & Forecasts, 2016-2022.”
“It is predicted that by 2022, Public and eCommerce sectors will be spending a lot on cloud-based solutions. The growing dependence of these sectors on Internet-based applications is one of the reasons for cloud dependency,” said Tariq Shaik from Research Operations of Infoholic Research.
With growth predicted at a CAGR of 26.35 per cent during the period 2016-2022, the virtual private cloud market has huge opportunity in industry verticals such as BFSI, transportation, telecom and hospitality. Further, it will see significant growth in the coming years due to the growing need for cost-friendly disaster recovery solutions.
“The growing number of SMBs and their dependence on cloud are driving the growth of the VPC market in the emerging regions. The major contributors of the market will be countries such as India, China and South Africa,” said Komal Sharma, Research Analyst at Infoholic Research.
According to Infoholic Research, the Asia-Pacific Excluding Japan (APEJ) region is one of the fastest growing VPC markets due to increased ICT infrastructure spending from SMEs, SMBs and the government.