SMEs will dominate the Virtual Private Cloud market in the coming years and the market is estimated to reach $45.69 billion by 2022, Infoholic Research said.
The research agency forecasts a CAGR of 26.35 percent for the period 2016-2022.
“Globally, BFSI and Telecom are the industry verticals which are spending a lot on secure and cost-friendly cloud solutions,” said Tariq Shaik from Infoholic Research.
It is predicted that by 2022, Public and E-commerce sectors will be spending a lot on cloud-based solutions.
Infoholic Research said the growing dependence of these sectors on internet based applications is one of the reasons for cloud dependency.
“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.