|Status : Upcoming||Report Code : VRICT5055||Industry : ICT & Media||Available Format :|
The global cloud managed service market is expected to record rapid growth during the forecast period. The ability of cloud managed services to reduce their operational costs, optimization of recurring expenses and automation of business functioning are the key factors pertaining towards the growth of the cloud managed service market, globally.
Cloud managed services provides resources to the service providers that enable them to enhance their in-house functionalities. These services are extensively being utilized for managing IT infrastructure that formulates an alliance with a third-party service provider with the help of cloud computing technology. Furthermore, these services help the providers in establishing security operations, IT lifecycle management and network operations.
Insight by Deployment Type
Based on deployment type, the global cloud managed service market is categorized into the public and private cloud, wherein public cloud category accounted for a larger share in 2020. Public cloud reduces the investment requirements of business organizations and thus develops their independent IT infrastructure. This further enables enterprises to satisfy the needs and demands of its users and further enhance the scalability in its business operations.
Insight by Organization Size
On the basis of organization size, the global cloud managed service market is divided into large enterprises and small and medium enterprises. Among the two categories, the small and medium enterprises category is expected to witness faster growth during the forecast period. With the implementation of cloud managed services business enterprises are able to reduce their costs, predict the constant monthly bill as per the capability and helps the service providers to manage all servers and applications at a central point of data center.
Insight by End User
On the basis of end-user, the global cloud managed service market is divided into government, retail & consumer, telecom & ITES, education, manufacturing & automotive, healthcare and others. Of all, the adoption of cloud managed services in the retail & consumer segment is expected to witness the highest market growth during the forecast period. Cloud managed services help the retailers to have wide visibility of their enterprise supply chain and enable them to deliver a personalized experience to its customers.
Global cloud managed service market has been driven by several key factors, predominantly increasing adoption of internet of things devices and increasing adoption of cloud services among various small and medium enterprises in both developed as well as developing economies. The services provided by the cloud management services include management of security operations, optimization of recurring expenses, network operations and ability to provide cost efficiencies in business operations to business enterprises.
Moreover, increasing acceptance of IoT devices has led to the deployment of business operations through cloud management services. Moreover, these factors are significantly fueling the growth of the cloud-managed service market across the globe at a significant rate.
Lack of awareness among consumers and the lack of internet penetration in some regions are hindering the growth of the cloud-managed service market, globally.
Globally, cloud managed service industry players are leveraging market growth through the development of innovative solutions in cloud managed service market. The key players are enhancing their present strategies and are providing new products to its customers in order to enhance their market base and gain a competitive edge across the globe.
Geographically, North America has accounted for the largest share in cloud managed service market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards increasing deployment of data centers and the higher adoption rate for cloud computing technology in this region. In addition, the emergence of the IT sector in the region has led to early adoption, acknowledgment, and advancement of cloud-managed services in this region. Moreover, it has been observed that there are large numbers of vendors for the cloud management system in this region that have attained the maturity stage in cloud managed service market.
Asia-Pacific cloud managed service market is expected to witness the fastest growth during the forecast period due to increasing advancements in IT sector and increasing initiatives undertaken by the government authorities towards improvement in cloud computing technology. Increasing adoption of data centers due to increasing momentum of BPOs in the region is further strengthening the growth of cloud managed service market in this region. Furthermore, countries such as China and India are the key manufacturers that are extensively indulging in providing improved cloud managed services offerings to their customers.
Key players in cloud managed service market is launching new products and entering into mergers and acquisitions agreements in order to expand their product portfolio and gain competitive advantage.
Some of the key players operating in the global cloud managed service market are Accenture, Vodafone, Huawei, Alcatel-Lucent S.A., Fujitsu Ltd., Ericsson, IBM Corporation, Cisco Systems, Inc., and NEC Corporation.