Cloud Managed Services Market Size, Share, Growth & Report 2023-2028
IMARC Group has recently released a new research study “Cloud Managed Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What Are The Growth Prospects Of The Cloud Managed Services Industry?
The global cloud managed services market size reached US$ 41.58 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 88.0 Billion by 2027, exhibiting a growth rate (CAGR) of 12.50% during 2022-2027.
What Is A Cloud Managed Services?
Cloud managed services refer to applications, services, or ecosystems on the cloud that are managed by a third-party organization, partially or completely, to handle several business activities. They can be of numerous types, including network services, infrastructure services, security services, infrastructure services, mobility services, communication and collaboration services, etc. Cloud managed services facilitate optimization, security, migration, configuration, and maintenance. They aid in creating innovative strategies, ensuring transparency, automating business processes, enabling organizations to enlarge capabilities, and transforming information technology or IT systems. Consequently, cloud managed services find widespread utilization across various sectors, such as manufacturing, healthcare, information technology (IT), telecommunication, banking, financial services and insurance (BFSI), etc.
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What Are The Key Factors Driving The Global Cloud Managed Services Market?
The expanding banking industry across the globe that require efficient solutions for enhancing data security and customer experiences, streamlining daily operations, securing payment processes, reducing fraudulent risks, improving regulatory compliances, etc., is among the key factors driving the cloud managed services market. In addition to this, the increasing integration of artificial intelligence (AI) and machine learning (ML) technologies with the services to allow smart monitoring for decreasing error rates and providing the efficiency of processes are further bolstering the market growth.
Apart from this, the shifting preferences toward cloud-managed services among large enterprises to efficiently manage multi-cloud and complex strategies with diverse operations are acting as significant growth-inducing factors. Moreover, the growing digitization in the healthcare industry, the inflating investments in research and development (R&D) activities, and the escalating need for these services in the retail segment to minimize infrastructure, storage, and computing costs and provide real-time access to inventory and operational data are expected to augment the cloud managed services market in the coming years.
Who Are The Key Players/Companies In The Global Cloud Managed Services Market?
Accenture plc, Atos SE, Cisco Systems, Inc., DXC Technology, Fujitsu Limited, Google LLC (Alphabet Inc.), HCL Technologies, Hewlett Packard Enterprise, International Business Machines Corporation, Infosys Limited, NEC Corporation (AT&T Inc.), NTT DATA Corporation (Nippon Telegraph and Telephone Corporation) and Wipro Limited.
Key Market Segmentation:
Breakup by Service Type:
- Managed Network Services
- Managed Business Services
- Managed Security Services
- Managed Infrastructure Services
- Managed Mobility Services
- Managed Communication and Collaboration Services
Breakup by Deployment Model:
- Private Cloud
- Public Cloud
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Vertical:
- Retail and Consumer Goods
- BFSI
- Telecom
- Government and Public Sector
- Healthcare and Lifesciences
- Manufacturing
- Energy and Utilities
- IT
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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