Cloud Managed Service Market
Cloud Managed Service Market (Service - Managed Network Service, Managed Security Service, Managed Mobility, and IT Infrastructure Management Service; End User - Large Enterprises and Small and Medium Enterprises (SMEs); Industry - BFSI, IT and Telecom, Healthcare, and Government) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022
Global Cloud Managed Service Market: Snapshot
The global market for cloud managed service is highly influenced by the ongoing rise in the trend of cloud automation. The augmenting uptake of managed services among small- and mid-sized enterprises (SMEs) over conventional services, thanks to their additional advantages is driving the growth of this market substantially. The significant rise in ICT spending, increasing trend of big data analytics, and the rising need of enterprises to focus on their core business are also reflecting positively on this market.
The worldwide market for cloud managed services is anticipated to present an opportunity worth US$54.6 bn by 2017. The market is further expected to rise at an impressive CAGR of 9.60% between 2017 and 2022 and reach US$86.4 bn by the end of 2022. The continued increase in the demand for cloud-based mobility services is expected to boost this market noticeably over the forthcoming years.
Demand for Managed Network Services to Remain Strong
The global cloud managed service market is mainly assessed on the basis of the service, end user, and the industry where this service is employed. In terms of service, the market is bifurcated into managed network service, managed mobility, managed security service, and IT infrastructure management service. The demand for managed network services is much higher than other cloud managed services, globally, and researchers have predicted that this trend will remain so over the next few years. However, cloud-based security services are likely to carve a niche for themselves in the near future, as the usage of mobile data security services is increasing considerably in developing organizations.
Apart from this, as various organizations have begun to increasingly utilize a wide array of SaaS applications and various other cloud-based services, they are encouraged to uptake cloud-based managed security services, which will also aid this segment in the years to come.
Based on end user, the market is classified into large enterprises and small- and medium-scale enterprises (SMEs). Both type of enterprises are reporting a high demand for cloud managed services across the world and are supposed to continue on this track over the next few years. By the industry, the market is divided into the BFSI, IT and telecom, healthcare, and the government.
Continued Supremacy of North America on Global Managed Network Service Market
The Middle East and Africa (MEA), Europe, Latin America, Asia Pacific excluding Japan (APEJ), Japan, and North America have been considered as the main regional markets for cloud managed services across the world. Among these, North America has acquired the leading position and is expected to continue there over the next few years. The presence of a massive pool of prominent managed service providers across the U.S. and Canada has been boosting this regional market over the last few years. The North America market for cloud managed services is projected to proliferate at a healthy CAGR of 8.10% over the period from 2017 to 2022.
Among other regional markets, Europe and Asia Pacific excluding Japan are expected to experience a significantly high growth in their respective markets for cloud managed services. Europe will gain from the presence of an advanced IT infrastructure, whereas, APEJ will benefit from the availability of ample untapped opportunities for market growth.
NTT Data Corp., NEC Corp., Rackspace, Cisco Systems Inc., Hewlett Packard Enterprises, VMWare, Huawei Technologies, AT&T, Microsoft Corp., and IBM Corp. are the key cloud managed service providers across the world.
Growing Influence of WFH Mechanism to Invite Extensive Growth for Cloud Managed Service Market
The growing adoption of cloud managed services by large IT companies to reduce capital costs and convert them into operational costs may bring extensive growth opportunities for the cloud managed service market during the forecast period of 2017-2022. The extensive rise in the trend of big data analytics and the escalating need of varied businesses to focus on their prime function may bring tremendous growth prospects for the cloud managed service market.
- The rising demand for scalability and reliability will assure great growth prospects for the cloud managed service market. The heightening influence of mobile data security services will also prove to be a growth multiplier for the cloud managed service market across the assessment period of 2017-2022.
- Cloud managed services help companies and firms to replace functions or processes that are tedious and encourage automation, thus allowing enterprises to achieve their business objectives. These services help in increasing the efficiency of small and medium-sized organizations through managing their IT infrastructure. This aspect may sow the seeds of growth across the cloud managed service market.
- The COVID-19 outbreak has wreaked havoc across the globe. Many businesses and sectors have been affected greatly by this pandemic. The cloud managed service market has not been affected much due to the COVID-19 pandemic. On the flip side, the cloud managed service market is expected to gain a better growth rate on the back of this pandemic.
- Due to the outbreak, strict stay-at-home orders were imposed and the WFH mechanism gained traction. Hence, the demand for cloud managed service market is expected to gain considerably. Even if the effect of the pandemic has subsided, the WFH mechanism is expected to continue permanently for some companies. Thus, this aspect will assure promising growth for the cloud managed service market in the near future.
Global Cloud Managed Service Market: Overview
With the significant rise in the trend of cloud automation, the global market for cloud managed service is observing a substantial growth in its valuation. Thanks to the rising awareness regarding the benefits of cloud managed services, small- and mid-sized enterprises (SMEs) are preferring these services over the conventional ones, which is expected to maintain the high growth pace of this market in the near future.
This research report presents a detailed assessment and forecast of this market, underlining its performance in various regions. It further offers the historical data pertaining to this market while predicting about its status during the period of 2017 to 2022. The growth drivers and restraining factors of this market, coupled with, their impact on the demand for these systems during the forecast period is discussed here with high importance. A thorough study of the opportunities available in this market on the global as well as the regional level has also been included in the market report.
Global Cloud Managed Service Market: Research Methodology
In an effort to offer the readers of this research report with a comprehensive overview of this market, researchers have included an in-depth competitiveness analysis and information about the unique selling propositions of the leading players. Further, the report includes analyses of the market’s attractiveness and basis point share on the basis of the end-use, type, and power class of cloud managed services. The market numbers have also been estimated in this study on the basis of the average usage of cloud managed services in various application areas.
The market size and predictions for each of the segment have been offered in the context of the global and domestic markets. The dynamics of the cloud managed services market in each of the key regions have been taken into consideration for the estimation of the future growth of this market. The market has also been assessed on the basis of expected demand. The revenue generated from cloud managed services across the world have been derived using the regional pricing trends. The market data for each segment is based on the demand and the corresponding revenue.
Global Cloud Managed Service Market: Segmentation
The global market for cloud managed services is examined in the basis of the service, end user, industry, and the regional spread of this market. Based on the service, the market is classified into managed network service, managed security service, managed mobility, and it infrastructure management service. By the end user, the market is bifurcated into the large enterprises and small and medium enterprises (SMEs).
On the basis of the industry, the market is divided into the BFSI, IT and telecom, healthcare, and the government. In terms of the region, the market is divided into North America, Asia Pacific excluding Japan (APEJ), the Middle East and Africa (MEA), Europe, Latin America, and Japan.
The segmentation consist of the demand for cloud managed services in all the regions as well as their significant economies. The patterns of the demand for these systems in each of the regions have been determined while estimating the market for various application for cloud managed services in them. The segmentation of this market by the end user, modality, and the type of the software has been derived through the bottom-up approach, which is accumulative of the demand from each of the regions. The regional demand for cloud managed services is the summation of the prominent sub-regions and the economies within a specified region.
Companies Mentioned in the Report
NTT Data Corp., NEC Corp., Rackspace, Cisco Systems Inc., Hewlett Packard Enterprises, VMWare, Huawei Technologies, AT&T, Microsoft Corp., and IBM Corp. are some of the prominent companies in the global cloud managed services market.