According to the global cloud managed services market report by IMARC Group, the market reached a value of US$ 41.58 Billion in 2021, and it is projected to reach a value of US$ 88.0 Billion by 2027, exhibiting a CAGR of 12.50% during 2022-2027.
Cloud managed services represent various services that offer complete or partial management of an organization’s cloud resources or infrastructures. They are of several types, such as network services, security services, infrastructure services, mobility services, communication and collaboration services, etc. Cloud managed services assist in creating innovative strategies, offering transparency, automating business processes, ensuring cost-effectiveness, enabling organizations to enlarge capabilities and transform information technology (IT) systems., etc. Consequently, they find extensive applications across numerous sectors, including healthcare, manufacturing, information technology (IT), telecommunication, banking, energy and utilities, retail, etc.
The expanding banking industry across countries and the growing requirement to enhance data security and customer experiences are primarily driving the cloud managed services market. In addition to this, the escalating adoption of the service to streamline daily operations, secure payment processing solutions, minimize fraudulent risks, and improve regulatory compliance are further stimulating the market growth. Moreover, the increasing integration of machine learning (ML) and artificial intelligence (AI) technologies with cloud-managed services to allow smart monitoring, ensure the efficiency of processes, and decreasing error rates is acting as another significant growth-inducing factor.
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Apart from this, the elevating demand for the services among large enterprises to efficiently manage complex and multi-cloud strategies with diverse operations is also positively influencing the global market growth. Furthermore, the rising need for the solution in the retail industry to reduce infrastructure, storage, and computing costs and facilitate real-time access to inventory and operational data is expected to bolster the cloud managed services market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the 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
- Government and Public Sector
- Healthcare and Lifesciences
- Energy and Utilities
- Asia Pacific
- North America
- 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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