The global cloud managed services market is expected to grow at a significant CAGR during the forecast period. Cloud managed services assist the business in enhancing the operations by outsourcing daily IT management to a cloud service provider. Moreover, it enables a user to choose which IT functions they would like to manage, and the rest will be done by the service provider. Cloud managed services include application and infrastructure level support. The service provider engineers manage everything from storage, network, operating system, and computing to complicated tools, applications, and software that run top of the infrastructure.
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The major factor driving the cloud managed services market is the growing utilization of cloud services for computing and data storage. Moreover, cloud-based services are getting popular and are highly adopted across the globe owing to their cost-effectiveness and ability to store huge amounts of data very economically. Additionally, cloud managed services assist in improved security in organizations by providing continuous monitoring services hence contributing to the growth of the market. With the advent of big data and the need for a large amount of data generated is propelling the growth of cloud managed services industry.
Moreover, cloud managed services provide enhancements for IT operations such as managed security operations, network operations and others owing to which there is a high demand for these services. Further, drivers include growing utilization of cloud services in SME’s and boosting cloud services offerings from third parties. However, there is a high risk of private information leaks due to the lack of security technologies and hence hampering the growth of the market. In addition, third-party cloud-based applications have the possibility of data theft and data misuse on accounts of which companies do not prefer cloud services and hence restraining the growth of the market
The key players dominating the cloud managed services market include IBM Corporation (US), Cisco Systems (US), Ericsson (Sweden), Accenture PLC (Republic of Ireland), NTT Data Corporation (Japan), Fujitsu Ltd. (Japan), Huawei Technologies (China), and NEC Corporation (Japan). These players adopt various strategies such as mergers & acquisitions, products, and services offering expansion, geographical expansion, and partnership & collaboration to stay competitive in the market. For instance, in July 2019, IBM acquired RedHat for a total equity value of approximately $34 billion. The acquisition redefines the cloud market for business. Both the company’s primary objective is to accelerate innovations and provide hybrid cloud platform across the globe.
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Global Cloud Managed Services Market- Segment
By Service Type
- Infrastructure Services
- Network Services
- Security Services
- Data Center Services
- Mobility Services
- Communication Services
By Deployment Models
- Public Cloud
- Private Cloud
By End-User
- Telecom & IT
- BFSI
- Government &Public Utilities
- Healthcare
- Retail
- Automotive
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
