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 2024 and reach US$86.4 bn by the end of 2024. 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.
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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 2024.
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.
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