The world cloud managed service market is considered to be extremely influenced by the constant rise in the worldwide trend of cloud automation. The augmented uptake of various managed services amongst small and medium enterprises (SMEs) over many different conventional services, due to their added benefits is propelling the growth of the world market for cloud managed services significantly. Rising need of numerous enterprises to emphasize on their main business, substantial rise in the spending of information and communication technology, and growing inclination towards big data analytics are further boosting the said market.
In a recent business intelligence study by Transparency Market Research (TMR), it has been found out that numerous new companies would venture into the said market and the market is expected to come with fragmented scenario with highly competitive landscape and is expected to remain so in the forthcoming years. The report has identified various prominent companies such as AT&T, Hewlett Packard Enterprises, Cisco Systems Inc., Rackspace, NEC Corp., VMWare, NTT Data Corp., Huawei Technologies, and IBM Corp. as some of the eminent companies that are currently operating in the international market for cloud managed service.
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The international market for cloud managed services is expected to rise at an attractive growth rate of 9.60% CAGR in between the years 2017 and 2024 and is estimated to reach market valuation of around US$ 86.4 bn towards the end of the year 2024. This constant rise in the need for cloud-based mobility services is anticipated to impact this market positively over the next few years.
North America is Estimated to Continue with its Regional Supremacy
The world market for cloud managed service has been regionally divided into Middle East and Africa (MEA), Europe, Latin America, Asia Pacific excluding Japan (APEJ), Japan, and North America. Amongst all of these, the said market in North America has taken over the prominent position and is anticipated to continue with its supremacy in the next few years to come. The fact that there exist a large number of prominent providers of managed service providers across Canada, and the U.S. have been encouraging the regional market over the past few years. The regional market of North America for cloud managed services is expected to expand at a robust growth rate of 8.10% CAGR over the period that extends from the year 2017 to 2024.
Amongst various other regional markets, Asia Pacific excluding Japan and Europe are forecasted to witness a substantially high growth in their respective regional markets for cloud managed services. Europe is expected to obtain momentum from the presence of an advanced IT infrastructure, whilst, Asia Pacific excluding Japan will mostly benefit from the presence of substantial untapped opportunities for the growth of the market.
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Advent of Big Data to Fuel Market Growth
There are many factors that are driving this market. For large and small and medium enterprises, the key word is efficiency and it is of utmost importance. As such, cloud automation has come in the form of a boon for them. These automation processes help the business owners to fundamentally better their speed of delivery with a data center infrastructure and thereby simplify various monotonous processes. The rising adoption of cloud managed services by many makes an offering of assistance in decreasing and sharing cost of functionalities of the organizations and enables outsourcing. Also these processes further go a long way towards the reduction of CAPEX by freeing up more of internal resources. With the entry of big data, an increasing trend of cloud analytics, increased adoption of the technology amongst the small and medium enterprises, and continuous emphasis of companies to increase mobility of the enterprise are a few of the major factors that has been bolstering the demand of cloud managed services.
The information shared in this review is based on a TMR report, titled, “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 – 2024”
