Cloud Managed Services Market - Global Industry Analysis, SizeGrowth, Trends, Forecast 2024

Cloud managed services offers various skilled solutions which enhance information technology (IT) infrastructure and internal functionalities to be managed in assistance with a third party managed service provider through cloud platforms. The managed service provider provides benefits such as third-party maintenance and monitoring, which is intended to inhibit unpredicted disruptions in system accessibility. This improves system uptime, which eventually increases employee efficiency and consequently company profitability. The cloud managed services includes services such as managed security actions, managed network operations, IT life cycle management, cloud management and application and mobility management. These services have the capability to improve IT systems, frequent in-house IT costs, and systematize business procedures which helps cloud managed services consumers to accomplish their business units. The major cloud services includes platform-as-a-service, software-as-a-service and infrastructure-as-a-service.

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Today’s in a competitive business situation, cloud automation helps in associating business requirements with IT to improve the distribution speed of services for end users. Because it allows the implementation of skeptical services across data centers, to reduce data center related issues, infrastructure, communication and networking. The growing demand for cloud managed services among SMEs is also a major factor that is expected to fuel the cloud managed services market to grow.

The growing demand for cloud-based mobility services in the market is the major factor that pushes the cloud managed services market. Recently, it has been observed that cloud managed services have replaced the traditional services due to their additional benefits such as reduced IT cost and risk sharing for organizations. Therefore, several organizations are adopting cloud managed services as they are more cost efficient than traditional services as well as less expensive. Furthermore, cloud managed services have the capability to decrease capital expenditure for organizations and allows internal resources for main business utilities. This is impelling the demand for cloud-based mobility services.

The major factors which shrink the global cloud managed services market includes privacy and security concern, maximum time requirement for processing the data, inefficiency of cloud managed service model and requirement of high bandwidth data.

The major trends for global cloud managed services market includes internet of things (IOT), enterprise mobility management and compliance-as-a-service.

North America is the leading cloud managed services market and is anticipated to embrace the maximum market share during the forecast period. The adoption of cloud-based managed mobility services has grown to improve personnel flexibility and existence of large consumer group in North American region. Apart from this, high concentration of managed service suppliers in Canada and the U.S. has boosted the cloud managed services market in North America. However, Asia Pacific is expected to provide potential growth opportunities to stir the cloud managed services market in forthcoming year, due to factors such as growing expenditure in managed services and growing technology saturation in several industrial sectors.

The global cloud managed services market can be segmented on the basis of type and end-use. By type, the cloud managed services market is segmented into web services, data center services, security services, mobility services and corporate services. The end-user segmentation of this market includes BFSI, telecom and IT, government and public sector, retail, healthcare, energy and utility and others. Further the others segmentation includes media & entertainment, transportation and logistics, education and hospitality.

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The major participants in the cloud managed services market include companies such as Ericsson AB, Hewlett-Packard Enterprise Company, IBM Corporation, Cisco Systems, Inc., Huawei Technologies, Fujitsu Ltd., NEC Corporation, Accenture PLC, NTT DATA Corporation, VMWare, Inc., AT&T Inc., BT Global Services and Microsoft Corporation.

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