Cloud Managed Services Market to Grow at a 9.60% CAGR due to Rising Adoption of Big Data, Says TMR

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Dec 07, 2018, 04:30 ET

ALBANY, New York, December 7, 2018 /PRNewswire/ --

The global cloud managed services market is expected to witness healthy growth in the coming years, as reported by Transparency Market Research (TMR). The vendor landscape of this market currently features fragmentation. At the same time, stiff competition exists between market players. Several new vendors are expected to foray into the global cloud managed services in the coming years, augmenting the competition.

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A number of small and medium enterprises (SMEs) are seen adopting managed services to enhance their business offering. This is further encouraging vendors to create suitable products for such organizations. Key vendors operating in the global cloud managed services market include Hewlett Packard Enterprises, AT&T, Cisco Systems Inc., NTT Data Corp., and VMWare.

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According to TMR, the global market for cloud managed services is expected to grow at a 9.60% CAGR in over the forecast period of 2017 and 2022 and is projected to reach market valuation of around US$ 86.4 bn towards the end of the year 2022.

On the basis of service, cloud-based security services are expected to experience a high growth potential, on account of surge in adoption of mobile data security services in developing organizations.

Geography-wise, North America is expected to continue being the leading regional market over the forecast period, with a 8.10% CAGR over the forecast period.

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Demand for Robust Infrastructure to Boost Growth

Accessibility of strong framework will remain a concern for service suppliers as a continuous web network is required for conveyance of services. Synchronous access from numerous clients to the cloud may result into system clog which can hamper the web speed and can prompt a downtime. Monstrous load from different customer access on server may result in power disappointment which can disturb business activities incidentally.

Thus, there has been noteworthy ascent in the adoption of cloud based innovation as it is less expensive and gives ongoing access and updates to business application. Additionally, other factors fuelling the global cloud managed services market are expanding use of cloud services among SMEs, and growing external cloud managed service application.

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Novel Trend of BYOD to Offer Rich Opportunity

The soaring big data space has encouraged a more prominent interest for managed cloud services and cloud stockpiling services. The utilization of personal device is rising in enterprises, encouraging productivity in business activities. This has pushed the possibilities of managed cloud services over various industry verticals for improved profitability, guaranteeing information security and protection.

The market will foresee a few restrictions too, for example, data security, and poor availability. These variables are expected to hamper the market development over the forecast period. Information security will be a noteworthy limiting factor as it will influence cloud adoption to some extent. It will lead service suppliers to concentrate more on including security features to gain customers in the coming years.

This review is based on TMR's report titled, "Cloud Managed Services 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 - 2022."

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Global Cloud Managed Service Market Segmentation

By Applications Type:

Managed Network Service
Managed Security Service
Managed Mobility
IT Infrastructure Management Service

By End User Type:

Large Enterprises
Small and Medium Enterprises (SMEs)

By Industry Type:

BFSI
IT and Telecom
Healthcare
Government

By Geography

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

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