BANGALORE, India, Aug. 5, 2020 /PRNewswire/ -- Increasing business needs to cut operating and infrastructural costs involved in business processes is anticipated to drive cloud-managed services. Third-party outsourcing of cloud infrastructure helps companies to concentrate on their core competencies, thus increasing overall efficiency.
In 2019, the global Cloud Managed Services market size was USD 53.6 Billion, and it is expected to reach USD 115.6 Billion by the end of 2026, with a CAGR of 11.6% during 2021-2026.
This research focuses on the status of globally operated cloud services, future projections, growth prospects, key industry, and key players. The study aims to address the creation of Cloud Managed Services in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
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TRENDS INFLUENCING THE CLOUD MANAGED SERVICES MARKET SIZE
Increasing emphasis on mobility coupled with a need to concentrate on core business functions, would drive the growth of Cloud Managed Services Market size.
Growing demand for scalability and reliability will also improve demand for the services, as it will enable businesses to scale up and down their operations by providing custom-made solutions to the services available.
Cloud-managed services are powered by companies around the world that are rapidly embracing cloud infrastructure. Higher flexibility and the adoption of the 'pay as you go' model has helped small and medium-sized companies to emerge as cloud services' most promising consumers. With the adoption of cloud services continuously growing, it is, in turn, expected to increase the Cloud Managed Services Market size during the forecast period.
Data privacy and cloud-based data protection will curb market growth. Furthermore, cost-sensitive businesses might refrain from investing in these services because of the initial high installation and maintenance costs.
CLOUD MANAGED SERVICES MARKET SHARE ANALYSIS
North America is expected to hold the largest Cloud Managed Services market share. This dominance of North America can be attributed to the presence of major players in the region.
Due to increased demand for Cloud Managed Services, Asia Pacific (APAC) is projected to rise at the highest CAGR during the forecast period. By reducing costs and increasing employee efficiency, Cloud Managed Services helps companies to raise revenue. APAC region is expected to experience substantial growth opportunities. Meanwhile, North America is expected to retain the largest portion of the market during the forecast era.
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TOP COMPANIES IN THE CLOUD MANAGED SERVICES MARKET
The Cloud Managed Services Market is highly competitive, with major vendors dominating the market.
Some of the Top companies that are analyzed in this report are IBM, Cisco Systems. Inc, Ericsson, Verizon Communication Inc., Accenture PLC, NTT Data Corporation, Huawei Technologies, Fujitsu Limited, China Huaxin( Alcatel Lucent Enterprise), CenturyLink, etc.
CLOUD MANAGED SERVICES MARKET BY TYPE, THE PRODUCT CAN BE SPLIT INTO
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CLOUD MANAGED SERVICES MARKET BY REGIONS/COUNTRIES, THIS REPORT COVERS
Central & South America.
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