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Global Cloud Managed Services Market To Grow At 7.0% CAGR Between 2018 And 2026

According to a new market report published by Credence Research, Inc., “Global Cloud Managed Services Market (By Service Type (Business Services, Data Center Services, Mobility Services, Network Services, and Security Services), By Delivery Model (Public Cloud and Private Cloud  ), By End-use Vertical (Automotive, Banking, Financial Services & Insurance (BFSI), Education, Government, Healthcare, IT & Telecom, Manufacturing, Retail, and Others)) - Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global cloud managed services market is expected to witness a growth of 7.0% CAGR during the forecast period to reach US$ 41.92 Bn by 2026.

Browse the full Global Cloud Managed Services Market (By Service Type (Business Services, Data Center Services, Mobility Services, Network Services, and Security Services), By Delivery Model (Public Cloud and Private Cloud), By End-use Vertical (Automotive, Banking, Financial Services, and Insurance (BFSI), Education, Government, Healthcare, IT & Telecom, Manufacturing, Retail, and Others)) - Growth, Future Prospects and Competitive Landscape, 2018 – 2026 report at  http://www.credenceresearch.com/report/cloud-managed-services-market

Product Insights

Cloud managed services market is set to register high growth over the forecast period due to continually increasing penetration of cloud services worldwide, primarily driven by small & medium enterprises (SMEs). Due to rising penetration of cloud services coupled with increased efforts towards reducing capital expenditure, outsourcing activities including data storage, data recovery, data management and network management has gained immense importance. Cloud technology has clearly transformed the way of operating and orchestrating infrastructure. Depending on various IT needs of an organization, cloud managed service providers can handle reporting, monitoring, backup & recovery, performance testing and many more services.

By service type, the cloud managed services market is led by mobility services segment contributing nearly 37.09% of the overall market. Mobility services segment growth is primarily due to increasing usage of mobile devices and growing adoption of bring your own devices (BYOD) concept. Further, based on end-use vertical, healthcare segment is expected to emerge as the fastest growing segment during the forecast period with the sector increasingly looking up to cloud services as a viable storage platform. Based on geography, North America holds the largest market share for cloud managed services market. Growth in this region is primarily backed by high adoption of cloud services in the region. 

Cloud Managed Services Market

Competitive Insights:

Major and established players identified in the global cloud managed services market include International Business Machines (IBM) Corporation, Cisco Systems, Inc., Ericsson AB, Accenture PLC, NTT DATA Corporation, Fujitsu Ltd., CenturyLink, Inc., Huawei Technologies Co., Ltd., Nokia Corporation, NEC Corporation, Civica Group, and DXC Technology Company. The cloud managed services market appears to be fragmented due to the presence of large number of market players including small scale companies as well as global technology companies. These players are adopting various strategies including partnerships, mergers and acquisitions and new product developments to better serve the market as well as maintain their competitive edge.

For instance, in October 2017, IBM launched two new services namely IBM Cloud Deployment and IBM Cloud Migration, making it easier for businesses to move their packages and information to cloud. Moreover, in November 2017, NTT Communications, a subsidiary of NTT DATA Corporation, announced that it has entered into an agreement to acquire Secure-24 Intermediate Holdings, Inc., one of the leading U.S.-based provider of managed IT services. The acquisition will enable NTT’s ability to deliver managed services with the integration of Secure-24 product portfolio.

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