The global cloud managed service market is expected to record rapid growth during the forecast period. The ability of cloud-managed services to reduce their operational costs, optimization of recurring expenses, and automation of business functioning are the key factors pertaining to the growth of the cloud-managed service market, globally. Cloud managed services provide resources to the service providers that enable them to enhance their in-house functionalities.
Based on the deployment type, the global cloud managed service market is categorized into the public and private cloud, wherein the public cloud category accounted for a larger share in 2018. Public cloud reduces the investment requirements of business organizations and thus develops their independent IT infrastructure. This further enables enterprises to satisfy the needs and demands of its users and further enhance the scalability in its business operations.
The global cloud managed service market has been driven by several key factors, predominantly increasing adoption of the internet of things devices and increasing adoption of cloud services among various small and medium enterprises in both developed as well as developing economies. The services provided by the cloud management services include management of security operations, optimization of recurring expenses, network operations, and the ability to provide cost efficiencies in business operations to business enterprises. Moreover, increasing the acceptance of IoT devices has led to the deployment of business operations through cloud management services. Moreover, these factors are significantly fueling the growth of the cloud-managed service market across the globe at a significant rate.
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Geographically, North America has accounted for the largest share in the cloud-managed service market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards increasing deployment of data centers and the higher adoption rate for cloud computing technology in this region. In addition, the emergence of the IT sector in the region has led to early adoption, acknowledgment, and advancement of cloud-managed services in this region. Moreover, it has been observed that there are large numbers of vendors for the cloud management system in this region that have attained the maturity stage in the cloud-managed service market.
Asia-Pacific cloud managed service market is expected to witness the fastest growth during the forecast period due to increasing advancements in the IT sector and increasing initiatives undertaken by the government authorities towards improvement in cloud computing technology. Increasing the adoption of data centers due to increased momentum of BPOs in the region is further strengthening the growth of the cloud-managed service market in this region. Furthermore, countries such as China and India are the key manufacturers that are extensively indulging in providing improved cloud managed services offerings to their customers.
Key players in the cloud-managed service market is launching new products and entering into mergers and acquisitions agreements in order to expand their product portfolio and gain competitive advantage. Some of the key players operating in the global cloud managed service market are Accenture, Vodafone, Huawei, Alcatel-Lucent S.A., Fujitsu Ltd., Ericsson, IBM Corporation, Cisco Systems, Inc., and NEC Corporation.