August 26th, 2022
A cloud-managed service is an application, service, or ecosystem on the cloud that a third-party organization manages. This third-party organization may handle all of the management of a service or only a little.
According to the research report published by Polaris Market Research, the Global Cloud Managed Services Market Was Valued At USD 86.32 Billion In 2021 and is expected to reach USD 198.23 billion by 2030, at a CAGR of 10.3% during the forecast period.
The growing emphasis on mobility and the need to focus on core business functions will drive market growth. Also, the ever-increasing demand for scalability and reliability will further elevate the service demand. It will enable enterprises to scale up or down their operations by offering custom-made offerings to the available services.
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Cloud Managed Services Market: Growth Drivers
The desire to fulfill the IT and network needs of the companies to push the market
As enterprises formulate plans to fulfill their IT and network needs, managed cloud service will be at the forefront of all technologies. Organizations run their IT applications on cloud servers, including accounting, finance, customer relationship management, and other applications. The rapid adoption of cloud solutions to deploy and manage business operations is changing the state of cloud adoption globally.
While companies and financial firms wade through today's unpredictable economic and regulatory landscape, the pressure has been more significant on the risks and compliance model. The adoption of managed service is increasing, with companies seeking to approve the organization, operation, and security by providing more strategic responses.
Geographic Overview: Cloud Managed Services Market
North America to gain the highest revenue share
North America had the highest share in the market due to its solid financial position by which it can spend substantially on modern solutions and technology, offering its businesses a competitive advantage in the cloud-managed services market. The adoption of these smart facilities in the region is driven by the increased deployment of big data solutions by major IT firms such as Google and Microsoft to enhance efficiency and simplify their company operations.
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Cloud Managed Services Market: Report Segmentation
Insight By Service
The rise in the usage of intelligent facilities like cloud-managed services to drive the market
The managed network services segment is anticipated to be the most significant revenue contributor in the global market in 2021. It is expected to retain its dominance in the foreseen period. The increasing usage of such smart facilities by organizations to manage network-related services and the management and administration of networks are extensively responsible for the segment's rise.
Some of the major players operating in the global market include Accenture, Alcatel-Lucent, Atos, AWS, Cisco, Cloudicity, Connectria, Datacom, DLT Solutions, Ericsson, HPE, Huawei, IBM, Infosys, NEC, NTT DATA, Rackspace, Sirius Computer Solutions, and Wipro among others.
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In June 2021, Accenture launched myNav Green Cloud Advisor to help companies realize sustainability goals through the cloud. myNav Green Cloud Advisor helps companies design cloud solutions that reduce carbon emissions and lay a foundation for responsible innovation.
Cloud Managed Services Market: By Service Outlook
· Managed Business Services
· Managed Network Services
· Managed Security Services
· Managed Infrastructure Services
· Managed Mobility Services
· Managed Communication and Collaboration Services
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Cloud Managed Services Market: By Organization Size Outlook
· Large Enterprises
· Small and Medium-Sized Enterprises (SMEs)
Cloud Managed Services Market: By Vertical Outlook
· Government & Public Sector
· Healthcare & Lifesciences
· Retail & Consumer Goods
· Manufacturing, Energy, & Utilities
Cloud Managed Services Market: By Region Outlook
· North America (U.S., Canada)
· Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
· Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
· Latin America (Brazil, Mexico, Argentina)
· Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Polaris Market Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Polaris Market Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We at Polaris are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures, present globally.
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