DUBLIN, Nov. 24, 2022 /PRNewswire/ — The “Cloud Managed Services Market by Service Type (Managed Business, Managed Network, Managed Security, Managed Infrastructure, Managed Mobility), Organization Size, Vertical (BFSI, Telecom, Retail & Consumer Goods, IT) and Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The Cloud managed services market size is expected to grow from USD 99.0 billion in 2022 to USD 164.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period. Growing innovation and investment in cloud services with the remote working environment is boosting the growth of the cloud-managed services market.
Managed infrastructure services to account for a larger market size during the forecast period.
Technology trends such AI, IoT, analytics, cloud, and cognitive computing are driving the demand for new business models, reduced time to market, and optimizing business processes to deliver personalized customer experiences. Aligning enterprise IT infrastructure with business requirements is a major step in digitalization. IT infrastructure management results in agile infrastructure, higher employee productivity, enhanced customer experience, and greater security and compliance.
BFSI industry vertical to hold largest market share in 2022
Cloud computing is a critical element of digital transformation. The BFSI vertical, which was initially hesitant to opt for digital transformation, is now embracing the benefits of cloud services. It offers benefits such as customer relationship management, regulatory compliance, omnichannel banking, and open banking operations. These benefits drive BFSI firms to incorporate cloud migration into their digital transformation strategies. Banks specializing in cards, wealth management, and investment services are introducing features like digital identity, behavioral biometrics, push notifications, e-wallets, and QR payments using the IaaS and PaaS models on the private cloud. For instance, a leading Norwegian bank adopted the PaaS model on the public cloud to transform its peer-to-peer mobile payment application. Thus, the growing technological revolution will create several opportunities for cloud-managed service providers to offer customized services to the BFSI vertical.
North America to hold largest market share of cloud managed services market in 2022
North America comprises the US and Canada. The region has a well-developed and advanced infrastructure that supports the adoption of cloud-managed services. It is also an early adopter of innovative technologies. The high internet penetration is driving the demand for cloud-based applications in the region. According to Statista, in 2021, North America had approximately 417 million internet users and this figure is expected to reach 448.55 million by 2026. Further, MSPs in the region will be able to utilize other emerging growth opportunities such as cyber security, IT infrastructure, business applications, communication and collaboration services by enhancing their service portfolios and offering end-to-end ICT services. This is likely to boost the cloud-managed services market in North America.
- Increased Cloud Adoption During COVID-19 Pandemic
- Growing Demand for Cloud Managed Services Among Enterprises
- Inadequate Cloud Expertise Among IT Professionals
- Lack of Infrastructure in Developing and Underdeveloped Economies
- Data Security and Privacy Concerns
- Increasing Adoption of Cloud Managed Services by SMEs
- Growth in Anything-As-A-Service Technologies
- Increase in Regulations and Compliances
- Integration with Third-Party Applications
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Cloud Managed Services Market, by Service Type
7 Cloud Managed Services Market, by Organization Size
8 Cloud Managed Services Market, by Vertical
9 Cloud Managed Services Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Adjacent Market
- 2Nd Watch
- Bespin Global
- Cdw Corporation
- Dlt Solutions
- Hcl Technologies
- Ismile Technologies
- Mission Cloud Services
- Ntt Data
For more information about this report visit https://www.researchandmarkets.com/r/ay4cnl
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SOURCE Research and Markets