Cloud managed services provides resources to the service providers that enable them to enhance their in-house functionalities. These services are extensively being utilized for managing IT infrastructure that formulates an alliance with a third-party service provider with the help of cloud computing technology. Furthermore, these services help the providers in establishing security operations, IT lifecycle management and network operations. Moreover, ability of cloud managed services to reduce their operational costs, optimization of recurring expenses and automation of business functioning are the key factors pertaining towards the growth of the cloud managed service market, globally.
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Increasing adoption of internet of things devices and increasing adoption of cloud services among various small and medium enterprises in both developed as well as developing economies are the key factors driving the growth of cloud managed service market across the globe. The services provided by the cloud management services include management of security operations, optimization of recurring expenses, network operations and ability to provide cost efficiencies in business operations to business enterprises. Furthermore, increasing 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 an extensive rate.
Geographically, cloud managed service market in North America is anticipated to generate the largest revenue throughout the estimated period. The extensive growth of cloud managed service market in this region is attributed towards increasing deployment of data centers and the higher adoption rate for cloud computing technology in this region. Furthermore, emergence of 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 maturity stage in cloud managed service market.
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Furthermore, Asia-Pacific is anticipated to witness the fastest growth during the forecast period due to increasing advancements in IT sector and increasing initiatives undertaken by the government authorities towards improvement in cloud computing technology. Increasing adoption of data centers due to increasing momentum of BPOs in the region is further strengthening the growth of 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 its customers
Key players in cloud managed service market is launchingnew products and entering into mergers and acquisitions agreements in order to expand their product portfolio and gain competitive advantage. Some of the key players in the cloud managed service market include Accenture, Vodafone, Huawei, Alcatel-Lucent S.A., Fujitsu Ltd., Ericsson, IBM Corporation, Cisco Systems, Inc., and NEC Corporation.