The global market for cloud managed services demonstrates a highly fragmented business landscape, owing to the presence of a massive pool of large as well as niche players, states a novel study by Transparency Market Research (TMR). The competition within this market is marked by the rivalry between various regional service providers, who have a limited geographical presence.
Over the coming years, the degree of the competition in the global cloud managed service market is anticipated to increase remarkably and to survive in this market, the leading participants will involve into strategic partnerships and acquisitions of regional and small-scale companies, in a bid to uplift their revenue generation capacity, states the research report.
According to TMR, the global market for cloud managed service is expected to present an opportunity worth US$54.69 bn by 2017. Analysts anticipate it to proliferate at a CAGR of 9.60% over the period from 2017 and 2022, touching a value of US$86.47 bn by the end of the forecast period. Presently, managed network services are reporting a higher demand than other cloud managed services across the world and this trend is projected to continue in the near future, notes the market study.
Increasing Adoption of Cloud Managed Services among SMEs to Boost Growth
“The increasing trend of cloud automation among large, as well as small- and mid-sized enterprises, is having the most prominent impact on the growth of the global market for cloud managed service market,” says the author of the study. The significant surge in the adoption of cloud managed services, especially among SMEs, in comparison with the conventional services, considering the added advantages of the former, is boosting this market substantially.
The continual increase in ICT spending, advent of big data analytics, and the augmenting need of enterprises to curb their operational costs and concentrate on their core business are also influencing this market positively. However, the steady growth in the technology saturation in a number of industrial sector is expected to hamper this market over the next few years. Nonetheless, the global market is predicted to witness a high demand for cloud mobility services, which will propel this market, considerably in the near future, states the market report.
North America to Maintain Lead
The report presents a thorough assessment of the global market for cloud managed services on the basis of a number of important market parameters, including the regional presence. As per the study, the worldwide cloud managed service market registers its presence across the Middle East and Africa (MEA), Europe, Latin America, Asia Pacific excluding Japan (APEJ), Japan, and North America.
With a substantially large presence of the key managed service providers in Canada and the U.S., North America has been leading the global market. Expanding at a CAGR of 8.10%, this regional market is predicted to secure its position over the forecast period, reports the research study.
Company Name: Transparency Market Research
Contact Person: Mr. Rohit Bhisey
Country: United States