The worldwide cloud managed services market size is projected to arrive at USD 129.26 billion by 2027, showing a CAGR of 13.8% during the gauge time frame.
Distant working patterns set off by the COVID-19 pandemic will quickly extend the extent of this market, notices Fortune Business Insights™ in its report, named “Cloud Managed Services Market Size, Share and COVID-19 Impact Analysis, By Service Type (Managed Business Services, Managed Network Services, Managed Infrastructure Services, Managed Security Services, Managed Mobility Services, and Managed Communication and Collaboration Services), By Deployment (Public Cloud, Private Cloud), By Enterprise Size (SMEs, Large Enterprises), By Vertical (Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Government and Public Sector, Healthcare and Life Sciences, Retail and Consumer Goods, Manufacturing, Others), and Regional Forecast, 2021-2027”.
With severe social removal standards forced by governments all throughout the planet, organizations have been compelled to set up telecommute frameworks for representatives. Cloud administrations have arisen as the key innovation encouraging the change from actual office conditions to virtual working situations. The suddenness of occasions has made the interest for cloud oversaw administrations soar in the previous few months. For instance, Microsoft saw a 775% expansion in the selection of its cloud administrations, while Microsoft Teams gloats of in excess of 44 million clients every day. In India, Google has acquired a few new customers including the National Payments Corporation of India, Wipro, and the movement organization Cleartrip, demonstrating rapidly rising interest for cloud administrations in the country.
As per the report findings, the global market value stood at USD 46.50 billion in 2021. The other highlights of the report include:
- In-depth evaluation of the main market drivers, trends, and restraints;
- Careful examination of the top market players and their dominant strategies;
- Comprehensive analysis of each individual market segment; and
- Exhaustive study of the regional developments impacting the market.
Dangers Posed by Data Breaches to Impede Market Growth
One of the major concerns surrounding the adoption of cloud-based services and solutions is the constant threat of data breach and hacking posed by cyber-criminals. Cyber-attacks in the past few years have grown in scale and intensity with the increasing penetration of digital technologies in peoples’ lives. For example, in July 2021, Capital One, one of the largest financial companies in the US, experienced a massive cyber-attack on its cloud computing system, resulting in the exposure of 160 million credit card user data. In the same month, the cloud service provider PCM faced a slew of hacking attacks, which led to the abuse of clearinghouses, money transfer services, and payment processing services provided by the company. Another large-scale hacking incident took place in April 2021, when the National Electoral Institute of Mexico’s more than 93 million voter registration records, which were stored on an illegal Amazon cloud server, were compromised. Such instances may deter organizations and governments to fully adopt the cloud and thus hamper the cloud managed services market growth.
Speedy Adoption of Cloud Services to Accelerate Market Growth in North America
At USD 16.29 billion, North America dominated the cloud managed services market share in 2021 and is expected to sustain its top position during the forecast period. The primary growth driver for the regional market is the rapid uptake of managed cloud services by companies in the region to lower their operational costs and compensate for the lack of highly skilled IT professionals.
In Europe, the digitalization of business processes and heavy investments in the strengthening of cloud infrastructures will be the two crucial factors fueling the regional market growth. On the other hand, the market in Asia Pacific is slated to grow dynamically owing to the increasing utilization of cloud services by the small- and medium-sized enterprises in the region. In addition to this, rising adoption of cloud solutions by governments in the region is expected to foster long-term growth of the regional market.
List of Key Companies Profiled in the Cloud Managed Services Market Report:
- Accenture PLC (Dublin, Ireland)
- Alcatel-Lucent S.A. (Boulogne-Billancourt, France)
- Amazon Web Services, Inc. (Washington, United States)
- Atos (Bezons, France)
- Augmentt Technology Inc. (Ontario, Canada)
- Bespin Global (Seoul, South Korea)
- Capgemini SE (Paris, France)
- Cisco Systems Inc. (California, United States)
- Cloudticity, LLC (Washington, United States)
- Cognizant Technology Solutions Corporation (New Jersey, United States)
- Datacom Group Ltd (Jakarta, Indonesia)
- Deloitte Touche Tohmatsu Limited (London, United Kingdom)
- DLT Solutions (Virginia, United States)
- DXC Technology Company (Virginia, United States)
- Fujitsu Ltd. (Tokyo, Japan)
- Google LLC (California, United States)
- HCL Technologies Limited (Noida, India)
- Hewlett Packard Enterprise Development LP (California, United States)
- Huawei Technologies Co., Ltd. (Shenzhen, China)
- IBM Corporation (New York, United States)
- Infosys Limited (Bengaluru, India)
- Logicworks (New York, United States)
- Lumen Technologies, Inc. (CenturyLink) (Louisiana, United States)
- NEC Corporation (Tokyo, Japan)
- Nordcloud Oy (Helsinki, Finland)
- NTT DATA Corporation (Tokyo, Japan)
- Progressive Infotech Pvt. Ltd. (Noida, India)
- Rackspace US, Inc. (Texas, United States)
- Smartronix, LLC (Maryland, United States)
- Taos Mountain LLC (California, United States)
- Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)
- Wipro Limited (Bengaluru, India)
Published by fortunebusinessinsights.com