According to a research report “Cloud Managed Services Market with COVID-19 Impact, by Service Type (Managed Business, Managed Network, Managed Security, Managed Infrastructure, and Managed Mobility), Organization Size, Vertical, and Region – Global Forecast to 2026″ published by MarketsandMarkets, The cloud managed services market size is expected to grow from USD 86.1 billion in 2021 to USD 139.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period. Cloud managed services, such as mobility services, security services, and data services, are provided to the organizations by MSPs for handling their various business activities. Hence, cloud managed services would ensure organizations are not much involved with the operational failure, maintenance, and breakdown of IT infrastructure. The introduction of cloud technologies has brought down the infrastructure costs of companies in recent years. These services today guarantee organizations hassle-free management of businesses, network, security, data center, and mobility services.
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Managed Infrastructure services segment is estimated to have the largest market size during the forecast period
A managed infrastructure can be sourced from data center hosting, colocation, or through a cloud-based Data Center as a Service (DCaaS) platform. Managed infrastructure services help organizations reduce the cost involved in cooling requirements and power consumption as well as simplify the management of resources and data. MSPs offer comprehensive hosting capabilities and provide secure hosting of web or other application servers and related internet connectivity.
Large enterprises are adopting cloud managed services at a higher rate
The cloud managed services market is divided into SMEs and large enterprises segments on the basis of organization size. Cloud managed services are important for all organizations, irrespective of their sizes, to grow. A general market scenario involves enterprises who can afford to outsource their services as it involves cost, but with the dynamically changing business frontiers, MSPs around the globe are offering specialized services even to SMEs by providing attractive subscription models. Large enterprises preferred to have dedicated IT staff and only purchased broadband from other providers. Recently, these enterprises have started to employ their IT manpower in core activities while outsourcing support services; thus, managed services are gaining traction in large enterprises. Affordability of resources and high economies of scale enable these organizations to leverage the benefits of managed services.
Banking, Financial services and Insurance vertical is expected to hold a higher market share
The cloud managed service provides users with more flexible choices, banking simplification, and an improved, positive customer experience. The BFSI industry vertical is highly customer-centric, so improving the customer experiences is the utmost priority. MSPs ensure the customization according to the needs, which can improve the overall functionality of the core business. Outsourcing helps banks minimize costs and maximize efficiency. It also enables greater focus on core competencies, reduction in risks, improved customer relations, and improved regulatory compliances.
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North America to dominate the cloud managed services market in 2021
The major growth factors that drive the adoption of cloud managed services include the presence of a dynamic business environment, increasing adoption of mobility, growing need to achieve better productivity and efficiency through managed services. Trends in North America have shown expansive implementations of cloud managed services across a majority of its organizations. By outsourcing their IT services, companies are able to focus on their core business processes and reduce costs for unwanted activities in the business. Federal Cloud Computing Strategy was launched by the US government, which talked about the adoption of smart cloud technology.
The cloud managed services market is dominated by companies such as IBM (US), Ericsson (Sweden), AWS (US), Cisco (US), Infosys (India), NTT DATA (Japan), Fujitsu (Japan), Accenture (Ireland), HPE (US), NEC (Japan), Atos (France), Alcatel-Lucent (France), TCS (India), Wipro (India), Rackspace (US), Datacom (New Zealand), Huawei (China), Cloudicity (Washington), Connectria (US), DLT Solutions (US), Sirius Compture Solutions (US).
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