Cloud Managed Services Market Worth $116.2 Billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 15, 2020 /PRNewswire/ -- According to a new market research report "Cloud Managed Services Market by Service Type (Managed Business, Managed Network, Managed Security, Managed Infrastructure, and Managed Mobility), Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global CMS market size is projected to grow from USD 62.4 billion in 2020 to USD 116.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period.
The major factor driving the growth of the CMS market is the desire of companies to capital costs and transfer into operational costs. Organizations can avoid huge infrastructural capital investments by adopting CMS. The CMS also helps organizations to let their IT workforce to focus on main business functions and improve productivity.
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Managed IT infrastructure services to lead the market during the forecast period
A managed infrastructure is a type of data center model deployed, managed, and monitored by a third-party infrastructure service provider. It provides features and functionalities similar to that of a standard data center, but through the Managed Service Provider (MSP). The managed infrastructure can be sourced from data center hosting, colocation, or through a cloud-based Data Center- as-a-Service (DCaaS) platform.
Based on service level agreements, service providers are generally responsible for uptime and maintenance of all hardware and network equipment, installation, upgrading, patching of OS and other software, storage and backup maintenance, and fault tolerance. Hence, 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. As a datacenter incurs huge initial costs and maintenance costs, managed infrastructure services are bound to increase due to the lower ownership capital.
Storage management segment to account for the highest market share during the forecast period
Storage management includes primary storage, archive storage, operational recovery, and disaster recovery. Moreover, storage services maintain and manage customer data, and make the data available over networks for clients. They protect companies' IT applications, data, and OS, regardless of the complexities involved in these applications and data. Data backup services and disaster management are some of the features provided by the storage services.
Enterprises are continuously suffering from high rates of data loss and downtime. With the increasing cyberattacks and rising data loss risks , business continuity and disaster recovery are on the top of mind for any Chief Technology Officer (CTO). Disaster recovery services provide enterpries with end-to-end capabilities for hybrid IT, enterprise-grade hybrid cloud, seamless operational IT resiliency, and cost-effective and timely recovery.
As the adoption of cloud is surging, enterprises are heavily leveraging SaaS applications such as office productivity suites, sales platforms, and Google suites as a central platform. As enterprises are being introduced to inherent features of the cloud, such as cost-savings and flexibility, they are also using storage services for data protection. Cloud-based technologies such as archiving, Disaster Recovery-as-a-Service (DRaaS) and backing up SaaS applications are becoming mainstream.
Retail and consumer goods industry vertical to adopt CMS at the highest CAGR during the forecast period
The retail and consumer goods vertical is one of the fastest-growing verticals . Due to the rising consumer purchasing power, the vertical is attracting major companies around the world. The growing trends in mobile data consumption, and increasing usage of smartphones and tablets in countries have paved the way for the high demand for mobility solutions in the retail vertical .
Security services have also become essential for retail organizations to protect their IT environments and customer-sensitive data. Hence, there are ample opportunities for CMS providers to cater to large organizations as well as small businesses.
The retail and consumer goods vertical deals with a large amount of customer data, which provides personalized experiences to customers. To cater to vast business requirements, organizations adopt CMS so that they can focus on their core business functions.
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North America to account for the largest market size during the forecast period
North America is one of the largest contributors to the global CMS market. The market growth in this region is driven primarily by the presence of large IT companies and rapid technological advancements, such as digitalization, in the US and Canada, a stable economy, and a willingness to adopt new and emerging technologies.
The well-established economies of these countries enable the region to invest heavily in leading CMS vendors . Cisco Systems, IBM, and Amazon are some of the leading vendors of CMS operating across the North American market.
Europe is anticipated to be the second-largest region in the global CMS market, due to the GDPR compliance. With the technological advancement in Asia Pacific (APAC), several factors are expected to drive the impressive growth of the region. The factors include the increasing ICT spending, growing trend of big data and analytics, and rising need to focus more on main business activities.
Major vendors operating in the global Cloud Managed Services Market include Cisco Systems Inc (US), Ericsson (Sweden), International Business Machines Corporation (US), Amazon Web Services (US), NTT DATA Corporation (Japan), Fujitsu Limited (Japan), Infosys Limited (India), Accenture PLC (Ireland), Hewlett Packard Enterprise Company (US), NEC Corporation (Japan), Alcatel Lucent (Finland), Rackspace (US), TCS (India), Wipro (India), Datacom (New Zealand). Huawei (China), Cloudticity (US), Connectria (US), DLT Solutions (US), Sirus Computer Solutions (US), Softchoice Corporation (Canada), and Cloudnexa (US)
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