Global cloud managed services market to grow USD 139.4 billion by 2026
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 are rapidly gaining acceptance worldwide by large enterprises and SMEs due to various benefits, including the rise in digitization and emerging trend of workplace transformation, reduced costs, efficient collaborations, and reduced time to market new products.
Managed Communication and Collaboration services segment is expected to grow at a higher rate during the forecast period.
The report profiles the following key vendors:
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).
Communication and collaboration play a crucial role in any organization; they help employees improve their efficiency and enhance team collaboration. It is not a single tool or product but a collection of solutions, which organizations implement to ensure all their technologies work together, smoothly and securely, for near real-time collaboration. It consists of a variety of communication tools, such as voice, IP telephony calling, instant messaging, desktop sharing, telepresence, and web conferencing, audio conferencing, and video conferencing, to interact together in a virtually seamless way.
To increase business productivity and maintain a competitive edge in the market, SMEs are adopting cloud managed services at a higher rate
Organizations with an employee range of 1 and 999 are categorized under SMEs. These enterprises face greater resource crunch than larger enterprises and require better methods to solve complexities for better cost optimization on their business processes. With the increasing number of SMEs worldwide, the requirement for managed services is also increasing. Cloud services have become the central part of the business process due to their flexibility and ease of use and are expected to grow in the coming years. Security and compliance and reduction in downtime are some of the major benefits SMEs are experiencing through the adoption of managed services.
The retail and consumer goods industry vertical is expected to grow at the highest rate during the forecast period
The retail sector is one of the fastest-growing verticals due to the rising consumer purchasing power; thus, the vertical is attracting major companies around the world. The growing trends in mobile data consumption and the increased usage of smartphones and tablets in the countries have paved the way for greater demand for mobility solutions in the retail industry. Consumer goods companies from beverages to cosmetics are weighing their future business model approach.
North America to dominate the cloud managed services market in 2021
North America has been an extremely open and competitive market in terms of the adoption of cloud managed services solutions across verticals, such as healthcare, IT, and manufacturing. It is the topmost region in adopting cloud managed services. It has been extremely responsive toward adopting the latest technological advancements, such as integration technologies with AI, cloud, and mobile technologies within traditional cloud managed services. Higher internet penetration is a major driver for adopting cloud applications. The increasing adoption of the recurring revenue model. North America is expected to grow the adoption of managed services by businesses. However, service providers with a focus on customer engagement would gain more return from the recurring revenue model.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. The breakup of the profiles of the primary participants is as follows:
- By Company Type: Tier I: 42%, Tier II: 24%, and Tier III: 34%
- By Designation: C-Level: 28%, D-Level: 38%, and Others:34%
- By Region: North America: 41%, Europe: 22%, APAC: 19%, Row: 18%
The global cloud managed services market has been segmented by service types, organization size, vertical, and region. The cloud managed services market is sub segmented by service types which includes managed business services, managed network services, managed security services, managed infrastructure services, managed mobility services, managed communication and collaboration services. Based on organization size, the market is classified into SMEs and large enterprises. Verticals considered in the study include government, banking, financial services, and insurance (BFSI), telecom, retail and consumer goods, healthcare and lifescience, manufacturing, IT, energy and utilities and others (energy and utilities, IT, media, entertainment and education). By region, the market is studied across North America, Europe, APAC, MEA, and Latin America. Yahoo Finance
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