In the current business scenario most of the industries are facing problems in the integrated services performance with respect to data access and storage. In order to minimize the issues of data center, communication, infrastructure and networking organizations are adopting cloud managed services as these are less costly and are more efficient than traditional on-premises services. The major factors which are driving the market growth of cloud managed services are rising adoption of Big Data and analytics trend and managed services in Smes. In addition, increasing spending for information and communication technology is contributing for the growth of the market of cloud managed services globally. Although there are also the factors which are proving for hampering for the growth of the market of cloud managed services such as Privacy and security concern and Inefficiency of cloud managed service model.
The global market of cloud managed services is classified based upon the type of service, based upon the type of deployment, based upon the size of an organization, based upon vertical of industry and based upon the geography. Based upon the type of service the market is classified by Managed Business services, Managed network Services, Managed security services, Managed data center Services, Managed mobility services. Based upon the type of deployment the market is classified by public cloud and private cloud. Based upon the organization size the market is classified by large enterprises and small and medium enterprises. Based upon the industry vertical the market is classified by Banking, Financial Services, and Insurance, Telecom and IT, Government and Public Sector, Healthcare and Life Sciences, Retail and Consumer Goods, Manufacturing and High Tech, Energy and Utilities, Others.
On the basis of the geography the cloud managed services market is mainly segmented into North America, Latin America, Europe, APAC and the rest of the world. North America is foreseen to dominate the cloud managed services market globally and is projected to retain its hold over the market in the coming forecasted years due to the increasing adoption of cloud based cloud based mobility services for boosting workforce mobility. Along with this, factors such as rise in adoption of cloud based solutions in the financial sector for improvising the productivity will result in the high growth of cloud managed services in North America during the forecasted period. Asia Pacific can see a prominent growth in the region due the rising adoption of technology and high spending for managed services.
The cloud managed services market is dominated by some of the major key players such as IBM, Cisco, Alcatel-Lucent S.A., Huawei technologies, Ericsson, NTT Data Corporation, Fujitsu, Lockheed Martin, Accenture, and Hewlett-Packard Enterprise Company. These are the key player who dominate the world market with 50% share of global cloud managed services market.