Cloud Managed Services Market Scenario:
Cloud managed services imply outsourcing regular IT management for technical support and cloud-based services to enhance and automate business operations. Internal IT departments often don’t have the required skills to efficiently maintain and monitor a cloud framework. In such situations, an organization hires a third-party cloud managed services provider to deal with computing, cloud security, network operations, storage, vendors, application stacks, and more. Depending on the business’s IT requirements, cloud managed service providers can also work on reporting, monitoring, backup, recovery, and performance testing. Hiring a cloud managed services provider for a certain monthly pricing proves to be cheaper than an in-house department.

The reports published by Market Research Future reveals that the global Cloud Managed Services Market Trends is expected to generate an approximate revenue of USD 55 billion. The market is expected to grow at 15% CAGR by the conclusion of the forecast period 2017-2023.

The key factors driving the growth of the cloud managed services market is the significance on curtailing the IT cost. Additionally, the need for focusing on core organizational activities also assist in propelling the market for cloud managed services. Other key aspects that influence the cloud managed services market positively include the growth in cloud automation. Automation aids in achieving the business objectives with the application of IT by surging the delivery speed of services for end users. However, the risks associated with cloud managed services such as data misuse, data theft, and private information leak often restrict the growth of the cloud managed services market.

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Major Key Players:
Global cloud managed services market is dominated by key players such as Alcatel-Lucent (Finland), IBM technologies (U.S.), Verizon Communications (U.S.), Huawei Technologies (China), NTT DATA Services (U.S.), Cisco Systems (U.S.), Accenture PLC (Ireland), Ericsson (U.S.), NTT DATA Corporation (Japan), and Fujitsu Ltd.(Japan).

Market Segmentation:
The global cloud managed services market is segmented based on deployment, type, end-user, and organization size.
• Based on deployment, the market is segmented into private cloud and public cloud.
• Based on type segment, the cloud managed services market is segmented into managed security services, managed network services, managed data center services, managed communication services, and managed mobility services.
• Based on organization size, the market is segmented into large enterprises and small & medium enterprises.
• Based on end-user, the market is segmented into telecommunication and IT, BFSI, healthcare, energy & utilities, government, manufacturing, retail, and others.

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Regional Analysis:
Geographically, the global cloud managed services market is segmented into Europe, North America, Asia Pacific, and Rest of the World. North America represents the largest share of cloud managed services market. The growth can be attributed to the prevalence of giant IT businesses such as Verizon Communications, NTT DATA Services (U.S.), and Cisco Systems in the market. Additionally, factors such as constant technological progressions, unified internet connectivity, and well-established infrastructure, drive the demand for cloud managed services in the North America market. The Europe market holds the second largest position in the share of cloud managed services. Europe’s share is followed by the Asia Pacific market.

The expanding population coupled with the increasing per capita income, spurs the demand for cloud managed services in the Asia-Pacific market. The presence of several tech firms in the developing as well as the developed economies of the APAC region also impacts the cloud managed services market positively. Adoption of innovative technologies, mergers, and new launches also plays a significant role in the market growth. Recently, Bespin Global Corporation, a South Korea based cloud management firm, launched its Google Cloud Managed Services. It is the first organization of the Asia Pacific region to attain the status of a Premier Partner and Managed Services Provider with Google Cloud.

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