Cloud Managed Services Market Projected to Grow $53.78 billion by 2022

(IT-NEWSWIRE.COM, December 05, 2019 ) According to a research report "Cloud Managed Services Market by Service Type (Managed Infrastructure, Managed Network, Managed Security, Managed Data Center, And Managed Mobility Services), Deployment Type, Organization Size, Industry Vertical, And Region - Global Forecast to 2022", published by MarketsandMarkets, the cloud managed services market size is projected to grow from USD 27.15 billion in 2017 to USD 53.78 billion by 2022, at an expected Compound Annual Growth Rate (CAGR) of 14.6%.

Cloud managed services are witnessing a rising demand across the globe due to the growing need of businesses to curb down operational and infrastructural costs involved in business processes. The expanding big data space has facilitated a greater demand for managed analytical services and cloud storage services.

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The managed infrastructure services segment is expected to show higher growth rate during the forecast period

The managed infrastructure services segment, is expected to be the highest contributor to cloud managed services market with this segment contributing approximately 26 to 28% to the market in 2017. Managed infrastructure services allow organizations to transfer their day-to-day activities to a third party called MSPs, as a strategic method to improve effectiveness and efficiency of their infrastructure is one of the major factor responsible for the segment to contribute the highest to the cloud managed services.

Banking, Financial Service, and Insurance (BFSI) segment is expected to contribute maximum market share

The BFSI segment is expected to contribute to the largest market share in the cloud managed services market in 2017. The healthcare segment is expected to grow at a rapid rate from 2017 to 2022 in the cloud managed services market. Greater focus on core competencies, reduction in risks, improved cost reduction, customer relations, and improved regulatory compliance are some of the major factors driving cloud managed services in the BFSI sector.

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Rapid adoption of cloud managed services due to a strong and well-established economy makes North America the largest market in terms of global share

North America is expected to hold the largest market share and dominate the cloud managed services market from 2017 to 2022, due to the presence of a large customer pool headquartered in the US. The region also has a high concentration of managed service providers in the US and Canada. Asia Pacific (APAC) offers potential growth opportunities, as the region is witnessing a rise in technology penetration and larger investments in managed services as the growth in various industrial sectors continue to stir the market during the forecast period.

The major service providers in the cloud managed services market include Accenture plc (Republic of Ireland), Alcatel-Lucent S.A. (Finland), Cisco Systems, Inc. (US), IBM Corporation (US), Ericsson (Sweden), Fujitsu Ltd. (Japan), Huawei Technologies (China), NEC Corporation (Japan), and NTT Data Corporation (Japan).

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Cloud Managed Services Market Projected to Grow $53.78 billion by 2022