DUBLIN--(BUSINESS WIRE)--The "Cloud Managed Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The cloud managed services market was valued at USD 36.47 billion in 2020 and is expected to reach USD 88.85 billion by 2026, at a CAGR of 16% over the forecast period 2021 - 2026.
Companies Mentioned
- Ericsson Inc.
- Accenture plc
- Cisco Systems, Inc.
- International Business Machines Corporation
- Huawei Technologies Co., Ltd.
- NEC Corporation
- Fujitsu Limited
- DXC Technology Company
- NTT DATA Corporation
- CenturyLink, Inc.
Key Market Trends
BFSI Sector is Expected to Drive Growth in the Market
The BFSI sector, a pioneer in the adoption of computer and networking systems to curtail large, space-intensive repositories and databases, is expected to have a substantial share in the cloud managed services market, during the forecast period. The BFSI sector assesses the risks accurately using big data solutions; thus, enabling firms to make informed decisions, by analyzing transactional data to determine risks based on market behavior, scoring customers, and potential clients. Banks, such as BNY Mellon, Morgan Stanley, Bank of America, Credit Suisse, and PNC, are already working on strategies around big data in banking, further increasing the growth prospect for cloud managed services.
Moreover, many banks, such as Thai Bank, Krungsri, are entering into strategic collaborations for upgrading its technology infrastructure to be cloud-ready to support digital banking. The bank has entered into a five-year USD 140 million partnership with IBM for its digital transformation, which will also cover managed services, thus driving the demand for this market.
North America is Expected to Occupy Substantial Market Share
North America's strong financial position enables it to invest heavily in advanced solutions and technologies, which has provided organizations in the region a competitive edge in the market. Moreover, the region has the presence of several key cloud managed services vendors, such as IBM Corporation (US), CenturyLink Inc., (US) and Cisco Systems Inc. (US), among others.
The increasing deployment of big data solutions by major IT enterprises, such as Google and Microsoft, to enhance the efficiency and streamline their business operations is driving the adoption for the cloud managed services market in this region. Companies in this region, such as IBM Corp, have invested USD 1 billion in Watson, which focuses on big data and artificial intelligence. This, in turn, is expected to drive the growth of the cloud managed services market.
The increased sale of smartphones and penetration of mobile device has resulted in the high adoption of BYOD in this region, which is also driving companies to adopt cloud managed services. According to NewZoo, smartphone penetration in the United States is estimated at 69.3% in 2016. With many end-user industries, such as healthcare, implementing IoT to enable better operations, the usage of the cloud is increasing, which, in turn, promotes the growth of this market in North America. According to Intel, the trend of IoT is rising rapidly, from 2 billion in 2006 to a projected 200 billion by 2020.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 BFSI Sector is Expected to Drive Growth in the Market
4.2.2 Increasing Adoption of Cloud Technology among Businesses for Managing their Application
4.3 Market Restraints
4.3.1 Concern over Cloud Security and Inefficiency of Cloud Managed Service Model
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Infrastructure Service
5.1.2 Network Service
5.2 By End-User Industry
5.2.1 BFSI
5.2.2 IT & Telecom
5.2.3 Retail
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Mexico
5.3.4.2 Brazil
5.3.4.3 Rest of Latin America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle-East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Ericsson Inc.
6.1.2 Accenture plc
6.1.3 Cisco Systems, Inc.
6.1.4 International Business Machines Corporation
6.1.5 Huawei Technologies Co., Ltd.
6.1.6 NEC Corporation
6.1.7 Fujitsu Limited
6.1.8 DXC Technology Company
6.1.9 NTT DATA Corporation
6.1.10 CenturyLink, Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/mmaujk
