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Cloud Managed Services Market Growing at a CAGR 13.3% | Key Player Cisco, Ericsson, IBM, AWS, Accenture

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Cloud Managed Services Market Growing at a CAGR 13.3% | Key Player Cisco, Ericsson, IBM, AWS, Accenture

June 26
18:45 2020
Cloud Managed Services Market Growing at a CAGR 13.3% | Key Player Cisco, Ericsson, IBM, AWS, Accenture

Cisco Systems Inc (US), Ericsson (Sweden), International Business Machines Corporation (US), Amazon Web Services (US), NTT DATA Corporation (Japan), Fujitsu Limited (Japan), Infosys Limited (India), Accenture PLC (Ireland), Hewlett Packard Enterprise Company (US), NEC Corporation (Japan), Alcatel Lucent (Finland), Rackspace (US), TCS (India), Wipro (India)
Cloud Managed Services Market by Service Type (Managed Business, Managed Network, Managed Security, Managed Infrastructure, and Managed Mobility), Deployment Type, Organization Size, Industry Vertical, and Region – Global Forecast to 2025

The global Cloud Managed Services (CMS) Market size is projected to grow from USD 62.4 billion in 2020 to USD 116.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period. The major factor driving the growth of the market is the desire of companies to cut capital costs and transfer into operational costs. Organizations can avoid huge infrastructural capital investments by adopting CMS . The CMS also helps organizations to let their IT workforce to focus on main business functions and improve productivity.

Managed IT infrastructure services to lead the market during the forecast period

A managed infrastructure is a type of data center model deployed, managed, and monitored by a third-party infrastructure service provider. It provides features and functionalities similar to that of a standard data center, but through the Managed Service Provider (MSP). The managed infrastructure can be sourced from data center hosting, colocation, or through a cloud-based Data Center- as-a-Service (DCaaS) platform.

Based on service level agreements, service providers are generally responsible for uptime and maintenance of all hardware and network equipment, installation, upgrading, patching of OS and other software, storage and backup maintenance, and fault tolerance. Hence, managed infrastructure services help organizations reduce the cost involved in cooling requirements and power consumption as well as simplify the management of resources and data.

MSPs offer comprehensive hosting capabilities and provide secure hosting of web or other application servers and related internet connectivity. As a datacenter incurs huge initial costs and maintenance costs, managed infrastructure services are bound to increase due to the lower ownership capital.

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Storage management segment to account for the highest market share during the forecast period

Storage management includes primary storage, archive storage, operational recovery, and disaster recovery. Moreover, storage services maintain and manage customer data, and make the data available over networks for clients. They protect companies’ IT applications, data, and OS, regardless of the complexities involved in these applications and data. Data backup services and disaster management are some of the features provided by the storage services.

Enterprises are continuously suffering from high rates of data loss and downtime. With the increasing cyberattacks and rising data loss risks , business continuity and disaster recovery are on the top of mind for any Chief Technology Officer (CTO). Disaster recovery services provide enterprises with end-to-end capabilities for hybrid IT, enterprise-grade hybrid cloud, seamless operational IT resiliency, and cost-effective and timely recovery.

As the adoption of cloud is surging, enterprises are heavily leveraging SaaS applications such as office productivity suites, sales platforms, and Google suites as a central platform. As enterprises are being introduced to inherent features of the cloud, such as cost-savings and flexibility, they are also using storage services for data protection. Cloud-based technologies such as archiving, Disaster Recovery-as-a-Service (DRaaS) and backing up SaaS applications are becoming mainstream.

Major CMS vendors include Cisco Systems Inc (US), Ericsson (Sweden), International Business Machines Corporation (US), Amazon Web Services (US), NTT DATA Corporation (Japan), Fujitsu Limited (Japan), Infosys Limited (India), Accenture PLC (Ireland), Hewlett Packard Enterprise Company (US), NEC Corporation (Japan), Alcatel Lucent (Finland), Rackspace (US), TCS (India), Wipro (India), Datacom (New Zealand). Huawei (China), Cloudticity (US), Connectria (US), DLT Solutions (US), Sirus Computer Solutions (US), Softchoice Corporation (Canada), and Cloudnexa (US)

These market players have adopted various growth strategies, including partnerships, agreements, collaborations, and product launches/enhancements, to expand their presence in the CMS market. Partnerships, agreements, and collaborations have been the most adopted strategies by major players from 2017 to 2020, which helped companies innovate their offerings and increase their customer base.

Cisco (US) is one of the leading players in the CMS market. The company manufactures and sells hardware components, software and telecommunication equipment, and other technology products and services. It operates in various business segments, including infrastructure platforms, applications, services, security, and others. It provides CMS to customers worldwide. Cisco’s managed services include managed networks, managed data centers, managed collaboration, and managed security. Cisco Meraki is a cloud-managed product for Wi-Fi, routing, and security.

Cisco caters to different verticals, such as education, energy, financial services, government, healthcare, hospitality, manufacturing, professional services, real estate, retail, service providers, sports and entertainment, technology, telecommunication, and transportation. It also caters to customers in the Middle East North America, Africa, Asia Pacific (APAC), Europe, and Latin America. As of 2019, the company had 74,900 employees.

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Infosys (India) is another leading vendor in the CMS market. The company provides business consulting, information technology, and outsourcing services. It also provides CMS to customers across the globe. The unique proposition of its cloud-based services is that they are artificial intelligence-driven self-healing processes and automation tools that meet the requirements of enterprise-grade workloads with ease. Infosys’ CMS spans across provisioning, operations, monitoring, security, performance management, support, and the sustenance of private, public, and hybrid infrastructure. The company caters to various verticals, including aerospace and defense, agriculture, automotive, communication services, consumer packed goods, education, financial services, healthcare, high technology, industrial manufacturing, information services and publishing, insurance, life sciences, logistics and distribution, media and entertainment, mining, oil and gas, professional services, public sector, retail, utilities, travel, and hospitality.

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