Albany, NY -- (SBWIRE) -- 04/17/2019 -- The world cloud managed service market is considered to be extremely influenced by the constant rise in the worldwide trend of cloud automation. The augmented uptake of various managed services amongst small and medium enterprises (SMEs) over many different conventional services, due to their added benefits is propelling the growth of the world market for cloud managed services significantly. Rising need of numerous enterprises to emphasize on their main business, substantial rise in the spending of information and communication technology, and growing inclination towards big data analytics are further boosting the said market.
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In a recent business intelligence study by Transparency Market Research (TMR), it has been found out that numerous new companies would venture into the said market and the market is expected to come with fragmented scenario with highly competitive landscape and is expected to remain so in the forthcoming years. The report has identified various prominent companies such as AT&T, Hewlett Packard Enterprises, Cisco Systems Inc., Rackspace, NEC Corp., VMWare, NTT Data Corp., Huawei Technologies, and IBM Corp. as some of the eminent companies that are currently operating in the international market for cloud managed service.
The international market for cloud managed services is expected to rise at an attractive growth rate of 9.60% CAGR in between the years 2017 and 2022 and is estimated to reach market valuation of around US$ 86.4 bn towards the end of the year 2022. This constant rise in the need for cloud-based mobility services is anticipated to impact this market positively over the next few years.
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The world market for cloud managed service has been regionally divided into Middle East and Africa (MEA), Europe, Latin America, Asia Pacific excluding Japan (APEJ), Japan, and North America. Amongst all of these, the said market in North America has taken over the prominent position and is anticipated to continue with its supremacy in the next few years to come. The fact that there exist a large number of prominent providers of managed service providers across Canada, and the U.S. have been encouraging the regional market over the past few years. The regional market of North America for cloud managed services is expected to expand at a robust growth rate of 8.10% CAGR over the period that extends from the year 2017 to 2022.
Amongst various other regional markets, Asia Pacific excluding Japan and Europe are forecasted to witness a substantially high growth in their respective regional markets for cloud managed services. Europe is expected to obtain momentum from the presence of an advanced IT infrastructure, whilst, Asia Pacific excluding Japan will mostly benefit from the presence of substantial untapped opportunities for the growth of the market.