Cloud-Managed Services Market Overview:
The Middle East and Africa Cloud Managed Services Market is projected to grow from USD 68.49 Billion in 2023 to USD 145.66 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.40% during the forecast period (2023 - 2030).
Market Research Future (MRFR) reviewed the market and revealed that the global market could depend on factors like growing demand for simplified services across industries, need for different access points to ease the workflow, ability to curb the IT maintenance cost, technological inclusion, support from the end user industries, digitalization, urbanization, a surge in intake of the system in developed and developing countries, and others.
However, the cloud managed services market may suffer a setback due to the high initial installation cost and the lack of experts who can deter market growth.
In today's digital era, businesses are increasingly relying on cloud technology to streamline their operations and enhance their efficiency. As a result, the demand for cloud managed services has skyrocketed. This article will provide an in-depth overview of the cloud managed services market, including the latest news, market opportunities, market segmentation, and regional insights. So, fasten your seatbelts and get ready to soar into the cloud!
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Key Players:
Key Companies in the Cloud-Managed Services market include,
- IBM technologies (U.S.)
- Huawei Technologies (China)
- Alcatel-Lucent (Finland)
- NTT DATA Corporation (Japan)
The cloud managed services market has experienced exponential growth in recent years and shows no signs of slowing down. This market encompasses a range of services that assist businesses in effectively managing their cloud infrastructure, applications, and security. These services are typically provided by third-party vendors, allowing organizations to focus on their core competencies while leaving the complexities of cloud management to the experts. This rapid growth can be attributed to several factors, including the increasing adoption of cloud technology, the need for cost-effective IT solutions, and the rising concerns about data security.
Market Segmentation:
The global report studying various details of the cloud managed services market has a segmentation based on organization size, deployment, type, and end-user. MRFR’s analysts have reviewed the market on a microscopic level to come up with insights that can help in chalking out better plans for the coming years.
By type, the study of the global market includes managed infrastructure services, managed network services & managed security services and managed data center services, managed mobility services & managed communication services.
By deployment type, the global market study includes public cloud and private cloud.
By organization, the global study of the market includes small & medium enterprises and large enterprises.
By vertical, the market study comprises telecommunication and IT, BFSI, healthcare, retail, government, energy & utilities, manufacturing, and others.
Regional Analysis:
Structural benefits and financial capacity are allowing the North American market to dominate the global market. Asia Pacific is showing ample opportunities for leaving others behind in terms of growth speed. The regional market would benefit from countries like China, Japan, India, South Korea, and others.
Market Opportunities:
The cloud managed services market presents numerous opportunities for both service providers and businesses. Here are some key areas of opportunity:
- Small and Medium-sized Enterprises (SMEs): SMEs are increasingly recognizing the benefits of cloud technology but often lack the resources and expertise to manage it effectively. This provides a significant opportunity for managed service providers to offer tailored solutions that address the unique challenges faced by SMEs.
- Application Management: As businesses continue to migrate their applications to the cloud, there is a growing demand for application management services. Service providers can capitalize on this opportunity by offering comprehensive application monitoring, optimization, and support.
Industry News:
Rising Demand for Multi-Cloud Management: With businesses utilizing multiple cloud platforms, there is a growing need for comprehensive multi-cloud management services. This trend has prompted vendors to develop solutions that seamlessly integrate and manage diverse cloud environments.
Emphasis on Security: As cloud adoption continues to surge, organizations are becoming more conscious about data security. Consequently, managed service providers are focusing on enhancing security measures, including encryption, threat detection, and access controls, to provide a secure cloud environment for their clients.
In August 2020, Pure Health, a UAE-based company known for its laboratory network with around 117 laboratories in the country, announced that it has inked a deal with BIOS Middle East, a company known as a cloud and managed service provider for Infrastructure-as-a-Service (IaaS). This would be a collaboration of Pure Health’s core Laboratory Information System (LIS) on BIOS’s CloudHPT.
In August 2020, MSRCosmos, announced that it had received the SAP on Microsoft Azure advanced specialization. This validates their extensive experience, deep knowledge, and proven success at implementing SAP solutions on platforms like Azure. In fact, this also shows that the company has a comprehensive and professional SAP to cloud-managed service that they can offer to their clients.
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COVID-19 pandemic triggered the uptaking of several developments that would help in streamlining the workflow and ensure minimum contact points. That is why a lot of companies are now relying on cloud managed services. This creates scope for the market to operate in bigger fields and it will help in fetching more revenues.
The cloud managed services market is a thriving industry that offers immense opportunities for both service providers and businesses. With the increasing adoption of cloud technology and the need for efficient cloud management, the market is set to soar to new heights. As organizations continue to recognize the benefits of cloud managed services, they can leverage this technology to optimize their operations, enhance security, and drive innovation. So, buckle up and embrace the power of the cloud!
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