10 October 2018: The global cloud managed services market size can touch USD 82.51 billion by 2025, according to a report by Grand View Research, Inc. Cloud managed services are business models provided by cloud service providers to corporations to digitize their data and conduct transactions seamlessly. Penetration of smartphones and rising trend of bring your own devices (BYOD) in enterprises have encouraged businesses to transition to the cloud to provide efficient customer services.
Emphasis on customer experience has led businesses in retail and healthcare sectors to integrate cloud in their business models. Use of bots and big data assisted organizations in replying to queries and resolving them at a rapid pace. Recently, IBM Corporation offered a cloud-based enterprise resource planning solution to a prominent footwear company to reduce operational costs. The company managed to scale its operations seamlessly while focusing on designing and selling quality footwear.
Although Amazon was one of the first to offer public cloud services, other behemoths such as Google and IBM joined the bandwagon. Public cloud has gained prominence owing to its low cost as compared to private cloud services. Availability of software-as-a-service cloud models to handle data at a centralized location can convince consumers to subscribe to such services. The call for heightened security measures can be answered by cloud managed services due to their transparent setup in various companies.
The cloud managed services market is expected to expand at a 15.4% CAGR from 2014 to 2025 (forecast period) to pressing need to focus on core business operations. Increasing demand to minimize IT costs can augur market growth. Advantages such as flexibility and scalability provided to businesses with the assistance of Cloud can lead to its implementation in small and medium enterprises (SMEs), boosting market demand in the process. Key market players include NTT Data Corporation, Ericsson, Fujitsu Limited, and IBM.
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