The global CMS market size is projected to grow from USD 62.4billion in 2020 to USD 116.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 13.3%
NEW YORK, June 25, 2020 /PRNewswire/ -- The growth of the Cloud Managed Services (CMS) market can be attributed to the proactive approach to maintenance and shifting capital expenditure to operating expenditure.
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The global CMS market size is projected to grow from USD 62.4billion 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.
Small and medium-sized enterprises segment to grow at a higher growth rate during the forecast period
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR in the CMS market during the forecast period.Small enterprises face greater resource crunch than large enterprises and require better methods to solve the complexities for better cost optimization on their business processes.
Security and compliance, and reduction in downtime are some of the major benefits that the small enterprises are experiencing through the adoption of managed services. By using these managed services, SMEs can focus more on business operations than worrying about the IT cost.
Managed communication and collaboration services to grow at the highest CAGR during the forecast period
Most of the organizations want to improve their employee productivity and enhance outputs.Managed communication and collaboration services help organizations overcome this challenge with ease.
They provide a centralized system for data transfer across mediums, such as mobile devices and personal computers.Multiple team members can work on one document simultaneously, share ideas, and add comments.
This lessens the time required to send work back and forth for feedback.The presence of multiple communications products in a user-friendly interface enables businesses to communicate efficiently with different business units globally and ensures the smooth transition of ongoing projects. Due to these mentioned benefits, the demand for cloud-managed communication and collaboration services is high among organizations.
Retail and consumer goods industry vertical to grow at the highest CAGR during the forecast period
The retail and consumer goods industry vertical is one of the fastest-growing industry verticals.Due to the rising consumer purchasing power, the industry vertical is attracting major companies around the world. The growing trends in mobile data consumption, and the increasing usage of smartphones and tablets in countries have paved the way for the high demand for mobility solutions in the retail industry vertical. Security services have also become essential for retail organizations to protect their IT environments and customer-sensitive data. Hence, there are ample opportunities for CMS providers to cater to large enterprises as well as small businesses. The retail and consumer goods industry vertical deals with a large amount of customer data, which helps provide personalized experiences to customers. To cater to vast business requirements, organizations adopt CMS so that they can focus on their core business functions.
North America to account for the largest market size during the forecast period
North America is one of the largest contributors to the global CMS market.The market growth in this region is majorly driven by the presence of large IT companies and rapid technological advancements, such as digitalization in the US and Canada, a stable economy, and a willingness to adopt new and emerging technologies.
The well-established economies of these countries enable the region to invest heavily in leading CMS vendors.Cisco Systems, IBM,and Amazon are some of the leading vendors of CMS operating across the North American market.
Europe is anticipated to be the second-largest region in the global CMS market due to the GDPR compliance.With the technological advancements in Asia Pacific(APAC), several factors are expected to drive the impressive growth of the region.
The factors include the increasing ICT spending, growing trend of bigdata and analytics, and rising need to focus more on main business activities.
-- By Company Type: Tier 1 - 27%, Tier 2 - 50%, and Tier 3 - 23%
-- By Designation: C-level - 43%, Directors - 27%,and Others - 30%
-- By Region: North America - 46%,Europe- 26%, APAC- 16%,MEA - 7%, and Latin America- 5%.
Some prominent players profiled in the CMS market study are 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)
Research coverage
The market study covers the CMS market across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as services (managed business services, managed network services, managed security services, managed infrastructure services, managed mobility services, and managed communication and collaboration services), deployment type(public cloud), organization size (SMEs and large enterprises), verticals (Banking, Financial Services, and Insurance [BFSI], telecom, IT, government and public sector, healthcare and life sciences, retail and consumer goods, manufacturing, energy and utilities, travel, tourism and mining),and regions.The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report would help the leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall CMS market and its segments.It would help stakeholders understand the competitive landscape, and gain insights to improve the position of their business and plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and providing them with information on key market drivers, restraints, challenges, and opportunities.
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