Marketsandmarkets projects the global cloud managed network market to grow from USD 21.6 billion in 2022 to USD 36.3 billion by 2027, at a healthy compound annual growth rate of 10.9% during the forecast period.
Companies are rapidly adopting cloud managed network solutions to streamline their business procedures, along with delivering better and agile services to their customers. Also, benefits, such as cost-saving, increased efficiency and flexibility, and reduced downtime, have increased the demand for cloud managed network solutions and services.
Private clouds are created for specific groups or organisations that require customisation and control over their data. Enterprises opt for private cloud, as it provides a highly secure and centralised storage infrastructure. The need to enable companies to have a better control of the data and can reduce the risk of data loss and issues connected to the regulatory compliance, will drive the segment growth.
Asia Pacific is an emerging region in the cloud managed network market. The region consists of major economies, such as China, Japan, Singapore, South Korea, and India. The ICT applications are key elements for socio-economic development in the region, and it has significant expertise in the ICT field.
The efforts by public and private institutions to bring ICT and telecommunications by developing ICT infrastructure in order to increase efficiency and improve productivity for businesses operating in different verticals in the region will drive the market growth. Also the need to support next-generation offerings such as cloud services, AI, IoT and edge computing, will drive digital economic growth and innovation within the region.
Key and innovative vendors in the cloud managed network market, and mentioned in the report by Marketsandmarkets researchers, include Cisco, HPE, IBM, Ericsson, Huawei, Juniper Networks, Fujitsu, Accenture, NTT Data, NEC, Extreme Networks, Commscope, Zyxel, Infobox, D-Link Veracloud, Accrets, Mindsight, Kalyx, Iricent, Total Communications, Cloudscape Technologies, Dyntek, Inhand Networks and Eugenius Technologies. These vendors have adopted many organic as well as inorganic growth strategies, such as new product launches, and partnerships and collaborations, to expand their offerings and market shares in the cloud managed network market.
