A new report by MarketsandMarkets™ predicts a significant surge in the Cloud Managed Network Market. The market size is expected to skyrocket from $21.6 billion in 2022 to a staggering $36.3 billion by 2027, translating to a robust Compound Annual Growth Rate (CAGR) of 10.9%.
Why the Cloud Managed Network Market Growth Surge?
Companies are increasingly embracing cloud managed network solutions for several compelling reasons:
- Streamlined Operations: Cloud-based management simplifies network administration, freeing resources for other priorities.
- Enhanced Customer Service: Improved agility and better control allow businesses to deliver more efficient and responsive services.
- Reduced Costs and Downtime: Cloud solutions offer cost savings, increased network efficiency, and minimized downtime.
Solutions Lead the Pack
The solutions segment is projected to capture the largest market share. This reflects the growing demand for comprehensive cloud managed network solutions that encompass hardware, software, and services. Businesses seek reliable solutions to manage their entire network infrastructure from a central cloud platform.
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Private Clouds: Security and Control
The private cloud segment is anticipated to witness the highest CAGR. Private cloud networks offer heightened security and centralized storage for businesses that require increased control over their data and compliance management.
Asia Pacific: A Region on the Rise
The Asia Pacific (APAC) region is poised for the fastest growth in the cloud managed network market. This is driven by several factors:
- Economic Powerhouses: APAC is home to major economies like China, Japan, and India, all experiencing rapid technological advancements.
- Focus on ICT: Information and Communication Technologies (ICT) play a crucial role in the region’s socio-economic development, creating significant demand for efficient network solutions.
- Digital Transformation: Governments and businesses across APAC are actively investing in ICT infrastructure to enhance efficiency, productivity, and next-generation technologies like cloud services, AI, and IoT.
Key Players in the Market
The report identifies prominent vendors in the cloud managed network market, including established names like Cisco, HPE, and IBM, as well as innovative players like Kalyx (India) and Accrets International (Singapore). These companies are actively pursuing growth strategies such as new product launches and partnerships to expand their offerings and market share.
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