Cloud Managed Services Market: Global Industry Analysis and Forecast (2023-2029)

Cloud Managed Services Market size was valued at US$ 68.53 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 13.81% through 2023 to 2029, reaching nearly US$ 169.50 Bn.
Cloud Managed Services Market Overview:
Managed cloud services are those that give a client partial or complete control over their cloud resources or infrastructure. Management activities include migration, configuration, optimization, security, and maintenance. These services are designed to help businesses get the most out of cloud services while saving time and money on the back end. Cloud managed services include Managed Business Services, Managed Network Services, Managed Security Services, Managed Infrastructure Services, Managed Mobility Services, and Managed Communication and Collaboration Services.

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COVID-19 Influences on the Market:
The COVID-19 has a number of effects on the global cloud managed services market, including direct effects on production and demand, supply chain and marketplace disruptions, and financial impacts on enterprises and financial markets. The usage of cloud, AI, and big data has surged as a result of the COVID-19 pandemic. Many businesses have implemented new laws and regulations regarding remote work.
Cloud Managed Services Market Dynamics:
A business owner either does not have time or does not have enough time to think about IT infrastructure and its capabilities. Maintenance of IT systems, on the other hand, is critical for business continuity. This necessitates the use of Managed Service Providers (MSPs), who are capable of proactively resolving any difficulties that arise in IT systems. The majority of managed service providers offer round-the-clock monitoring, which encourages clients to employ their services. Security solutions keep an eye on IT systems for any potential threats or disruptions. Bugs and difficulties are frequently identified and resolved before they become a major source of concern for the company. This allows business owners to concentrate on their primary competencies rather than worrying about IT systems and maintenance.

The demand for cloud managed services is expected to rise as companies seek to reduce operational and infrastructure expenses associated with business processes. Outsourcing cloud services to a third-party allows businesses to concentrate on their core capabilities, increasing overall productivity. The growing use of big data has increased the demand for managed analytical services and cloud storage. Moreover, the growing requirement for reliability and scalability may drive up demand for these services, as they will allow businesses to scale up and down their operations by giving custom-made offers to the available services.

The need for cloud-based managed security services is expected to rise as companies such as the American Red Cross, Netflix, and Rovio progressively use a wide range of Software-as-a-Service (SaaS) applications and other cloud-based services. Increased mobile device adoption and the trend of BYOD in numerous enterprises are also expected to fuel demand for this industry, which will control these devices for usage and security. Around 67 percent of the workforce is expected to use their own devices for work, which might help the cloud managed services industry grow even faster. Concerns about cloud privacy, on the other hand, are expected to restrains the growth of the cloud managed services market during the forecast period 2023-2029.

The increased adoption of cloud services by businesses all over the world has fuelled the growth of cloud managed services. Small and medium businesses have emerged as the most potential consumers of cloud services, due to increased flexibility and the advent of a "pay as you go" approach. As a result of the growing usage of cloud services, the cloud managed services market is expected to rise rapidly during the forecast period 2023-2029.
Cloud Managed Services Market Segment Analysis:
Based on the Services Type, the market is segmented into Managed Business Services, Managed Network Services, Managed Security Services, Managed Infrastructure Services, Managed Mobility Services, and Managed Communication and Collaboration Services. Managed Business Services segment is expected hold the largest market share of xx% by 2029. Cost savings, future-proofed technology, unique and integrated service, resilient infrastructure, predictable and recurring monthly charges, centralised services and applications, and coverage on all service levels are all advantages of managed business services. As cloud use develops, businesses are increasingly relying on SaaS apps like office productivity suites, sales platforms, and Google suites as a centralised platform. As businesses become more aware of the cloud's intrinsic benefits, such as cost savings and flexibility, they are now turning to it for data protection. Archiving, Disaster Recovery as a Service (DRaaS), and backing up SaaS applications are all examples of cloud-based solutions that are becoming more common.

Patching security and other account-level services that are required for the server's minimal performance requirements and utilisation should be addressed. It aids in the reduction or elimination of server slowdowns and downtime, as well as the creation of secure servers. Enterprises use Managed Print Services (MPS) to provide a scalable and adaptable solution for managing paper and digital document workflows in office and production printing environments, increasing efficiency and profitability. MPS offers a portfolio of solutions that transform unmanaged data into intelligent information by merging hardware, supplies, solutions, and services into a single platform. These are the key factors that are expected to boosts the growth of the managed business services segment in the cloud managed services market during the forecast period 2023-2029.

Based on the Vertical, the market is segmented into BFSI, Telecom, Government and public sector, Healthcare and life sciences, Retail and Consumer goods, Manufacturing, Energy and Utilities, IT, and Others. BFSI segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. The BFSI sector, which was a pioneer in the adoption of computer and networking technologies to minimise massive, space-intensive repositories and databases, is expected to have a highest share of the cloud managed services market during the forecast period of 2023-2029. The BFSI industry successfully analyses risks by reviewing transactional data to establish risks based on market activity, grading consumers, and grading future clients, allowing firms to make intelligent judgments. Big data strategies in banking are already being developed by banks such as BNY Mellon, Morgan Stanley, Bank of America, Credit Suisse, and PNC, which are expected to support the growth of the cloud managed services market during the forecast period 2023-2029.
Regional Insights:
North America dominates the Global Cloud Managed Services market during the forecast period 2023-2029. North America is expected hold the largest market shares of xx% by 2029. Because of its excellent financial position, North America is able to spend substantially in modern solutions and technology, giving its businesses a competitive advantage in the market. Besides, the region is home to a number of major cloud managed services providers, including IBM Corporation (US), CenturyLink Inc. (US), and Cisco Systems Inc. (US).

The adoption of cloud managed services in the North America region is being driven by the increased deployment of big data solutions by major IT companies such as Google and Microsoft to improve efficiency and simplify their company operations. Companies in the North America region, such as IBM, have spent $1 billion in Watson, a big data and artificial intelligence platform. These are the factors that are expected to drives the growth of the North America region in the Cloud Managed Services market during the forecast period 2023-2029.

Competitive Landscape:

Amazon Web Services (AWS) Inc. annual revenue was reached at US$ 45.37 Billion in 2021 and is expected to dominate the cloud managed services market during the forecast period 2023-2029. AWS Inc. has 25 geographical regions and 78 availability zones across the globe. The key offerings of AWS Inc. are Compute, storage, database, analytics, networking, machine learning, and AI, mobile, developer tools, IoT, security, enterprise applications, and blockchain.



The objective of the report is to present a comprehensive analysis of the Global Cloud Managed Services Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Cloud Managed Services Market dynamic, structure by analyzing the market segments and project the Global Cloud Managed Services Market size. Clear representation of competitive analysis of key players by Product Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Cloud Managed Services Market make the report investor’s guide.
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Cloud Managed Services Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 68.53 Bn.


Forecast Period 2023 to 2029 CAGR:
13.81%
Market Size in 2029:
US $ 169.50 Bn.


 Segments Covered:
by Service Type
Managed Business Services
Managed Network Services
Managed Security Services
Managed Infrastructure Services
Managed Mobility Services
Managed Communication and Collaboration Services


by Deployment Type
Public cloud
Private cloud


by Organisation Size
Large Enterprises
Small and Medium-Sized Enterprises (SMEs)


by Vertical
BFSI
Telecom
Government and public sector
Healthcare and life sciences
Retail and Consumer goods
Manufacturing
Energy and Utilities
IT
Others



Cloud Managed Services Market, by Region:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. NTT Data Corp.
2. NEC Corp.
3. Rackspace
4. Cisco Systems Inc.
5. Hewlett Packard Enterprises
6. VMWare
7. Huawei Technologies
8. AT&T
9. Microsoft Corp.
10. IBM Corp.
11. Hitachi systems security
12. Optiv security
13. Rapid7
14. Unisys
15. Ericsson
16. Amazon Web Services
17. Fujitsu Limited
18. Infosys Limited
19. Accenture PLC
20. Alcatel Lucent
21. Datacom
22. Huawei
23. Cloudticity
24. Connectria
25. DLT Solutions

Frequently Asked Questions:

1] What segments are covered in Cloud Managed Services Market report?
Ans. The segments covered in Cloud Managed Services Market report are based on Services Type, Deployment Type, Organisation Size, and Vertical.

2] Which region is expected to hold the highest share in the Cloud Managed Services Market?
Ans. North America is expected to hold the highest share in the Cloud Managed Services Market.

3] Who are the top key players in the Cloud Managed Services Market?
Ans. NTT Data Corp., NEC Corp., Rackspace, Cisco Systems Inc., Hewlett Packard Enterprises, VMWare, and Huawei Technologies are the top key players in the Global Cloud Managed Services Market.

4] Which segment holds the largest market share in the Cloud Managed Services market by 2029?
Ans. Managed Business Services segment hold the largest market share in the Cloud Managed Services market by 2029.

5] What is the market size of the Cloud Managed Services market by 2029?
Ans. The market size of the Cloud Managed Services market is US $169.50 Bn. by 2029.

6] What was the market size of the Cloud Managed Services market in 2022?
Ans. The market size of the Cloud Managed Services market was worth US $68.53 Bn. in 2022.