Global Cloud Managed Services Market Statistics: USD 145.7 Billion Value by 2032

Summary:

• The global cloud managed services market size reached USD 53.2 Billion in 2023.
• The market is expected to reach USD 145.7 Billion by 2032, exhibiting a growth rate (CAGR) of 11.74% during 2024-2032.
• North America leads the market, accounting for the largest cloud managed services market share.
• Private cloud holds the biggest market share as it offers enhanced security and control, making it a preferred choice for organizations concerned about data privacy and regulatory compliance.
• Retail and consumer goods account for the majority of the market share due to the increasing adoption of cloud services to enhance customer experience, streamline operations, and manage online retail platforms.
• Organizations worldwide are constantly seeking ways to enhance their IT operations.
• The growing focus on the cost savings by adopting cloud managed services is offering a favorable market outlook.

Industry Trends and Drivers:

• Demand for Efficient Information Technology (IT) Operations:

Organizations worldwide are constantly seeking ways to enhance their IT operations. Cloud managed services offer a solution by providing expert management of cloud environments, which can significantly reduce the burden on internal IT staff. These services enable companies to focus on core business activities while ensuring that their cloud infrastructure is optimized, secure, and compliant with industry regulations. This shift towards managed services is particularly pronounced in sectors where IT is not the primary business focus but is critical for operations. Moreover, businesses can benefit from improved uptime, better resource allocation, and enhanced system performance by leveraging the expertise of third-party providers, all of which contribute to overall organizational efficiency and productivity.

• Cost Reduction and Scalability:

The growing focus on the cost savings by adopting cloud managed services is offering a favorable market outlook. Businesses can lower the need for in-house IT specialists by outsourcing the management of their cloud infrastructure, which can be a considerable expense, especially for small to medium-sized enterprises (SMEs). Additionally, cloud managed services offer scalability that is difficult to achieve with traditional IT setups. Companies can scale their IT operations up or down based on current needs without the substantial capital expenditure typically associated with such adjustments. This flexibility is particularly advantageous in rapidly changing market conditions, allowing businesses to respond quickly to opportunities or challenges without being hindered by their IT infrastructure.

• Technological Advancements:

Technological innovations, such as multi-cloud and hybrid cloud architectures, artificial intelligence (AI), and machine learning (ML) are contributing to the growth of the market. Cloud managed service providers are equipped to handle these complexities, offering expertise in the latest technologies. This enables businesses to leverage cutting-edge cloud solutions without the need to develop in-house expertise. In addition, the ability to stay abreast of technological advancements without significant investments in training and development is encouraging businesses to invest in cloud managed services.

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Cloud Managed Services Market Report Segmentation:

By Service Type:

• Managed Network Services
• Managed Business Services
• Managed Security Services
• Managed Infrastructure Services
• Managed Mobility Services
• Managed Communication and Collaboration Services

Managed network services represent the largest segment due to the growing demand for efficient and reliable network management solutions among businesses seeking to optimize their cloud infrastructure.

By Deployment Model:

• Private Cloud
• Public Cloud

Private cloud holds the biggest market share as it offers enhanced security and control, making it a preferred choice for organizations concerned about data privacy and regulatory compliance.

By Organization Size:

• Large Enterprises
• Small and Medium-sized Enterprises

Large enterprises exhibit clear dominance in the market by organization size, attributed to their extensive information technology (IT) infrastructure and the rising need for comprehensive cloud management solutions to support their complex operations.

By Vertical:

• Retail and Consumer Goods
• BFSI
• Telecom
• Government and Public Sector
• Healthcare and Lifesciences
• Manufacturing
• Energy and Utilities
• IT
• Others

Retail and consumer goods account for the majority of the market share due to the increasing adoption of cloud services to enhance customer experience, streamline operations, and manage online retail platforms.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America dominates the market as it houses a significant number of tech-savvy enterprises and early adopters of cloud technologies, fostering a robust demand for managed services in the region.

Top Cloud Managed Services Market Leaders:

The cloud managed services market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• Accenture plc
• Atos SE
• Cisco Systems, Inc.
• DXC Technology
• Fujitsu Limited
• Google LLC (Alphabet Inc.)
• HCL Technologies
• Hewlett Packard Enterprise
• International Business Machines Corporation
• Infosys Limited
• NEC Corporation (AT&T Inc.)
• NTT DATA Corporation (Nippon Telegraph and Telephone Corporation)
• Wipro Limited

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