USD 235.19 billion
Cloud Managed Service Market Size, Share, Growth Analysis, By Service Type(Managed Business Services, Managed Network Services, Managed Security Services, Managed Infrastructure Services), By Enterprise size(Large Enterprises, and SMEs), By Industry Vertical(BFSI, Healthcare, Manufacturing, IT & Telecom), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2209 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
123
|Figures:
77
Cloud Managed Service Market Insights
Global Cloud Managed Services Market size was valued at USD 235.30 Billion in 2022 poised to grow from USD 267.30 Billion in 2023 to USD 741.35 Billion by 2031, growing at a CAGR of 13.6% in the forecast period (2024-2031).
Managed cloud services offer all or some of the cloud management services for public and hybrid environments. Businesses rely on managed cloud services to meet their requirements. This category of services and solutions encompasses migration, security, configuration, and optimization. Some of the main advantages for choosing managed cloud services include enhanced resource efficiency, seamless integration with the cloud, as well as even and predictable pricing. The increasing demand in cloud applications has propelled the global market for cloud-managed services.
Also, the cloud-managed services market is expected to expand due to decreased cloud service costs and hyper-scaling capabilities. Concerns over privacy and data security, however, may impede industry expansion. On the other hand, throughout the forecast period, the expanding need for cloud and cloud services among SMEs is anticipated to present lucrative prospects for the growth of the cloud managed services market.
US Cloud Managed Service Market is poised to grow at a sustainable CAGR for the next forcast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Public Cloud
Fastest Growth
Private Cloud
Growth Rate
13.6% CAGR
Global Cloud Managed Services Market ($ Bn)
Country Share by North America (%)
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Cloud Managed Service Market Segmental Analysis
Global Cloud Managed Services Market is segmented based on Service Type, Enterprise Size, Industry Vertical and Region. Based on the Service Type, the market is grouped into Managed Business Services, Managed Network Services, Managed Security Services, Managed Infrastructure Services, Managed Mobility Services, Managed Communication and Collaboration Services. Based on the Enterprize Size, the market is divided into Large Enterprises and SMEs. Based on Industry Vertical, the market is segmented into BFSI, Healthcare, Manufacturing, It & Telecom and Others. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America and Middle East & Africa.
Analysis by Service Type
Managed communication and collaboration services earned the largest share and continue to dominate the market. Managed communication and collaboration services are sparking innovation in the global cloud managed services market by promoting remote collaboration, enhancing real-time communication, and streamlining operations. Their dominance is due to growing demand for cost efficiency, increased productivity and seamless connectivity that enable businesses to embrace changing working environments and demands for collaboration.
Managed infrastructure services - this is the segment in the global cloud managed service market that is expected to grow exponentially. This is due to the increasing demand for scalable and flexible IT solutions. Companies have prioritized infrastructure management mainly to improve their efficiency, reduce costs and facilitate digital transformation initiatives across different sectors hence creating enormous demand for these services.
Analysis by Enterprise Size
Leading organizations leverage cloud-managed services in deploying advanced solutions such as enhanced security measures, highly developed data analytics, and seamless integration of cloud technology. Their supremacy over the marketplace stems from several factors; first is having vast IT outlays with strong emphasis placed on digital transformation coupled with need for scalable infrastructure that is highly efficient and can easily accommodate intricate operations.
The rising use of cloud services by small and medium sized enterprises (SMEs) to enhance their operational efficacy and minimize their expenses will increase their rate of growth as predicted in the global cloud managed services market. In addition, with affordable scalable services coming into existence, SMEs can be able to innovate and compete favorably in a digital-focused world.
Global Cloud Managed Services Market By Service Type (%)
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Cloud Managed Service Market Regional Insights
North America has become the global leader in managed cloud services due to its impressive technological infrastructure, extensive cloud utilization, and numerous large-scale service operators. The region enjoys a vibrant start-up scene and an emphasis on IT flexibility and digital transformation within which large service providers thrive. The existence of large enterprises and significant expenditures on business research and development thus impacts on this need for state-of-the-art cloud based management services. Meanwhile, North American regulations encourage organizations to adopt cloud computing so that they can enhance information security and meet compliance requirements. The region is also leading in data analytics as well as artificial intelligence where most of these companies are located.
The pace of digital transformation projects has been accelerated, with the internet penetration rate on the rise and an increasing number of startups and SMEs. As a result, this part of Asia is now the fastest growing global cloud managed services market. Countries like China, India, and Australia have particularly made significant investments in cloud infrastructure through government programs that promote new technologies adoption. Enterprises are moving to cloud platforms due to the growing need for scalable and affordable solutions. Furthermore, as mobile devices and Internet of Things (IoT) technologies proliferate, new avenues for cloud-managed services are being opened up, allowing companies to use real-time data to enhance operational efficiency and decision-making. This is driving the expansion of the market in the region.
Global Cloud Managed Services Market By Geography
- Largest
- Fastest
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Cloud Managed Service Market Dynamics
Cloud Managed Service Market Drivers
Cloud Adoption Surged During the COVID-19 Epidemic
- The pandemic-induced global shutdown and remote work arrangements compelled both big and small businesses to heavily rely on cloud services and concentrate on digital transformation. Organisations find moving to the cloud gives them more flexibility and is more cost-effective.
SMEs are Increasingly Using Cloud-Managed Services
- SMEs are anticipated to embrace more managed services as a result of the anticipated large growth in IT spending among them. It is anticipated that SMEs' increased IT spending would increase demand for MSPs that can offer efficient and reasonably priced services. It has been observed that SMEs are increasingly turning to cloud managed service providers for assistance with any problems.
Restraints
Privacy and Data Security Issues
- A number of third parties outsource their skills to provide cloud managed services; these include web applications, virtualisation, mobility, networks, endpoints, databases, and cloud infrastructures. As a result, sensitive company information may be exposed, raising major security and privacy risks for enterprises that use cloud managed services.
An Increase in Rules and Adherence
- In recent years, growing worries regarding data security, an increase in data breaches and cyber attacks as well as changing business needs have all contributed to increased regulatory and compliance requirements. Companies must comply with these regulations to remain operational; they have to take actions aimed at averting financial fines, keeping their customers and income streams intact while avoiding any legal problems.
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Cloud Managed Service Market Competitive Landscape
One of the primary business strategies used by manufacturers in the global cloud-managed services sector to assist customers and expand the market sector is local manufacturing in order to reduce operating costs. Some of the biggest benefits to the IT and telecom sectors in recent years have come from the cloud-managed services sector. Prominent industry participants are making significant investments in R&D to broaden their product offerings, contributing to the further expansion of the cloud-managed services market.
Top Players in the Global Cloud Managed Service Market
- IBM (US)
- Ericsson (Sweden)
- Cisco (US)
- Fujitsu (Japan)
- Accenture (Ireland)
- AWS (US)
- NTT DATA (Japan)
- Infosys (India)
- HPE (US)
- NEC (Japan)
- Atos (France)
- TCS (India)
- Wipro (India)
- Datacom (New Zealand)
- AT&T (US)
- HCL Technologies (India)
Cloud Managed Service Market Recent Developments
- In July 2024, IBM announced the launch of its updated Cloud Managed Services platform that incorporates advanced analytics and AI-based automation into one package. This product aims to make IT operations less complex for companies, thus enabling a more efficient use of their resources and increased productivity. This initiative underscores IBM's dedication to driving cloud technology advancement for international enterprises.
- In June 2024, in an effort to make the deployment and maintenance of containerized apps easier, Amazon Web Services (AWS) recently introduced its new managed services for container orchestration. AWS’s continual improvements in operational efficiency for businesses transitioning from monolithic applications to microservice architectures, and their leadership position in providing scalable cloud solutions to various sectors is evident in this release.
- In May 2024, Microsoft upgraded security protocols and compliance capabilities with new features in its Azure Cloud Managed Services. These developments aim to ensure compliance with international rules while addressing the growing cybersecurity concerns among businesses. Microsoft's cloud products continue to prioritise user trust and safety.
Cloud Managed Service Key Market Trends
- Transformative Power of Automation in the CMS Market: IT services are being transformed by the cloud managed services market. A pressing need for managed services that improve the performance, security, and efficiency of cloud structures arises as increasingly many companies move towards the cloud. More and more businesses are turning to multi-cloud strategies, which share risk and improve efficiency. This is vital to reduce vendor lock-in while enhancing flexibility.
- Automation Fuels Cost Savings and Enhanced Productivity: Trends in the cloud managed services sector are driven by automation. Companies are starting to realize how much cloud automation can save money and increase productivity. Cloud infrastructure and agility are enhanced by the automation of resource management, scaling, and provisioning cycles. DevOps, which stresses collaboration and automation between development and operations teams, is another emerging field.
Cloud Managed Service Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global cloud managed services market has experienced significant development due to the rise in usage of cloud services by companies. The different types of services offered include managed business service, managed security service, and infrastructure management service; as such firms appreciate the productive abilities and reduced costs that result from using these automated systems.
While concerns around data security and compliance remain pertinent, the market is poised for expansion, particularly as SMEs increasingly leverage cloud managed services for innovation and competitiveness. Regional dynamics, particularly in North America and Asia-Pacific, further illustrate the robust demand and transformative potential of cloud managed services in today’s digital landscape.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 235.30 Billion |
| Market size value in 2031 | USD 741.35 Billion |
| Growth Rate | 13.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cloud Managed Service Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cloud Managed Service Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cloud Managed Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cloud Managed Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cloud Managed Service Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cloud Managed Service Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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