Cloud Managed Services Market Share, Size, Trends, Industry Analysis Report, By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises (SMEs)); By Vertical; By Service; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 112
- Format: PDF
- Report ID: PM2306
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global cloud managed services market size was valued at USD 115.64 billion in 2023. The market is anticipated to grow from USD 130.33 billion in 2024 to USD 341.35 billion by 2032, exhibiting the CAGR of 12.8% during the forecast period.
Customer acceptance of the cloud managed approach to smoothen its operations & boost the demand for cloud managed services is driving the market growth during the forecast period.
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Managed smart facilities are likely to be at the forefront of all technologies as businesses formulate plans to meet their IT and network needs. Accounting, finance, customer relationship management, and other IT applications operate on these smart servers by businesses. The global condition is changing due to the increased adoption of cloud technologies to deploy and manage company operations. Leading suppliers have established end-to-end service portfolios that satisfy company demands and provide higher customer value, recognizing that the cloud managed distribution model is more than just cost-cutting.
This can be a helpful model for firms to conduct business functions efficiently, especially with the common goal of ensuring technology up-gradation with smart technology. Companies increasingly rely on technology to manage their business in response to increased market demands to incorporate new technologies and improve application performance and costs. As a result of the growing adoption of smart solutions by organizations, the demand for such smart technology has increased.
Furthermore, the risk and compliance model demand has increased as enterprises and financial firms navigate today's volatile economic and regulatory landscape. Companies looking to better their organization, operation, and security by providing more strategic answers increasingly turn to these management facilities. Companies benefit from these management facilities since they eliminate complicated system integration facilities and construct a well-developed solution that ensures cloud scalability and economics. Keeping a full-time IT team on hand to administer smart technology is too expensive for most small and medium-sized organizations.
As a result, outsourcing allows organizations to maintain control over their network maintenance expenditures while maintaining security and efficiency. However, the usage of such facilities necessitates the outsourcing of various third parties' skills, which can raise security and confidentiality risks. Mobility, networks, endpoints, databases, cloud, web applications, and virtualization infrastructures are all included. Any cloud MSP can easily expose sensitive corporate details due to this.
As a result, security and privacy issues remain the top barriers to enterprises adopting such smart facilities. On the other hand, MSPs assist enterprises in ensuring that the data they distribute via the cloud is secure and private. Customers have access to end-to-end network protection and encryption for added security. However, because of the increasing number of data breaches, businesses are hesitant to share important business information with MSPs.
Industry Dynamics
Growth Drivers
The cloud managed services market has observed extensive developments in the last few decades. For instance, in October 2021, on 5G security, IBM and Palo Alto Networks worked. 5G can potentially broaden telecom operators' and customers' attack surfaces. Higher data speeds, lower latency, and a functional redesign of mobile networks are all part of the 5G evolution, which will enable increased agility and efficiency.
In addition, in September 2021, to help customers accelerate their digital transformation, NEC, through its collaboration with the AWS in areas such as digital government. By merging NEC's high-performance cloud-based 5G mobile core, OSS/BSS solutions, and edge solutions, NEC hopes to create an end-to-end 5G offering that will be available internationally. Thus, major players' acquisitions and collaborations are the factors that boost cloud managed services market growth during the forecast period.
Report Segmentation
The market is primarily segmented based on service, organization size, vertical, and region.
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By Service |
By Organization Size |
By Vertical |
By Region |
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Insight by Service
Based on the service market segment, the managed network services segment is expected to be the most significant revenue contributor in the global market in 2021 and is expected to retain its dominance in the foreseen period. The increasing usage of such smart facilities by organizations to manage network-related services and the management and administration of networks themselves are largely responsible for the segment's rise.
The market offers businesses a comprehensive platform for establishing and managing remote data networks, such as WAN/LAN/WLAN. Furthermore, due to the wide range of applications, such as implementing IT network management and monitoring services, high-quality network solutions, equipment maintenance, ICT system maintenance services, and others, their adoption has grown exponentially in recent years.
The increased usage of security services by enterprises is driving this segment's growth. Security management, incident response, and other facilities are provided by managed security service providers (MSSPs). As a result, the use of such smart technology is projected to increase over time.
Geographic Overview
North America had the highest share in the global market in 2021. For its solid financial position, North America can spend substantially on modern solutions and technology, giving its businesses a competitive advantage in the cloud managed services market. The adoption of these smart facilities in this region is driven by the increased deployment of big data solutions by major IT firms such as Google and Microsoft to improve efficiency and simplify their company operations. Companies in the region, such as IBM, have spent $1 billion in Watson, a big data and artificial intelligence platform. As a result, the market is likely to expand.
Moreover, Asia Pacific is expected to witness a high CAGR in the global market in 2021. Several Asia Pacific countries, including India, China, Hong Kong, and Japan, are advancing economically and technologically. Companies are quickly outsourcing their IT tasks in the Asia Pacific, fueling market demand for such smart models.
As a result, the market for managed cloud services, networking MSPs, and IT service providers is growing. According to the Organization for Economic Co-operation and Development (OECD), SMEs employ more than 70% of the global workforce. COVID-19 has had a significant impact on important economies in Asia-Pacific, including China, India, Singapore, and Japan. Various government and corporate initiatives are projected to impact cloud adoption in this region.
Competitive Insight
Some of the major players operating in the global market include Accenture, Alcatel-Lucent, Atos, AWS, Cisco, Cloudicity, Connectria, Datacom, DLT Solutions, Ericsson, HPE, Huawei, IBM, Infosys, NEC, NTT DATA, Rackspace, Sirius Computer Solutions, and Wipro among others.
Cloud Managed Services Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 130.33 billion |
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Revenue forecast in 2032 |
USD 341.35 billion |
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CAGR |
12.8% from 2024 - 2032 |
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Base year |
2023 |
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Historical data |
2019 - 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 - 2032 |
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Segments covered |
By Service, By Organization Size, By Vertical, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Accenture, Alcatel-Lucent, Atos, AWS, Cisco, Cloudicity, Connectria, Datacom, DLT Solutions, Ericsson, HPE, Huawei, IBM, Infosys, NEC, NTT DATA, Rackspace, Sirius Computer Solutions, and Wipro, among others. |
Explore the landscape of Cloud Managed Services Market in 2024 through detailed market share, size, and revenue growth rate statistics meticulously organized by Polaris Market Research Industry Reports. This expansive analysis goes beyond the present, offering a forward-looking market forecast till 2032, coupled with a perceptive historical overview. Immerse yourself in the depth of this industry analysis by acquiring a complimentary PDF download of the sample report.
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