Cloud Managed Services Market Size worth $341.35 Billion By 2032 | CAGR: 12.8%

The global cloud managed services market size is expected to reach USD 341.35 billion by 2032 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

One of the primary factors driving the market's growth is the growing demand among businesses to reduce operational and infrastructure costs to manage business processes. Outsourcing resources to third parties boost organizational competitiveness by allowing businesses to focus on their core strengths. The growing field of Big Data has resulted in huge demand for cloud computing and analytical facilities. To broaden their commercial horizons, key market players are pursuing a variety of business strategies, including R&D activities, partnerships, and collaborations.

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Furthermore, it provides a proactive approach to maintenance. A business owner either does not have time or does not have enough time to think about IT infrastructure and capabilities. Maintenance of IT systems, on the other hand, is critical for business continuity. This necessitates the use of MSPs, who can proactively resolve any difficulties that arise in IT systems.

The majority of MSPs offer round-the-clock monitoring, encouraging clients to employ their smart facilities. Security solutions keep an eye on IT systems for potential threats or disruptions. Bugs and difficulties are frequently identified and resolved before they become a major source of concern for the company. This facilitates business owners to concentrate on their primary competencies rather than worrying about IT systems and maintenance.

Based on the vertical, the retail and consumer goods segment accounted for the leading share in the market in 2020. Due to expanding consumer purchasing power, the retail sector is one of the fastest-growing industries, drawing significant corporations from all over the world. Growing demand for mobility solutions in the retail industry has been fueled by rising trends in mobile data consumption and the rising use of smartphones and tablets in the countries.

To protect their IT environments and customer-sensitive data, retail firms have turned to secured technologies. As a result, MSPs have plenty of chances to serve both retailing behemoths and small enterprises. The retail industry works with a vast volume of client data to give customers personalized experiences.

Market players such as NTT DATA, Alcatel-Lucent, Atos, DLT Solutions, Cisco, Cloudicity, Connectria, Datacom, Accenture, Ericsson, Wipro, HPE, IBM, Infosys, NEC, AWS, Rackspace, Sirius Computer Solutions, and Huawei are some key players operating in the global market.

In June 2021, Accenture introduced myNav Green Cloud Advisor to assist businesses in achieving their sustainability goals using the cloud. myNav Green Cloud Advisor assists businesses in developing cloud solutions that cut carbon emissions while also laying the groundwork for responsible innovation. Thus, the product launches by major players are propelling the market growth.

Polaris Market Research has segmented the cloud managed services market report based on service, organization size, vertical, and region:

Cloud Managed Services, Service Outlook (Revenue - USD Billion, 2019-2032)

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

Cloud Managed Services, Organization Size Outlook (Revenue - USD Billion, 2019-2032)

• Large Enterprises
• Small and Medium-Sized Enterprises (SMEs)

Cloud Managed Services, Vertical Outlook (Revenue - USD Billion, 2019-2032)

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

Cloud Managed Services, Regional Outlook (Revenue - USD Billion, 2019-2032)

• North America
  • U.S.
  • Canada
  • Europe
• France
  • Germany
  • UK
  • Italy
  • Spain
  • Netherlands
  • Austria
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Indonesia
• Latin America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa