Cloud Managed Services Market by Service Type (Managed Business Services, Managed Network Services, Managed Security Services, Managed Infrastructure Services, and Others); Deployment (Public Cloud and Private Cloud) and Industry Vertical (BFSI, IT and Telecom, Retail & Consumer, Healthcare, Manufacturing & Automotive, Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026893 | Pages: 100 | Industry: Technology, Media and Telecommunications | Date: Oct 2022 | Type: Global

The cloud managed services market crossed US$ 99.1 billion mark in 2022 and is expected to hit US$ 231.69 billion by 2030, recording a CAGR of 11.2% during the forecast period.

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Cloud managed services market has been significantly growing with rising cloud adoption globally.

The growing demand for digital transformation in various enterprises is likely to boost the cloud managed services market growth. Businesses are rapidly embracing significant network technologies to support business initiatives and gain a competitive advantage. The growing emphasis of organizations on creating a digital workplace with minimum network downtimes has become a major driving factor for cloud adoption. Furthermore, companies have continually migrated their workloads to the cloud for better flexibility and workload portability. Hence, the public cloud is becoming an increasingly important asset for a company’s IT strategy. As such migrations are relatively complex, both large enterprises and small and medium enterprises (SMEs) are seeking aid of cloud managed services market players. The cloud managed services market players offer significant scope for SMEs to grow and realize business goals. IT spending among SMEs is predicted to increase significantly, as SMEs are under constant pressure to expand by implementing innovative and enhanced IT services. Thus, increasing demand for cloud managed services among SMEs and a rise in IT spending are the key factors propelling the cloud managed services market growth.

The cloud managed services market is segmented within the report into service type, deployment, industry vertical, and geography. Based on service type, the cloud managed services market is segmented into managed business services, managed network services, managed security services, managed infrastructure services, and others. Based on deployment, the cloud managed services market is bifurcated into public cloud and private cloud. Based on industry vertical, the cloud managed services market is segmented into BFSI, IT and Telecom, retail & consumer, healthcare, manufacturing & automotive, and others. Geographically, the cloud managed services market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

SASE is expected to provide great growth opportunities.

Secure access service edge (SASE) is a newer network and security solution which is witnessing high growth rates owing to the increasing usage of public clouds. SASE offers higher security and better communication endpoints over SD-WAN. Presently, the utilization rate of the public cloud is still quite low; hence, the combination of SD-WAN and SASE is favored more. While SD-WAN is yet to be utilized fully, combining it with SASE allows cloud managed services market players to offer their customers enhanced cybersecurity and better traffic flow. Such trends are expected to widen the growth opportunities for cloud managed services market across the globe.

Rising demand from SMEs is a major factor accelerating the cloud managed services market growth.

SMEs are increasingly relying on cloud managed services. While it aids the SMEs in decreasing capital expenditure, it allows them to focus on core competencies better. Reportedly, the IT spending by SMEs has been increasing year-on-year. With smaller businesses moving towards the cloud, managing the move often becomes tedious for such companies. This provides growth opportunities for cloud managed services market players. The increasing trend of work from home (WFH) has been pushing the limits for SMEs and were required to update their IT infrastructure to accommodate WFH trends. Maintaining competitiveness became the utmost priority; hence, to adapt to the changing circumstances, the adoption rate of cloud managed services witnessed strong growth rates. Such trends are expected to promote the cloud managed services market strongly.

 

Recent strategic developments in the Cloud Managed Services Market

The cloud managed services market has undergone several significant developments, and a few of these have been mentioned below:

  • In September 2022, Nokia Corporation selected TCS for replacing its on-premise human resource (HR) system with an advanced cloud-based HR capital management platform. The move was aimed at standardizing the HR processes across a common platform.
  • In June 2021, Accenture plc announced the launch of Green Cloud Advisor, a new ability for the Accenture myNav platform, that permits enterprises to operate more justifiable and competent cloud environments.

The cloud managed services market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Accenture plc, Amazon Web Services, Inc., Fujitsu Ltd., IBM Corporation, and Tata Consultancy Services are among the prominent players operating in the cloud managed services market.

Target audience for the report:

  • Managed service providers
  • Cloud managed service providers
  • Cloud providers
  • Managed network service providers
  • Managed business service providers
  • Managed security service providers
  • Cloud managed service-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the cloud managed services market has been segmented on the basis of:

  • Service Type:
    • Managed Business Services
    • Managed Network Services
    • Managed Security Services
    • Managed Infrastructure Services
    • Others
  • Deployment
    • Public Cloud
    • Private Cloud
  • Industry Vertical
    • BFSI
    • IT and Telecom
    • Retail & Consumer
    • Healthcare
    • Manufacturing & Automotive
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Accenture plc
    • Amazon Web Services, Inc.
    • Fujitsu Ltd.
    • IBM Corporation
    • Tata Consultancy Services

The List of Companies
- Accenture plc
- Amazon Web Services, Inc.
- Fujitsu Ltd.
- IBM Corporation
- Tata Consultancy Services

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