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Cloud Managed Services Market Worth $247.5 Billion by 2030
Meticulous Research®—a leading global market research company, published a research report titled, ‘Cloud Managed Services Market by Type, Deployment Mode, Organization Size, Sector (IT & Telecommunications, BFSI, Retail & Consumer Goods and Healthcare & Life Sciences)—Global Forecast to 2030.’Download Free sample Report Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5485?utm_source=blog&utm_medium=social+&utm_campaign=product&utm_content=13-02-2024
According to this latest publication from Meticulous Research®, the global cloud managed services market is expected to register a CAGR of 14.2% during the forecast period to reach $247.5 billion by 2030.The growth of the cloud managed services market is driven by technological advancements supporting the adoption of cloud services, the growing need for cloud services in the BFSI sector, and the increasing importance of managed cloud services in the healthcare sector. Moreover, the increasing focus on customized and managed cloud services and integration of cloud technologies with in-house apps provide significant opportunities in the global cloud managed services market. However, the high cost of cloud managed services restrains the market's growth to some extent. Additionally, security & privacy risks associated with multi-tenancy, compliance issues, limited flexibility, and unpredictable costs of cloud services are some of the key challenges for the managed cloud services market growth
The global cloud managed services market is segmented by type (cybersecurity services [cloud security services, endpoint security services, network security services, application security services, and other cybersecurity services], infrastructure services, business services, network services [network monitoring & management services, and network provisioning services], data center services [data storage, backup & disaster recovery services, data monitoring & migration services], communication and collaboration services [unified communications as a service, and managed VoIP services], mobility services[ device management services, and application management services], deployment mode(public cloud, private cloud, hybrid cloud), organization size [small & medium-sized enterprises, large enterprises], sector[IT & telecommunications, BFSI, retail & consumer goods, healthcare & life sciences, manufacturing, government & public sector, energy & utility, oil & gas, automotive, other sectors} The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on type, the global cloud managed services market is segmented into cybersecurity services, infrastructure services, business services, network services, data center services, communication and collaboration services, and mobility services. In 2023, the network services segment is expected to account for the largest share of the global cloud managed services market. The large growth of this segment is attributed to the rising adoption of managed VPN and SD-WAN services among telecommunication data centers, the growing need to reduce repetitive or mundane tasks, speed up processes, and drive down overheads, and the increasing need for managed network services for automated network management.
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However, the mobility services segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the growing demand for better connectivity, increasing focus on better employee work-life balance, growing trend of remote work policies since the COVID-19 pandemic, rising BYOD convenience, increasing need for automated updates, and benefits offered by flexible workspace productivity.
Based on sector, the global cloud managed services market is segmented into IT & telecommunications, BFSI, retail & consumer goods, healthcare & life sciences, manufacturing, government & public entities, energy & utility, oil & gas, automotive, and other sectors. In 2023, the IT & telecommunications segment is expected to account for the largest share of the global cloud managed services market. The growth of this segment is attributed to the growing demand for cloud managed services by the telecommunications sector to reduce their operating and administrative costs, increasing demand for cloud solutions by IT industries to store, manage and process these huge data sets, and increasing availability cloud solutions & services for IT & telecom infrastructure. This segment is also expected to register the highest CAGR during the forecast period.
Based on geography, the global cloud managed services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global cloud managed services market. North America’s large market share is attributed to the growing adoption of cloud managed services by large IT companies to reduce their capital costs and transfer them into operational expenses and demand from different businesses to concentrate on their core functions. Furthermore, companies’ increasing inclination toward adopting cloud solutions to improve business productivity and decision-making capabilities, strong government support for the implementation and research & development of cloud computing technologies, significant advancements & innovation in cloud managed services, and increasing adoption of cloud solutions as a strategy to improve database scalability is supporting the growth of this regional market.
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However, Asia-Pacific is expected to register the highest CAGR during the forecast period. The fast growth of this region is driven by the growing investments by major players existing in the region, such as IBM Corporation (U.S.) and Google LLC (U.S.), to strengthen the growth of cloud managed services, and regional governments are making considerable investments to improve cloud infrastructure, and growing adoption of data center services in China, and Japan. Further, the growing adoption of cloud managed services by small and medium-sized enterprises and increasing demand for outsourcing management functions from the cloud and managed services providers boost the growth of this regional market.
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Key Players:
The key players operating in the global cloud managed services market are Google LLC (a subsidiary of Alphabet Inc.) (U.S.), Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), Oracle Corporation (U.S.), Telefonaktiebolaget LM Ericsson (Sweden), Accenture plc (Ireland), NEC Corporation (Japan), Nokia Corporation (Finland), Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.) (U.S.), Wipro Limited (India), Tata Consultancy Services Limited (India), Infosys Limited (India), AT&T Inc. (U.S.), CloudNow Technologies Pvt Ltd (India), and ISmile Technologies (U.S.)
Key questions answered in the report-
- Which are the high-growth market segments in terms of type, deployment mode, organization size, and sector?
- What is the historical market for cloud managed services market across the globe?
- What are the market forecasts and estimates for the period of 2023–2030?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global cloud managed services market?
- Who are the major players in the global cloud managed services market, and what share of the market do they hold?
- How is the competitive landscape?
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