The global cloud managed services market size is expected to increase USD 420.70 billion by 2033 from USD 121.10 billion in 2023 with a CAGR of 13.26% between 2024 and 2033.
Key Points
- The North America cloud managed services market size reached USD 39.96 billion in 2023 and is projected to surpass around USD 138.83 billion by 2033.
- North America held the largest share of 33% in the global cloud managed services market in 2023.
- Asia Pacific is expected to experience significant growth in the coming years.
- By service, the mobility segment dominated the market in 2023 and accounted revenue share of 38.3%.
- By service, the network services segment is anticipated to grow at the fastest CAGR over the forecast period.
- By deployment, the private segment held the largest market share of around 86.6% in 2023.
- By deployment, over the forecast period, the public segment is estimated to grow at the fastest CAGR.
- By vertical, the telecom & ITes segment dominated the market with revenue share of 20.7% in 2023.
- By vertical, the government segment is anticipated to experience the fastest growth in the upcoming years.
- By end use, the large enterprise segment has contributed market share of 80.7% in 2023.
- By end use, the SME segment is projected to experience the highest growth rate during the forecast period.
The cloud managed services market encompasses a range of services offered by providers to manage and optimize cloud computing environments for businesses. These services include infrastructure management, application management, security and compliance management, data management, and more. Cloud managed services aim to help businesses streamline operations, improve efficiency, and reduce the complexity of managing cloud-based resources.
Get a Sample: https://www.precedenceresearch.com/sample/4109
Growth Factors:
The growth of the cloud managed services market is driven by the increasing adoption of cloud computing across industries. Businesses are transitioning from on-premises infrastructure to cloud solutions due to the benefits of scalability, flexibility, and cost-efficiency. Additionally, the demand for enhanced security and compliance measures, as well as the need for specialized expertise, fuels the growth of cloud managed services.
Region Insights:
Different regions exhibit varying levels of adoption and growth in the cloud managed services market. North America leads the market due to the presence of major cloud service providers and a high level of technology adoption. Europe and Asia-Pacific are also witnessing significant growth as businesses in these regions increasingly migrate to the cloud. Emerging markets in Latin America and the Middle East are expected to offer growth opportunities as cloud adoption expands.
Cloud Managed Services Market Scope
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 13.26% |
| Global Market Size in 2023 | USD 121.10 Billion |
| Global Market Size in 2024 | USD 137.16 Billion |
| Global Market Size by 2033 | USD 420.70 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Service Type, By Deployment, By End-user, and By Verticals |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Cloud Managed Services Market Dynamics
Drivers:
Key drivers of the cloud managed services market include the growing need for digital transformation, the rising demand for cost-effective solutions, and the increasing complexity of cloud environments. The focus on business continuity and disaster recovery also drives the adoption of managed services, as businesses seek to protect their data and maintain operations.
Opportunities:
Opportunities in the cloud managed services market include the integration of emerging technologies such as AI, IoT, and edge computing. These technologies can enhance cloud solutions and create new services for providers to offer. The rise of multi-cloud and hybrid cloud strategies presents opportunities for managed service providers to offer tailored solutions to clients.
Challenges:
Challenges in the cloud managed services market include security and compliance risks, as well as the need to constantly evolve and adapt to new technologies. Competition among service providers can also be intense, as businesses seek cost-effective and innovative solutions. Ensuring seamless integration and compatibility with existing systems can pose challenges for providers and clients alike.
Read Also: Defibrillators Market Size to Cross USD 15.80 Billion by 2033
Cloud Managed Services Market Recent Developments
- In April 2023, Sinch, a computer software company, joined forces with Synoptek, an IT service provider and Microsoft Gold partner. This strategic partnership enables Sinch to provide professional and managed Microsoft Teams Phone System services that are seamlessly integrated with Operator Connect or Direct Routing.
- In April 2023, VMware, Inc., a cloud computing company, launched VMware Cross-Cloud managed services. These comprehensive offerings benefit partners and customers, empowering skilled partners to expand their managed services practices. The launch of VMware Cross-Cloud managed services facilitates growth, profitability, and recurring revenue for providers while also addressing the challenge of talent and skills gaps in multi-cloud environments.
- In February 2022, IBM collaborated with SAP, a multinational software company. Together, the companies aim to deliver consulting and technology experience to make it easy for buyers to hold hybrid cloud access and move mission-critical workloads from SAP solutions to the cloud for organized and non-regulated enterprises.
Cloud Managed Services Market Companies
- IBM Corporation
- Cisco Systems, Inc.
- Telefonaktiebolaget LM Ericsson
- Verizon
- Accenture
- NTT DATA Corporation
- Huawei Technologies Co., Ltd.
- Fujitsu
- CHINA HUA XIN
- CenturyLink
- Trianz
Segments Covered in the Report
By Service Type
- Business
- Network
- Security
- Datacenter
- Mobility
By Deployment
- Public
- Private
By End-user
- SMEs
- Large Enterprises
By Verticals
- Telecom & ITes
- Government
- BFSI
- Retail & Consumer
- Healthcare
- Manufacturing & Automotive
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Contact Us:
Mr. Alex
Sales Manager
Call: +1 9197 992 333
Email: sales@precedenceresearch.com
Web: https://www.precedenceresearch.com
Blog: https://www.expresswebwire.com/
Blog: https://www.uswebwire.com/
