The Global Cloud Managed Services Market Is Projected To Grow At A Rate Of 13.40% CAGR During The Forecast Period. It Is Estimated That The Market Will Grow And Further Reach Up To USD 145.6 Billion During The Forecast Period 2023-2030.

Cloud Managed Services Market Overview

The growth rate of the market will be driven by how important mobility is becoming and by the need to focus on core business operations. Scalability and reliability will also drive up demand for the services, since they let businesses change the size of their operations by tailoring their offerings to the available services. More and more, businesses are trying to lower their IT costs, which will increase demand in the future. Pay-as-you-go services, in which businesses are charged for the resources they use, will help them save money and give them more options.

Cloud-managed services also have other benefits, such as better IT functionality and specialised IT services. Since service delivery requires constant internet access, service providers will continue to worry most about having reliable infrastructure. When many people use the cloud at the same time, network congestion can happen. This slows down internet speeds and can even cause internet outages. A power outage caused by many client connections to a server could temporarily stop business operations.

But concerns about the privacy and security of corporate data stored on cloud systems may slow the growth of the industry. The lack of infrastructure and connections in growing markets like India, Mexico, the Middle East, and Africa will continue to be the biggest problem for the market's growth. Lack of data security and privacy in the cloud will also make it hard for industries to grow. Also, because the installation and maintenance costs are so high at first, businesses that want to save money may decide not to use these services.

Market Dynamics

Drivers:

The growing use of cloud-based industries is one of the primary drivers of the market for cloud managed services. These factors will encourage market expansion and raise market worth in the following years. As a result, the market for cloud managed services will expand significantly over the course of the forecast period.

Restraints:

The growth of the market for cloud managed services may be hampered by a number of restrictions. The main dangers stem from the misuse of and exposure of private data. In the end, the service providers will concentrate more on the security measures that can impede growth.

Opportunities:

The market for global cloud managed services will create new chances for effective data management across many industries. The costs of operations and information technology will be reduced as a result. The market is expected to prosper as a result of these prospects and investments by important companies around the globe.

Challenges:

The market is anticipated to confront a number of obstacles in spite of the numerous opportunities. The market for cloud-managed services in developing nations will call for cutting-edge technologies. The lack of infrastructure in nations like Mexico, India, and others will make it difficult for the market for cloud managed services to expand.

Segment Overview

By Service Type Analysis

Managed Security Services Segment to Register a High CAGR

Based on the type of service, the market is divided into managed business services, managed network services, managed infrastructure services, managed security services, managed mobility services, and managed communication and collaboration services.

In 2019, the largest market share was in the managed network services market category. This market is growing because more and more businesses are using cloud managed services to manage network services and the management and administration of their networks. Cloud-based network managed services give companies a full platform for building and managing remote data networks, such as WAN, LAN, and WLAN. The fact that these services can be used for a wide range of things, like setting up high-quality network solutions, IT networks management and monitoring services, equipment maintenance, and ICT systems maintenance services, among other things, has also helped the number of people using these services grow at an exponential rate in recent years.

During the time frame of the projection, the managed security services segment is expected to grow at a high CAGR. This market is growing because more and more businesses are using security services. Managed security service providers (MSSPs) offer a variety of services, such as responding to incidents and taking care of security. Because of this, it is expected that more people will use these services during the planned time.

By Deployment Analysis

Private Cloud Segment Dominated the Market in 2019

Depending on how it is used, the market can be broken down into workload security, network security, platform security, application security, end-point security, and others.

In 2019, the largest market share was held by private cloud deployment of cloud managed services. The private cloud can help businesses in many ways, such as by giving them more control and protecting their data. This strategy also helps organisations stay consistent and save money. With a private cloud, a company can change its resources to meet its specific IT needs. Most of the time, these systems are used by governments, banks, and other medium- to large-sized organisations with mission-critical operations to improve operational security.

During the period in question, the public cloud segment is expected to grow at the highest CAGR. The public cloud is becoming more popular because it offers cheap computing resources and the ability to use virtualization.

By Enterprise Size Analysis

Large Enterprises to Witness Widespread Adoption of Cloud Managed Services

Based on the size of the business, the market is divided into large businesses and small and medium-sized businesses (SMEs).

During the time frame of the forecast, the large enterprise segment is expected to have the largest share. Big businesses can save money on IT costs by using the cloud to handle their services. The idea behind these services is that you pay as you go. Also, these services help large companies manage their operational needs and data needs so that they can reach their efficiency goals. Also, they make the service capacity more flexible, better connected, and more reliable.

During the time frame of the forecast, the SME category is expected to grow at the highest CAGR. Small and medium-sized businesses will be more likely to use these services as they try to cut costs and improve business operations.

By Vertical Analysis

IT and Telecommunications Industry to Rapidly Adopt Cloud-based Services

The market is divided into six verticals: Manufacturing, Retail and Consumer Goods, Healthcare and Life Sciences, Government and Public Sector, IT and Telecommunications, Banking, Financial Services, and Insurance (BFSI), and Others.

IT and telecom companies are quickly adopting cloud managed services to improve service maintenance for a wide range of applications. Moving to the cloud will cut down on extra costs and cut down on the need for internal computers. IT and telecom companies were also early adopters of useful technologies like Bring Your Own Device (BYOD), Machine Learning, and others, which have helped the industry grow even more.

As infrastructure changes, the healthcare industry is going to need cloud-based services more and more. As a result of research and health care activities, a lot of data has been made in recent years. Cloud-managed services are used by healthcare providers because the management of these data requires the use of cloud expertise. Platforms that are built on the cloud let businesses focus on what they do best.

Regional Analysis

For cloud managed services, it is expected that North America will have the largest market share. Market growth in this area is mostly being driven by the growth of technology and the improvement of infrastructure. Market changes are also being made by important regional players.

The European region will have the most cloud managed services on the market. The market is growing because more people want new technologies and the infrastructure for them is getting better. Market growth in European countries is being helped by businesses like Verizon Communications, NTT DATA Services, and many others.

During the forecast period, the cloud managed services market in Asia-Pacific will also grow quickly. The Asia-Pacific region will see the most growth because cloud services are becoming more popular there. Because of this, the market will eventually do well in the years to come as development continues to grow.

Africa and the Middle East are part of the rest of the world. These countries will grow more slowly than those in other parts of the world. The market won't grow anymore because there aren't enough new technologies and people don't know enough about them. The cloud managed services market in these areas will grow a lot overall due to a number of factors.

Scope Analysis:

Recent Developments

• In August 2022, SkyMax signed a memorandum of understanding with Ericsson to form a partnership to build the next generation of 5G broadband network, including a platform to deliver digital services, across sub-Saharan Africa
• In June 2022, Cisco introduced new cloud management capabilities that provide a unified experience across Cisco Meraki, Cisco Catalyst, and Cisco Nexus portfolios, as well as a new Cisco ThousandEyes product to proactively forecast and optimize WAN performance. These innovations underscore Cisco's strategy to provide customers with the agility, resiliency, and productivity their businesses need to thrive in the unpredictable power of cloud-managed platforms.
• In October 2021, IBM and Deloitte announced the launch of DAPPER, an AI-enabled managed analytics solution designed to help organizations accelerate hybrid cloud and AI adoption. Its end-to-end capabilities ensure data insights are delivered through a secure, easy-to-use managed service offering.
• In March 2020, Fujitsu launched the Fujitsu Cloud Service for OSS, which enables the building and deployment of information systems that handle highly confidential information with secure and flexible operations that are traditionally deployed on-premises or in the cloud. This is introduced to support the Japanese government. Fujitsu's government cloud meets the security standards unique to government agencies in Japan.

Market Segmentation

This portion of the study on the Cloud Managed Services Market gives detailed data on the segments at the country and regional level, thereby aiding the strategist in determining the target demographics for the relevant product or service and the impending opportunities.

By Service Type

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

By Deployment

• Public Cloud
• Private Cloud

By Enterprise Size

• SMEs
• Large Enterprises

By Vertical

• Banking, Financial Services, and Insurance (BFSI)
• IT and Telecommunications
• Government and Public Sector
• Healthcare and Life Sciences
• Retail and Consumer Goods
• Manufacturing
• Others (Energy and Utilities, and Aerospace and Defense, Etc.)

By Companies

• Accenture PLC (Dublin, Ireland)
• Alcatel-Lucent S.A. (Boulogne-Billancourt, France)
• Amazon Web Services, Inc. (Washington, United States)
• Atos (Bezons, France)
• Augmentt Technology Inc. (Ontario, Canada)
• Bespin Global (Seoul, South Korea)
• Capgemini SE (Paris, France)
• Cisco Systems Inc. (California, United States)
• Cloudticity, LLC (Washington, United States)
• Cognizant Technology Solutions Corporation (New Jersey, United States)
• Datacom Group Ltd (Jakarta, Indonesia)
• Deloitte Touche Tohmatsu Limited (London, United Kingdom)
• DLT Solutions (Virginia, United States)
• DXC Technology Company (Virginia, United States)
• Fujitsu Ltd. (Tokyo, Japan)
• Google LLC (California, United States)
• HCL Technologies Limited (Noida, India)
• Hewlett Packard Enterprise Development LP (California, United States)
• Huawei Technologies Co., Ltd. (Shenzhen, China)
• IBM Corporation (New York, United States)
• Infosys Limited (Bengaluru, India)
• Logicworks (New York, United States)
• Lumen Technologies, Inc. (CenturyLink) (Louisiana, United States)
• NEC Corporation (Tokyo, Japan)
• Nordcloud Oy (Helsinki, Finland)
• NTT DATA Corporation (Tokyo, Japan)
• Progressive Infotech Pvt. Ltd. (Noida, India)
• Rackspace US, Inc. (Texas, United States)
• Smartronix, LLC (Maryland, United States)
• Taos Mountain LLC (California, United States)
• Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)
• Wipro Limited (Bengaluru, India)