June 25, 2024
ICT

Cloud Managed Services Market Size to Grow USD 420.70 Bn by 2033

The global cloud managed services market size accounted for  USD 121.10 billion in 2023 and is expected to attain around USD 420.70 billion by 2033, growing at a CAGR of 13.26% from 2024 to 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.

Cloud Managed Services Market Size 2024 to 2033

The cloud managed services market is experiencing significant growth as organizations increasingly adopt cloud-based solutions for their IT infrastructure. This market encompasses a range of services, including infrastructure management, security, data backup and recovery, and network management, all provided through cloud-based platforms. Businesses are leveraging these services to streamline operations, reduce IT costs, and enhance flexibility and scalability.

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Growth Factors:

Several factors are driving the growth of the cloud managed services market. The increasing adoption of cloud technologies across industries is a major growth factor. Companies are looking to shift from traditional IT infrastructure to cloud-based solutions for greater agility and cost-efficiency. Additionally, the rise in remote work and the demand for secure, scalable, and reliable IT solutions are boosting the market. The proliferation of Internet of Things (IoT) devices and data-intensive applications also fuels the need for cloud managed services.

Region Insights:

North America is a dominant region in the cloud managed services market due to the high adoption of cloud technologies by enterprises across various sectors. Europe and Asia-Pacific are also witnessing substantial growth, driven by the expansion of cloud-based services and increasing investments in IT infrastructure. Emerging markets in Latin America and the Middle East are poised for growth as well, with organizations in these regions recognizing the benefits of cloud managed services.

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:

The demand for efficient, scalable, and secure IT infrastructure is a key driver of the cloud managed services market. Businesses are increasingly outsourcing their IT management to focus on core operations and improve productivity. The growing adoption of hybrid cloud models and the integration of advanced technologies such as artificial intelligence (AI) and machine learning (ML) also contribute to market growth.

Opportunities:

The cloud managed services market presents numerous opportunities for providers to innovate and expand their offerings. As organizations migrate to the cloud, there is a growing demand for specialized services such as cloud security, compliance management, and performance optimization. Additionally, partnerships with cloud service providers and technology firms can open new avenues for market expansion.

Challenges:

Challenges in the cloud managed services market include concerns about data privacy and security, as well as compliance with regional regulations. Ensuring seamless integration with existing IT systems can be complex and requires expertise. Competition among service providers is intensifying, making differentiation and the provision of value-added services crucial for success.

Read Also: Defibrillators Market Size to Grow 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

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