May 26, 2024
ICT

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

The global cloud managed services market size reached USD 121.10 billion in 2023 and is anticipated 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 involves outsourcing the management of cloud infrastructure, applications, and platforms to third-party service providers. This market has seen substantial growth as organizations increasingly adopt cloud computing to enhance efficiency and agility while reducing IT costs.

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Growth Factors:

Key growth factors for the cloud managed services market include the rising adoption of cloud-based technologies, the need for scalable and flexible IT solutions, and the increasing complexity of managing cloud environments. Additionally, as organizations shift towards digital transformation, there is a growing demand for specialized cloud services.

Region Insights:

Region insights reveal variations in the adoption and growth of cloud managed services across different geographical areas. North America leads the market due to its advanced IT infrastructure and high cloud adoption rates. Europe and Asia-Pacific are also significant markets, with growing investment in cloud technology and a rising number of businesses shifting to cloud solutions.

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 market is driven by factors such as the increasing reliance on data-driven decision-making, the need for remote work solutions, and the desire to improve business continuity and disaster recovery capabilities. Additionally, managed services providers offer expertise and resources that allow businesses to focus on core activities while leaving IT management to specialists.

Opportunities:

Opportunities in the cloud managed services market include the growing demand for hybrid and multi-cloud environments, which require skilled management to optimize performance and security. The expansion of emerging technologies such as AI and IoT also presents new avenues for managed service providers to deliver value-added services.

Challenges:

Challenges in the cloud managed services market include ensuring data security and privacy in cloud environments, managing regulatory compliance across different regions, and addressing integration complexities in multi-cloud setups. Competition among providers may also pose challenges in terms of pricing and service differentiation.

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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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