Cloud Managed Services Market to be Worth $247.5 Billion by 2030 - Market Sizes, Shares, Forecasts, and Trends Analysis Report by Meticulous Research®
REDDING, Calif., March 15, 2023 /PRNewswire/ -- According to a new market 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,' the cloud managed services market is projected to reach $247.5 billion by 2030, at a CAGR of 14.2% from 2023 to 2030.
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Cloud managed services are IT service offerings that provide for the day-to-day management and operational responsibility for cloud service environments. Cloud managed services generally include day-to-day monitoring and management of cloud service environments, including configuration management, performance management, cost optimization, security and compliance monitoring, capacity management, financial management, and governance.
These services are designed to enable organizations to maximize benefits from cloud services while minimizing internal time and costs.
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. Enterprises' increasing preference for storage-as-a-service and rising demand for backup and archive-as-a-service are the key trends observed in the cloud managed services market.
Technological Advances Supporting the Adoption of Cloud Services
Technologies such as Artificial Intelligence (AI), Machine Learning (ML), the Internet of Things (IoT), and Big Data are becoming pivotal for modern-day businesses. Challenges in the on-premise deployment of AI have encouraged enterprises to leverage cloud managed services. According to a January 2022 article by Nutanix, Inc. (U.S.), 70% of companies develop AI capabilities through cloud-based software, while 65% create AI apps using cloud managed services. Cloud services allow organizations to access big data cost-effectively, offering pay-per-use models and high scalability. Experts suggest that small and medium-sized enterprises that are not cloud-native can compete with large enterprises by using cloud solutions. Consistent technological advances are encouraging organizations to incorporate cloud managed services, making them an essential component of businesses' IT environments.
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Cloud managed services help organizations rapidly create cloud capabilities across all key business areas, giving them a competitive edge in adopting advanced technologies. As cloud services allow organizations to automate processes and leverage cutting-edge computing technologies, they help reduce costs and enable organizations to focus on their core competencies. Cloud managed services also help organizations free up internal resources to support growing workloads, compensate for the lack of in-house resources due to the IT skills gap, and counter the increasing sophistication of cyberattacks. Thus, technological advances supporting the adoption of cloud managed services are driving the growth of this market.
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, in 2023, the network services segment is expected to account for the largest share of the global cloud managed services market. However, the mobility services segment is expected to register the highes 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.
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Based on deployment mode, in 2023, the public cloud segment is expected to account for the largest share of the global cloud managed services market. The large market share of this segment is attributed to the growing demand for cloud managed services due to their cost-effectiveness and the increasing demand for public cloud managed services to avoid the high upfront costs of setting up and maintaining on-premises infrastructure for businesses. However, the hybrid cloud segment is projected to register the highest CAGR during the forecast period.
Based on organization size, in 2023, the large enterprises segment is expected to account for the larger share of the global cloud managed services market. The large market share of this segment is attributed to the growing demand for cloud managed services owing to the rising need for efficient network infrastructure, data centralization, business continuity, integration of new services and updates, and availability of larger budgets and focus on developing strategic IT initiatives for implementing cloud managed services. However, the small & medium-sized enterprises segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing deployments of cloud managed services owing to the availability of fully managed services, reduction in hardware maintenance costs, and reduction in infrastructure replacement or upgradation costs, and availability of market-proven solutions & services at a reasonable subscription fee.
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 capital costs and transfer them into operational expenses and businesses' increasing need to concentrate on their core functions. Furthermore, companies' increasing inclination toward adopting cloud solutions to improve business productivity and decision-making capabilities and significant advancements & innovation in cloud managed services are supporting the large share of this regional market.
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.
Some of 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.).
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Scope of the Report
Cloud Managed Services Market, by Type
Cloud Managed Services Market, by Deployment Mode
Cloud Managed Services Market, by Organization Size
Cloud Managed Services Market, by Sector
Cloud Managed Services Market, by Geography
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