Cloud Managed Services Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Cloud Managed Services Market
The cloud managed services market size was valued at USD 46.50 billion in 2019, and the market is now projected to grow from USD 129.26 billion by 2027 to USD 216.78 billion by 2031, exhibiting a CAGR of 13.8% during the forecast period of 2019-2032.
COVID-19 has swelled the market and demand for the cloud managed services market growth and remote technologies due to commutation and collaborator tools. Companies prioritize cost reduction and advanced solutions such as cloud security to adapt to evolving needs. SMEs and larger businesses increasingly rely on managed service providers to handle growing technology demands. Remote working trends have boosted this market, while sectors such as travel and hospitality face significant challenges. Overall, the pandemic has favoured the growth of remote tech and cloud solutions.
The growing adoption of cloud solutions for IT operations drives demand for cloud managed services market share, enabling efficient management of applications such as accounting and CRM. Businesses leverage cloud models for more than cost reduction, focusing on technology upgrades and optimized performance. Providers are expanding end-to-end service portfolios to meet evolving needs and deliver greater value. This trend highlights the global shift towards cloud adoption for business functionalities. The rising integration of new technologies further boosts reliance on cloud managed services market.
Additionally, the adoption of cloud delivery models is accelerating, with service providers developing advanced applications for cloud migration and cloud native solutions. Hybrid cloud platforms offer flexibility by combining public and private clouds, addressing the limitations of single-vendor solutions. Providers are automating deployments and standardizing systems for seamless operations and metadata tracking. This enhances coordination and future readiness in cloud service usage. Growing digital network adoption is unlocking new opportunities for managed cloud service providers.
Comprehensive Analysis of Cloud Managed Services Market
The cloud managed services market and hardware & software IT services industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the hardware & software IT services industry. These segmentations are methodically segregated by service types, by deployment, by enterprise size and by vertical. The service types include, Managed Business Services, Managed Network Services, Managed Infrastructure Services, Managed Security Services, Managed Mobility Services, and Managed Communication and Collaboration Services. The deployment includes, Public Cloud and Private Cloud. The enterprise size includes, SMEs and Large Enterprises. The vertical include, Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Government and Public Sector, Healthcare and Life Sciences, Retail and Consumer Goods, Manufacturing and Others (Energy and Utilities, Aerospace and Defense, etc.).
North America holds the largest market share for cloud managed services as demand increases and growth and profitability become easier. Organizations are adopting cloud services to reduce costs and address IT skill shortages. Early adoption by the U.S. Army, Air Force and DOJ has set regional trends, with FedRAMP offering a standardized framework for secure, mission-centric cloud services. This environment fosters a robust marketplace for cloud service providers.
The top players in the market play a crucial role in the hardware & software IT services industry assuring industrial prospectus growth and setting market standards. These players include, 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) and Wipro Limited (Bengaluru, India). These market players provide a level-playing competitive landscape.
In September 2022, CloudWave, a leading independent cloud and managed services software hosting firm in the healthcare sector, made headlines. They are launching OpSus Cloud Services, the new service, with seven more healthcare organizations, making their total Auxiant partners exceed 250. This strategic move proved very beneficial for CloudWave, as it produced its best financial quarter, with the new hospitals at the center of implementing OpSus Cloud Services.
Segmentation Table
Global Cloud Managed Services Market Scope
Study Period 2018-2027
Base Year 2019
Forecast Period 2020-2027
Growth Rate CAGR of 13.8% from 2020 to 2027
Historical Period 2016-2018
Unit Value (USD Billion)
Segmentation By Service Type, Deployment, Enterprise Size, Vertical, and Geography
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 Region
North America
By Service Type
By Deployment
By Enterprise Size
By End-user
By Country
The U.S
By Service Type
Canada
By Service Type
Mexico
By Service Type
South America
By Service Type
By Deployment
By Enterprise Size
By End-user
By Country
Brazil
By Service Type
Argentina
By Service Type
Rest of South America
Europe
By Service Type
By Deployment
By Enterprise Size
By End-user
By Country
United Kingdom
By Service Type
Germany
By Service Type
France
By Service Type
Italy
By Service Type
Spain
By Service Type
Russia
By Service Type
Benelux
By Service Type
Nordics
By Service Type
Rest of Europe
The Middle East & Africa
By Service Type
By Deployment
By Enterprise Size
By End-user
By Country
Turkey
By Service Type
Israel
By Service Type
GCC
By Service Type
North Africa
By Service Type
South Africa
By Service Type
Rest of the Middle East & Africa
Asia Pacific
By Service Type
By Deployment
By Enterprise Size
By End-user
By Country
China
By Service Type
Japan
By Service Type
India
By Service Type
South Korea
By Service Type
ASEAN
By Service Type
Oceania
By Service Type
Rest of Asia Pacific