IMARC Group, a leading market research company, has recently releases report titled “Cloud Managed Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global cloud managed services market size reached US$ 53.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 145.7 Billion by 2032, exhibiting a growth rate (CAGR) of 11.74% during 2024-2032.
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Factors Affecting the Growth of the Cloud Managed Services Industry:
- Demand for Efficient Information Technology (IT) Operations:
Organizations worldwide are constantly seeking ways to enhance their IT operations. Cloud managed services offer a solution by providing expert management of cloud environments, which can significantly reduce the burden on internal IT staff. These services enable companies to focus on core business activities while ensuring that their cloud infrastructure is optimized, secure, and compliant with industry regulations. This shift towards managed services is particularly pronounced in sectors where IT is not the primary business focus but is critical for operations. Moreover, businesses can benefit from improved uptime, better resource allocation, and enhanced system performance by leveraging the expertise of third-party providers, all of which contribute to overall organizational efficiency and productivity.
- Cost Reduction and Scalability:
The growing focus on the cost savings by adopting cloud managed services is offering a favorable market outlook. Businesses can lower the need for in-house IT specialists by outsourcing the management of their cloud infrastructure, which can be a considerable expense, especially for small to medium-sized enterprises (SMEs). Additionally, cloud managed services offer scalability that is difficult to achieve with traditional IT setups. Companies can scale their IT operations up or down based on current needs without the substantial capital expenditure typically associated with such adjustments. This flexibility is particularly advantageous in rapidly changing market conditions, allowing businesses to respond quickly to opportunities or challenges without being hindered by their IT infrastructure.
- Technological Advancements:
Technological innovations, such as multi-cloud and hybrid cloud architectures, artificial intelligence (AI), and machine learning (ML) are contributing to the growth of the market. Cloud managed service providers are equipped to handle these complexities, offering expertise in the latest technologies. This enables businesses to leverage cutting-edge cloud solutions without the need to develop in-house expertise. In addition, the ability to stay abreast of technological advancements without significant investments in training and development is encouraging businesses to invest in cloud managed services.
Leading Companies Operating in the Global Cloud Managed Services Industry:
- Accenture plc
- Atos SE
- Cisco Systems, Inc.
- DXC Technology
- Fujitsu Limited
- Google LLC (Alphabet Inc.)
- HCL Technologies
- Hewlett Packard Enterprise
- International Business Machines Corporation
- Infosys Limited
- NEC Corporation (AT&T Inc.)
- NTT DATA Corporation (Nippon Telegraph and Telephone Corporation)
- Wipro Limited
Cloud Managed Services Market Report Segmentation:
By Service Type:
- Managed Network Services
- Managed Business Services
- Managed Security Services
- Managed Infrastructure Services
- Managed Mobility Services
- Managed Communication and Collaboration Services
Managed network services represent the largest segment due to the growing demand for efficient and reliable network management solutions among businesses seeking to optimize their cloud infrastructure.
By Deployment Model:
- Private Cloud
- Public Cloud
Private cloud holds the biggest market share as it offers enhanced security and control, making it a preferred choice for organizations concerned about data privacy and regulatory compliance.
By Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Large enterprises exhibit clear dominance in the market by organization size, attributed to their extensive information technology (IT) infrastructure and the rising need for comprehensive cloud management solutions to support their complex operations.
By Vertical:
- Retail and Consumer Goods
- BFSI
- Telecom
- Government and Public Sector
- Healthcare and Lifesciences
- Manufacturing
- Energy and Utilities
- IT
- Others
Retail and consumer goods account for the majority of the market share due to the increasing adoption of cloud services to enhance customer experience, streamline operations, and manage online retail platforms.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America dominates the market as it houses a significant number of tech-savvy enterprises and early adopters of cloud technologies, fostering a robust demand for managed services in the region.
Global Cloud Managed Services Market Trends:
The growing emphasis on sustainability in cloud computing, driven by environmental concerns, is encouraging the adoption of eco-friendly cloud solutions. The rising incorporation of green computing practices by cloud managed services for focusing on optimizing resource usage and reducing energy consumption is strengthening the market growth. This shift not only addresses corporate social responsibility (CSR) goals but also results in cost savings. Furthermore, providers are investing in sustainable data centers and offering services that help clients measure and minimize their carbon footprint, aligning with the global agenda of environmental sustainability.
Other Key Points Covered in the Report:
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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