Global Cloud Managed Services Market Size, Share, and COVID-19 Impact Analysis, By Type (Managed Security, Managed Business Services, Managed Network, Managed Mobility, Managed Infrastructure, Managed Communication, Managed Information & Others), By Deployment (Public Cloud & Private Cloud), By Organization Size (Small and Medium Enterprises & Large Enterprises), By Vertical (BFSI, IT & Telecommunication, Healthcare, Retail, Manufacturing, Government and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The global cloud managed services market was valued at USD 47.24 billion in 2021. The market is projected to grow USD 131.45 Bn in 2030, at a CAGR of 13.2%. The practice of outsourcing IT resources and administration that are used in the cloud.

One of the key factors propelling the market's growth is the rising desire from businesses to reduce operational and infrastructure costs to manage business processes. By externalizing cloud resources to other parties, organizations become more competitive and are free to focus on their core capabilities. Managed cloud computing and analytical services are in extremely high demand as a result of the Big Data industry's expansion.

Due to a number of factors, such as the rise in digitization and developing trend of workplace transformation, lower costs, effective collaborations, and shorter time to market for new goods, innovation management systems are quickly becoming accepted by large corporations and SMEs globally.

COVID-19 ANALYSIS

The COVID-19 has had a variety of effects on the global market for managed business services, including direct effects on supply and demand, disruptions to supply chains and marketplaces, and financial effects on companies and financial markets. The adoption of cloud, AI, and big data has surged as a result of the COVID-19 epidemic. Numerous businesses have updated their policies and rules regarding remote employment.

The cloud industry behemoth has been able to change its services as a result of this growth in order to handle the increasing strain. Additionally, as more businesses increasingly rely on IoT, big data analytics, and the cloud as a key pathway to digital transformation, the demand on data centers is growing. This is anticipated to fuel the global market's expansion during the COVID-19.

TREND

Growing Adoption of Cloud Managed Security Services

The market expansion will be aided by the growing acceptance of private cloud deployments, which will speed up IT services by reducing IT expenses, improving scalability, providing access to automatic updates, etc. Due to the demand for cloud installations, various industries have begun implementing cloud services. Furthermore, compared to public clouds deployment, the data storage capacity is enormous. Enterprises are transforming according to client demands in spite using conventional deployments.

DRIVERS

Growing Need to Manage Critical Business Applications & IT Systems to Drive the Market

Companies are using managed services increasingly frequently as they look to strengthen their operations, security, and organizational capabilities. The ability to eliminate complicated system integration services and aid in the establishment of a well-developed solution to guarantee cloud scalability and economics make cloud managed services valuable for enterprises. Because it is so expensive to have full-time IT professionals to handle cloud services, most small- and medium-sized enterprises cannot afford to do so. As a result, outsourcing these services enables enterprises to manage and cut back on network maintenance expenses without sacrificing productivity or security.

RESTRAINT

Concerns Pertaining to Lack of Skilled Professionals

One of the main factors limiting the expansion of this market is a dearth of IT and cybersecurity professionals. Due to this flaw, businesses will not be able to meet their IT security requirements. An organization's lack of IT and cybersecurity experts can allow hackers and viruses to enter the IT ecosystem, resulting in the loss of important data and resources. In addition, one of the major obstacles impeding market growth is the expensive cost of these services, along with worries about data privacy and security.

SEGMENTATION INSIGHT

Cloud managed services market is segmented by Type (Managed Security. Managed Business Services, Managed Network, Managed Mobility, Managed Infrastructure, Managed Communication, Managed Information & Others), By Deployment (Public Cloud & Private Cloud), By Organization Size (Small and Medium Enterprises & Large Enterprises), By Vertical (BFSI, IT & Telecommunication, Healthcare, Retail, Manufacturing, Government and Others) and Region. Based on the type, the market is managed categorized into managed security. managed business services, managed network, managed mobility, managed infrastructure, managed communication, managed information & others. Based on deployment, the market is managed categorized into public cloud & private cloud. Based on organization size, the market is managed categorized into small and medium enterprises & large enterprises. Based on vertical, the market is managed categorized into bfsi, it & telecommunication, healthcare, retail, manufacturing, government and others. Based on the region, the market is managed categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

By Deployment

Based on deployment, the market is managed categorized into public cloud & private cloud. The private cloud segment is expected to dominate the market share of global cloud managed services market owing to benefit from the private cloud in a variety of ways, including increased control and data protection.

Additionally, this strategy offers organizations consistency and cost benefits. The firm can tailor its resources to fulfil particular IT requirements with the use of a private cloud. Governments, banks, and other medium- to large-sized organizations with mission-critical operations employ these systems largely to enhance operational protection.

By Organization Size

Based on organization size, the large enterprises segment is expected to dominate the cloud managed services market share by 2030 owing to Services handled by the cloud help big businesses cut their IT expenses. These facilities are provided using the pay-as-you-go concept. In addition, these services help big businesses manage their operational needs and data requirements in order to accomplish efficiency goals.

Additionally, they enhance the versatility, connectivity, and integrity of the service capacity. Retail and consumer goods, healthcare, manufacturing, and telecom & IT are the main industry sectors that contribute to the region's cloud managed services market.

By Vertical

Based on vertical, the market is categorized into bfsi, it & telecommunication, healthcare, retail, manufacturing, government and others. The it & telecommunication segment is expected to dominate the global market by 2030 due to the cloud managed services are being quickly adopted by IT and telecom organizations to improve service maintenance across a range of applications.

Migration to the cloud will cut back on extra costs and reduce internal computer requirements. Furthermore, early adopters of effective technologies like Bring Your Own Device (BYOD), Machine Learning, and others that have further fueled industry expansion include IT and telecom firms.

REGIONAL INSIGHTS

North America region is expected to dominate the cloud managed services market due to the growth and profitability they offer, managed cloud services are being adopted throughout the region as a result of increasing consumer demand. The region's end-user sectors are embracing cloud services as an IT delivery strategy to control costs and address the lack of qualified IT staff needed to manage corporate operations.

However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global cloud managed services market due to increasing deployment of private cloud solutions and increasing data security investments, several companies in the Asia Pacific region are anticipated to significantly contribute to the market's growth throughout the projected period.

Additionally, due to a rise in the need for IT infrastructure and the quick spread of digitalization in nations like China and Japan. This growth is partly attributable to expanding innovations, R&D spending, and business alliances between various companies.

LIST OF KEY COMPANIES PROFILED:

• Accenture
• Amazon Web Services, Inc.
• Cisco Systems, Inc.
• CSS Corp
• Amazon Web Services, Inc.
• HCL Technologies Limited
• Hewlett Packard Enterprise Development LP
• Accenture
• Infosys Limited
• Microsoft
• NTT Limited
• Open Text Corporation
• Oracle
• Orange Business Services
• Protiviti Inc
• RACKSPACE TECHNOLOGY
• Trianz
• Veritis Group Inc.
• Virtusa Corp.
• Others

KEY INDUSTRY DEVELOPMENTS:

• October 2021- IBM and Palo Alto Networks worked together on 5G security. The attack surface of telecom carriers and their clients may grow as a result of 5G. The 5G development is intended to bring faster data rates, reduced latency, and a functional redesign of mobile networks to support better efficiency and agility.
• June 2021- MyNav Green Cloud Advisor was introduced by Accenture to assist businesses in achieving sustainability objectives through the cloud. MyNav Green Cloud Advisor assists businesses in developing cloud solutions that cut carbon emissions and create a solid groundwork for ethical innovation.

SEGMENTATION:

By Type

• Managed Security
• Managed Business Services
• Managed Network
• Managed Mobility
• Managed Infrastructure
• Managed Communication
• Managed Information
• Others

By Deployment

• Public Cloud
• Private Cloud

By Organization Size

• Small and Medium Enterprises
• Large Enterprises

By Vertical

• BFSI
• IT & Telecommunication
• Healthcare
• Retail
• Manufacturing
• Government
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa