Rapid Growth Expected in Cloud Managed Services Market, Projected to Reach USD 272.34 Billion by 2032

The global cloud managed services market size is expected to reach USD 272.34 Billion in 2032  and register a steady revenue CAGR of 10.6% during the forecast period, according to latest analysis by Emergen Research. The increased use of cloud computing across numerous industries has led to significant expansion in the market for cloud managed services in recent years. Managed services describe the practise of contracting out a company's IT operations to a different service provider, who then manages and keeps an eye on its cloud infrastructure. As a result, businesses are able to concentrate on their core skills while the service provider looks after the seamless operation of their IT systems.

The increasing demand for affordable IT solutions is one of the key factors driving the market for cloud managed services. More businesses are looking for ways to cut their IT expenses, and outsourcing to a managed service provider can frequently be less expensive than keeping an in-house IT team. Additionally, managed services can give businesses access to specialised IT knowledge that may not be present internally, enabling them to enhance their IT operations and maintain a competitive edge in their respective markets.

The growing popularity of cloud computing is another factor driving the market for cloud managed services. Increasingly more people are using cloud computing because of its adaptability, scalability, and affordability. The demand for managed services to support businesses in managing their cloud infrastructure and making sure it is operating efficiently is rising as more businesses transfer their activities to the cloud.

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However, the market for cloud managed services is also faced with a number of difficulties. The problem of data security is one of the major difficulties. Data breaches and cyberattacks are becoming more and more likely as more businesses migrate their operations to the cloud. The need for managed services that can offer cutting-edge security capabilities like threat detection, incident response, and data encryption has expanded as a result.

Vendor lock-in is another difficulty that the market for cloud managed services is facing. Many businesses worry that they won't be able to easily switch to another managed service provider if they become overly reliant on one. Many service providers are now providing multi-cloud solutions that enable businesses to collaborate with multiple cloud providers at once in order to address this issue.

Despite these obstacles, it is anticipated that the market for cloud-managed services will expand over the next few years. The increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies is one of the major growth factors influencing the industry. The importance of these technologies is rising in the cloud computing sector, and managed service providers are anticipated to be crucial in aiding businesses in implementing and managing these technologies.

Major Companies and Competitive Landscape:

Some major companies in the global Cloud Managed Services Market report include IB M, Telefonaktiebolaget LM Ericsson, Cisco Systems, Inc., Fujits , Amazon Web Services, Inc., NTT DATA Corporation, Infosys Limited, Hewlett Packard Enterprise Development LP, and NEC Corporation.

The global cloud managed services market is highly competitive, with a large number of players operating in the market. Some of the leading players in the market include IBM Corporation, , Cisco Systems, Inc., Hewlett Packard Enterprise Development LP, NTT Data Corporation, Fujitsu Limited, Ericsson, Huawei Technologies Co. Ltd., NEC Corporation, and DXC Technology Company, among others.

These companies are focusing on various strategies to maintain their position in the market, including mergers and acquisitions, partnerships, collaborations, and product innovation. For example, in 2021, IBM announced the acquisition of Taos, a leading cloud consulting and managed services provider, to expand its hybrid cloud and AI strategy. Similarly, in 2020, NTT Data Corporation acquired Flux7, a DevOps and cloud consulting firm, to enhance its cloud transformation services.

The market players are also investing in research and development to develop advanced cloud managed services solutions that meet the evolving needs of their customers. For instance, in 2020, AccentureS announced the launch of its Cloud First initiative, which aims to help businesses accelerate their digital transformation and drive innovation through the cloud.

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Cloud Managed Services Market Segmentation :

In terms of service type, the market has been segmented into managed security services, managed network services, managed infrastructure services, managed communication and collaboration services, managed mobility services, and managed business services. Managed security services are expected to see strong growth over the forecast period, driven by the increasing importance of data security in the cloud computing industry.

The market has also been segmented based on organization size, with the two main categories being small and medium-sized enterprises (SMEs) and large enterprises. Large enterprises are expected to account for a larger share of the market, due to their greater need for complex managed services and larger IT budgets.

In terms of vertical, the market has been segmented into several categories, including banking, financial services, and insurance (BFSI), telecom, information technology, government and public sector, healthcare and life sciences, retail and consumer goods, manufacturing, energy and utilities, and other verticals. The BFSI and telecom sectors are expected to see strong growth in the market, due to their increasing adoption of cloud computing and the need for secure and reliable IT solutions.

The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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