Cloud Managed Service Market Development Status, Competition Analysis and forecast 2029

Cloud Managed Services Market revenue is expected to grow at a CAGR of 13.81% through 2023 to 2029, reaching nearly USD 169.50 Bn.

Cloud Managed Services Market Report Scope and Research Methodology

Report Scope:

Managed cloud services refer to services that provide clients with either partial or complete control over their cloud resources and infrastructure. These services encompass migration, configuration, optimization, security, and maintenance, designed to assist businesses in maximizing the benefits of cloud services while saving time and resources. Cloud managed services encompass various domains, including Managed Business Services, Managed Network Services, Managed Security Services, Managed Infrastructure Services, Managed Mobility Services, and Managed Communication and Collaboration Services.

Research Methodology:

Our comprehensive analysis of the Global Cloud Managed Services Market relies on data sourced from market participants across North America, Asia Pacific, Europe, Middle East & Africa, and South America. The report encompasses the dynamics, drivers, limitations, prospects, and impediments of the market, allowing for the formulation of investor recommendations based on an exhaustive examination of the contemporary competitive landscape within the Global Cloud Managed Services Market.

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What are Cloud Managed Services Market Dynamics?

Many business owners either lack the time or the inclination to focus on their IT infrastructure and capabilities. However, the maintenance of IT systems is vital for business continuity. To address this, Managed Service Providers (MSPs) play a crucial role by proactively resolving IT system issues. Most MSPs offer round-the-clock monitoring, which encourages clients to avail of their services. Security solutions vigilantly watch over IT systems for potential threats or disruptions, identifying and resolving issues before they escalate into significant concerns for businesses. This, in turn, allows business owners to concentrate on their core competencies, unburdened by IT system concerns and maintenance.

The demand for cloud managed services is on the rise as businesses aim to reduce operational and infrastructure costs associated with their operations. Outsourcing cloud services to third parties allows businesses to focus on their core functions, thereby increasing overall productivity. The growing adoption of big data has driven the demand for managed analytical services and cloud storage. Furthermore, the need for reliability and scalability is likely to propel demand for these services, allowing businesses to tailor their services to meet their specific requirements.

Cloud Managed Services Market Segmentation?

Services Type: The market is segmented into Managed Business Services, Managed Network Services, Managed Security Services, Managed Infrastructure Services, Managed Mobility Services, and Managed Communication and Collaboration Services. Managed Business Services is projected to dominate the market with a market share by 2029. These services offer advantages such as cost savings, future-proofed technology, integrated services, resilient infrastructure, predictable monthly charges, centralized services and applications, and coverage across all service levels. As businesses increasingly rely on Software-as-a-Service (SaaS) applications like office productivity suites, sales platforms, and Google suites, centralized platforms have become essential. Companies are now turning to cloud services for data protection, with cloud-based solutions such as archiving, Disaster Recovery as a Service (DRaaS), and backing up SaaS applications becoming increasingly popular.

Vertical: The market segmentation by vertical includes BFSI, Telecom, Government and public sector, Healthcare and life sciences, Retail and Consumer goods, Manufacturing, Energy and Utilities, IT, and Others. The BFSI industry, which was an early adopter of computer and networking technologies to reduce large, space-intensive repositories and databases, is projected to have the highest share in the cloud managed services market during the forecast period. Big data strategies within the banking industry have gained significant traction, with banks like BNY Mellon, Morgan Stanley, Bank of America, Credit Suisse, and PNC adopting these strategies to enhance efficiency and streamline their operations. These developments are set to bolster the cloud managed services market during the forecast period from 2023 to 2029.

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Who are Cloud Managed Services Market Key Players?

1. NTT Data Corp.
2. NEC Corp.
3. Rackspace
4. Cisco Systems Inc.
5. Hewlett Packard Enterprises
6. VMWare
7. Huawei Technologies
8. AT&T
9. Microsoft Corp.
10. IBM Corp.
11. Hitachi systems security
12. Optiv security
13. Rapid7
14. Unisys
15. Ericsson
16. Amazon Web Services
17. Fujitsu Limited
18. Infosys Limited
19. Alcatel Lucent
20. Datacom

Table of content for the Cloud Managed Services Market includes:

Part 01: Executive Summary

Part 02: Scope of the Cloud Managed Services Market Report

Part 03: Global Cloud Managed Services Market Landscape

Part 04: Global Cloud Managed Services Market Sizing

Part 05: Global Cloud Managed Services Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

The global Cloud Managed Services market encompasses regions like North America, Asia Pacific, Europe, Middle East and Africa, and South America. Each region plays a significant role in shaping the market. For instance, the North America Military Land Vehicle Market is experiencing a rise in demand for electric vehicles, driven by the adoption of electric and zero-emission vehicles for the non-tactical fleet of the U.S. military. The Asia Pacific region, on the other hand, is witnessing strong investments in Cloud Managed Services to bolster military capabilities.

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