Cloud Managed Services Market Share Reach to USD 319.4 Billion by 2031 | Top Driving Factors that Could Escalate Market Growth Worldwide

Allied Market Research published a new report, titled, " The Cloud Managed Services Market Share Reach to USD 319.4 Billion by 2031 | Top Driving Factors that Could Escalate Market Growth Worldwide." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Rise in demand for cloud applications is propelling the growth of the global cloud-managed services market. Furthermore, lower costs of cloud services and hyper-scaling capabilities are also expected to aid in the growth of cloud managed services market. Growing demand for cloud and cloud services in SMEs is expected to offer remunerative opportunities for the expansion of the cloud managed services market during the forecast period.

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The global cloud managed services market size was valued at USD 83.3 billion in 2021, and is projected to reach USD 319.4 billion by 2031, growing at a CAGR of 14.5% from 2022 to 2031.

The cloud managed services industry is segmented on the basis of service type, enterprise size, industry vertical, and region. By service 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. By enterprise size, the market is segmented into large enterprises and SMEs. Depending on industry vertical, the market is classified into BFSI, healthcare, manufacturing, retail, IT and telecom, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on industry vertical, the BFSI segment held the largest share in 2021, accounting for more than one-fourth of the total market share, and is projected to continue its lead in terms of revenue during the forecast period. However, the retail segment is estimated to grow at the highest CAGR of 17.3% during the forecast period.

Based on enterprise size, the large enterprises segment accounted for the highest share in 2021, contributing to around three-fifths of the global cloud managed services market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the SMEs segment is expected to manifest the highest CAGR of 15.7% from 2022 to 2031.

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Based on region, North America contributed to the largest share in 2021, holding more than two-fifths of the global cloud managed services industry share, and will maintain its dominant share throughout the forecast period. However, Asia-Pacific is expected to manifest the fastest CAGR of 16.6% during the forecast period.

The key players profiled in the cloud managed services market analysis are ALE International, ALE USA Inc., Atos SE, Amazon Web Services, Inc, Cisco Systems, Inc., Cloudticity, Datacom Group Ltd, Telefonaktiebolaget LM Ericsson, FUJITSU, Hewlett Packard Enterprise Development LP, Huawei Technologies Co., Ltd, IBM Corporation, Infosys Limited, NEC Corporation, NTT DATA Corporation, RACKSPACE TECHNOLOGY, Tata Consultancy Services Limited, and Wipro.

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Covid-19 Scenario:

► The adoption of remote working and work-from-home culture led to surge in implementation of cloud managed services during the pandemic. The demand for cloud-based servers to handle the amount of data generation and ensure seamless operations of business processes increased considerably due to lockdown measures and closure of offices.

► Cloud managed service providers assisted small and medium enterprises in riding with the digital transformation trends and maintaining their daily operations. This enabled them in adapting to cloud and continuing their operations.

► The investments in cloud managed services increased considerably to maintain business continuity, improve efficiency of processes, and ensure seamless operation while serving customers. Post-pandemic, the trend of investing in advanced cloud managed services is expected to continue.

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