Press release
Cloud Managed Services Market to Reach USD 524.28 Billion by 2034, Expanding at a CAGR of 14.6%
Polaris Market Research examines the cloud managed services market to register a CAGR of 14.6% during 2025-2034. The market was valued at USD 134.48 billion in 2024 and is projected to grow to USD 524.28 billion by 2034.
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Market Introduction
Cloud managed services refer to the outsourcing of daily IT management and support for cloud-based infrastructure, applications, and systems to a third-party provider. These services help businesses optimize their cloud environments by handling tasks such as monitoring, security, backup and recovery, performance optimization, updates, and compliance. Managed service providers (MSPs) offer expertise and automation to ensure the cloud environment runs efficiently, securely, and cost-effectively. That way, businesses can focus on their core operations while benefiting from scalability, 24/7 support, and reduced operational overhead. Cloud managed services are especially valued for organizations that lack in-house cloud expertise or are looking to accelerate digital transformation without managing complex cloud infrastructure themselves.
Market Growth Drivers
Increasing Complexity of Cloud Environments: Businesses are increasingly adopting multi-cloud and hybrid cloud strategies. As a result, managing these complex environments has become more challenging. Different cloud environments come with their unique configurations, tools, and compliance requirements, which makes it difficult for internal IT teams to manage them effectively. Cloud managed service providers offer the expertise required to streamline operations and ensure seamless integration across multiple platforms.
Rising Cybersecurity Threats: The rising prevalence of cybersecurity threats, including data breaches, ransomware attacks, and phishing attempts, are posing significant challenges for businesses globally. Many organizations struggle to maintain adequate in-house security capabilities as the complexity of these cyber threats increases. Consequently, there is a greater reliance on cloud-managed service providers, which offer advanced security measures such as data encryption, real-time threat detection, and vulnerability management.
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Market Key Players
The cloud managed services market is characterized by the presence of several established organizations offering a diverse range of solutions to support businesses in their cloud journeys. A few of the major market participants include:
Amazon Web Services (AWS)
Capgemini
Cognizant
Google Cloud (Alphabet Inc.)
HCLTech
IBM Consulting (IBM)
Infosys Limited
Kyndryl
Microsoft Azure (Microsoft Corporation)
Tata Consultancy Services (Tata Group)
Wipro Limited
Market Segmentation:
By Organization Size Outlook (Revenue - USD Billion, 2020-2034)
Large Enterprises
Small and Medium-Sized Enterprises
By Service Outlook (Revenue - USD Billion, 2020-2034)
Managed Business Services
Managed Network Services
Managed Security Services
Managed Infrastructure Services
Managed Mobility Services
Managed Communication & Collaboration Services
By Vertical Outlook (Revenue - USD Billion, 2020-2034)
BFSI
Telecom
Government & Public Sector
Healthcare & Lifesciences
Retail & Consumer Goods
Manufacturing
Energy
Utilities
IT
Others
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Regional Assessment
North America: North America led the global cloud managed services market in 2024. This is primarily due to the region's early adoption of advanced technologies and the significant presence of leading cloud service providers. High demand for cloud managed services from sectors such as healthcare, banking, financial services, and insurance (BFSI), and information technology (IT) contributes to the regional market dominance.
Asia Pacific: Asia Pacific is witnessing rapid growth, owing to rising cloud adoption among small and medium enterprises and increasing digital transformation across industries. In addition, the growing need for data localization, cybersecurity, and enhanced operational efficiency drives the regional market growth.
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