PUBLISHER: SkyQuest | PRODUCT CODE: 1259976
PUBLISHER: SkyQuest | PRODUCT CODE: 1259976
Global Cloud Managed Service Market was valued at USD 86.32 billion in 2021, and it is expected to reach a value of USD 130.1 billion by 2028, at a CAGR of 10.2% over the forecast period (2022-2028).
The global market for cloud managed services is a sector that is expanding quickly and offers organisations a variety of services pertaining to the administration of their cloud-based IT infrastructure. Cloud storage, cloud migration, cloud security, and cloud monitoring are just a few of the services that cloud managed service companies provide. A number of reasons, such as the rising demand for cloud-based solutions, the expanding use of hybrid cloud settings, and the need for better IT performance and cost reduction, are driving the market.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cloud Managed Service Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The global cloud managed service market is segmented on the basis of service type, deployment, enterprise size, vertical, and region. Based on service type, the cloud managed service market is segmented into managed business service, managed network service, managed infrastructure service, managed security service, managed mobility service, and managed communication & collaboration service. Based on deployment, the market is segmented into public cloud and private cloud. Based on the enterprise size, the market is segmented into small and medium-sized enterprises and, large size enterprises. Based on vertical, the market is segmented into BFSI, IT & Telecommunication, Government & Public sector, Healthcare& life science, Retail & consumer goods, manufacturing, and others. Based on region, the global cloud managed service market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
The global cloud managed service market is increasing demand for cloud-based solutions. As more businesses move their operations to the cloud, there is a growing need for managed service providers who can help them optimize their cloud-based infrastructure and improve performance. Additionally, the growing adoption of hybrid cloud environments, which combine public and private cloud resources, is driving demand for managed services that can help businesses manage and secure these complex environments. Finally, the need for improved IT performance and cost savings is also driving demand for cloud managed services, as businesses seek to optimize their IT infrastructure and reduce costs.
Restraint
The market also faces a number of challenges and constraints. One of the major challenges is the complexity of cloud environments, which can be difficult to manage and secure. Additionally, concerns about data security and privacy are also driving changes in the market, as businesses seek out managed service providers who can offer robust security solutions. Finally, the market is highly competitive, with many providers competing for market share based on price, quality, and range of services offered.
Market Trends
The global cloud managed service market is expected to continue to grow over the next several years, driven by a combination of increasing demand for cloud-based solutions and innovation in managed service offerings. One of the major trends in the market is the growing adoption of artificial intelligence and machine learning technologies, which are being used to improve the performance and security of cloud environments. Additionally, there is a growing trend towards vertical specialization, with managed service providers focusing on specific industries and offering customized solutions to meet the unique needs of those industries. Finally, the rise of multi-cloud environments, which combine multiple cloud services from different providers, is also driving changes in the market, with managed service providers offering solutions to help businesses manage and optimize these complex environments.