PUBLISHER: The Business Research Company | PRODUCT CODE: 1274501
PUBLISHER: The Business Research Company | PRODUCT CODE: 1274501
“Cloud Managed Services Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cloud managed services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cloud managed services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The cloud managed services market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the cloud managed services market are International Business Machines Corporation, Ericsson, Amazon Web Services Inc., Cisco Systems Inc., Infosys Limited, NTT DATA Corporation, Fujitsu Limited, Accenture Plc., NEC Corporation, Wipro Limited, Atos, Huawei Technologies Co., The Hewlett Packard Enterprise Company, Rackspace Technology Inc., Cloudticity LLC, Datacom Group, Connectria LLC, Microsoft Corporation, Google LLC, and DigitalOcean Inc.
The global cloud managed services market is expected to grow from $80.03 billion in 2022 to $89.68 billion in 2023 at a compound annual growth rate (CAGR) of 12.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cloud managed services market is expected to grow to $141.03 billion in 2027 at a CAGR of 12.0%.
The cloud managed services market includes revenues earned by entities by providing services such as cloud deployment, cloud security, network and storage, cloud monitoring and reporting, backup and disaster recovery, infrastructure set up, business continuity, and cloud migration services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Cloud managed services refer to outsourced services that help organizations to run their cloud resources efficiently and therefore providing efficient operations and saving costs. These are used by organizations that outsource the management of their cloud platforms to a third party.
North America was the largest region in the cloud managed services market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud managed services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of cloud-managed services are managed business services, managed network services, managed security services, and managed infrastructure services, managed mobility services, managed communication and collaboration services. Managed business services such as recruiting, accounting, payroll, mobility, marketing, and vendor management are used by companies to outsource their business services that operate on a cloud infrastructure. The deployment includes public cloud and private cloud installed by large enterprises, and small and medium-sized enterprises (SMEs) of government, retail, IT and telecommunication, manufacturing, BFSI, healthcare, energy, and utility end-users.
Increasing cloud technology adoption across enterprises is expected to propel the growth of the cloud-managed services market going forward. Cloud technology provides individuals or businesses the ability to store and process data over the internet, that is at a location that's separate from its end use, thereby eliminating the need for physical infrastructure. Cloud technology through managed services reduce spending towards establishing and maintaining physical infrastructure for storing data and allows easy access to data. For instance, according to Eurostat, a Luxembourg-based statistical body of the European Commission, 41% of the European Union's enterprises used cloud computing in 2021. Further 73% of those enterprises, used sophisticated cloud services relating to security software applications, hosting enterprise databases, and other enterprise requirements. There has been a 5% point increase in the use of cloud computing since 2020. Therefore, increasing cloud technology adoption across enterprises is driving the growth of the cloud-managed services market.
Technological advancements are the key trend gaining popularity in the cloud-managed services market. Major companies operating in the cloud-managed services market are developing innovative technological solutions to strengthen their market position. For instance, in April 2021, Red Hat Software, a US-based software company launched three new cloud services called Red Hat OpenShift API Management, Red Hat OpenShift Streams for Apache Kafka, and Red Hat OpenShift Data Science. The unique offerings of this service to organizations include delivering a fully-managed and streamlined user experience as organizations build, deploy, manage and scale cloud-native applications across hybrid environments.
In January 2021, International Business Machines (IBM) Corporation, a US-based technology company acquired Taos for an undisclosed amount. Through this acquisition, IBM aims to strengthen its cloud migration and transformation capabilities, thereby helping IBM's hybrid cloud platform growth strategy. Taos is a US-based company offering technical consulting and professional managed services.
The countries covered in the cloud managed services market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cloud-managed services market research report is one of a series of new reports from The Business Research Company that provides cloud-managed services market statistics, including cloud-managed services industry global market size, regional shares, competitors with a cloud-managed services market share, detailed cloud-managed services market segments, market trends and opportunities, and any further data you may need to thrive in the cloud managed services industry. This cloud-managed services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.