Global Cloud Managed Services Market to Reach US$ 145.7 Billion by 2032, Augmented by Increasing Prevalence of Oral Diseases

April 12, 2023 | Technology & Media

According to the latest report by IMARC Group, titled "Cloud Managed Services Market Report by Service Type (Managed Network Services, Managed Business Services, Managed Security Services, Managed Infrastructure Services, Managed Mobility Services, Managed Communication and Collaboration Services), Deployment Model (Private Cloud, Public Cloud), Organization Size (Large Enterprises, Small and Medium Enterprises), Vertical (Retail and Consumer Goods, BFSI, Telecom, Government and Public Sector, Healthcare and Lifesciences, Manufacturing, Energy and Utilities, IT, and Others), and Region 2024-2032," the global cloud managed services market size reached US$ 53.2 Billion in 2023. Cloud managed services refer to the outsourcing of IT infrastructure management and maintenance by a third-party service provider. They comprise daily monitoring and management of cloud service environments, including configuration management, performance management, cost optimization, security and compliance monitoring, capacity management, financial management, and governance. They are controlled by a managed service provider (MSP) that operates the network, storage, computing, and operating systems of consumers. They create innovative strategies, provide transparency, automate business processes and cost-effectiveness, enable organizations to enlarge capabilities, and transform information technology (IT) systems.

Global Cloud Managed Services Market Trends:

Cloud managed services are employed in the banking, financial services and insurance (BFSI) industry to improve customer experience and enhance operational efficiency. They are also used to manage and store sensitive financial data securely. This, coupled with the increasing use of m-banking apps, represents one of the major factors strengthening the market growth around the world. Moreover, the rising adoption of cloud managed services in small and medium-scale enterprises (SMEs) to protect data securely and ensure data availability, security, backup and recovery is favoring the growth of the market. In addition, there is an increase in the use of cloud managed services in the healthcare sector to offer advanced cybersecurity measures, such as firewalls, intrusion detection, and prevention, and protect the data of their patients. This, along with the growing need for remote patient monitoring solutions on account of the surging prevalence of medical disorders, is creating a positive outlook for the market. Apart from this, significant improvements in the IT infrastructure are strengthening the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 145.7 Billion by 2032, exhibiting a CAGR of 11.74% during 2024-2032.

Market Summary:

  • On the basis of the service type, the market has been segmented into managed network, business, security, infrastructure, mobility, and communication and collaboration services. Presently, managed network service holds the largest market share.
  • Based on the deployment model, the market has been bifurcated into private cloud and public cloud. Private cloud currently accounts for the biggest market share.
  • On the basis of the organization size, the market has been classified into large and small and medium-sized enterprises. Large enterprises currently exhibit a clear dominance in the market.
  • Based on the vertical, the market has been segregated into retail and consumer goods, BFSI, telecom, government and public sector, healthcare and lifesciences, manufacturing, energy and utilities, IT, and others. Retail and consumer goods currently dominate the market.
  • Region-wise, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Accenture plc, Atos SE, Cisco Systems, Inc., DXC Technology, Fujitsu Limited, Google LLC (Alphabet Inc.), HCL Technologies, Hewlett Packard Enterprise, International Business Machines Corporation, Infosys Limited, NEC Corporation (AT&T Inc.), NTT DATA Corporation (Nippon Telegraph and Telephone Corporation) and Wipro Limited.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Service Type, Deployment Model, Organization Size, Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Accenture plc, Atos SE, Cisco Systems, Inc., DXC Technology, Fujitsu Limited, Google LLC (Alphabet Inc.), HCL Technologies, Hewlett Packard Enterprise, International Business Machines Corporation, Infosys Limited, NEC Corporation (AT&T Inc.), NTT DATA Corporation (Nippon Telegraph and Telephone Corporation) and Wipro Limited
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Global Cloud Managed Services Market to Reach US$ 145.7 Billion by 2032, Augmented by Increasing Prevalence of Oral Diseases
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