IMARC Group has recently released a new research study “Cloud Managed Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global cloud managed services market size reached US$ 47.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 98.7 Billion by 2028, exhibiting a growth rate (CAGR) of 12.3% during 2023-2028.
What Is Cloud Managed Services?
Cloud managed services involve outsourcing the management of various business activities, either partially or entirely. These services, such as infrastructure, security, and business management, aim to provide technical support for automating and improving business operations. Managed by a managed service provider (MSP), these services oversee the networks, storage, computing, and operating systems of consumers. Cloud managed services encompass optimization, migration, security, configuration, and maintenance. They play a crucial role in developing innovative strategies, enhancing transparency, automating business processes, and ensuring cost-effectiveness. Moreover, they enable organizations to expand their capabilities and transform their information technology (IT) systems. Consequently, cloud-managed services find extensive applications across industries such as manufacturing, information technology (IT), telecommunications, and the banking, financial services, and insurance (BFSI) sectors.
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What Are The Key Factors Driving The Global Cloud Managed Services Market?
The market is experiencing a positive outlook due to the substantial growth in the banking, financial services, and insurance (BFSI) industry worldwide. Cloud-managed services are being widely embraced to enhance data security and improve customer experiences by offering flexible choices and enhancing overall functionality. This widespread adoption is driven by changing consumer needs, such as streamlining daily operations, securing payment processing solutions, mitigating fraudulent risks, and ensuring regulatory compliance, thereby bolstering market growth. Furthermore, the integration of artificial intelligence (AI) and machine learning (ML) technologies with cloud-managed services to enable intelligent monitoring, enhance process efficiency, and reduce error rates is significantly contributing to market expansion. Moreover, the increasing utilization of cloud-managed services in large enterprises to efficiently manage complex and multi-cloud strategies with diverse operations is positively influencing market growth. Other factors, including significant expansion in the healthcare industry, rapid digitization across organizations, and extensive research and development (R&D) activities, are expected to drive further market growth.
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Who Are The Key Players/Companies In The Global Cloud Managed Services Market?
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.
Key Market Segmentation:
Breakup by Service Type:
- Managed Network Services
- Managed Business Services
- Managed Security Services
- Managed Infrastructure Services
- Managed Mobility Services
- Managed Communication and Collaboration Services
Breakup by Deployment Model:
- Private Cloud
- Public Cloud
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Vertical:
- Retail and Consumer Goods
- BFSI
- Telecom
- Government and Public Sector
- Healthcare and Lifesciences
- Manufacturing
- Energy and Utilities
- IT
- Others
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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