Increase in demand for cloud applications and less cost of cloud services and hyper-scaling capabilities drive the growth of the global cloud managed services market. North America contributed to the largest share in 2021, and will maintain its dominant share throughout the forecast period. The adoption of remote working and work-from-home culture led to surge in implementation of cloud managed services during the Covid-19 pandemic.
The global cloud managed services market generated $83.3 billion in 2021, and is expected to reach $319.4 billion by 2031, witnessing a CAGR of 14.5% from 2022 to 2031. The report offers an extensive analysis of drivers and opportunities, Covid-19 impact, top segments, regions, and key market players. This report provides a source of guidance for leading market players, shareholders, investors, and new entrants to take necessary steps for consolidating their presence and availing a strong position in the global market.
The research offers a detailed segmentation of the global cloud managed services market based on service type, enterprise size, industry vertical, and region. The report highlights the dominating segments in terms of revenue and growth. This analysis is helpful in determining the segments to be tapped on and devising strategies in the coming years.
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On the basis of industry vertical, the BFSI segment dominated the overall cloud managed services industry market in 2021, and is expected to continue this trend during the forecast period. This is attributed to the demand for cloud services post the outbreak of the COVID-19 pandemic. However, the retail segment is expected to witness the highest growth, owing to the sudden growth of e-commerce and online retail applications post the outbreak of the pandemic, which is expected to fuel the growth of the global cloud managed services market.
Based on industry vertical, the BFSI segment held the largest share in 2021, accounting for more than one-fourth of the total market share, and is projected to continue its lead in terms of revenue during the forecast period. However, the retail segment is estimated to grow at the highest CAGR of 17.3% during the forecast period.
Region- wise, the cloud managed services market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its high concentration of cloud solution vendors, which is expected to drive the market for cloud managed services during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its growing technological sector., which is expected to fuel the growth of cloud managed services market forecast in the region in the coming few years.
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Based on service type, the managed infrastructure services segment contributed to the highest share in 2021, accounting for more than one-fourth of the total share, and is estimated to continue its leadership status throughout the forecast period. However, the managed security services segment is projected to register the highest CAGR of 17.3% from 2022 to 2031. The research also analyzes the segments including managed business services, managed network services, managed mobility services, and managed communication and collaboration services.
Leading market players of the global cloud managed services market analyzed in the research include Accenture, ALE USA, Inc., ALE International, Amazon Web Services, Inc., Atos SE, Cloudticity, Cisco Systems, Inc., Telefonaktiebolaget LM Ericsson, Datacom Group Ltd., FUJITSU, Huawei Technologies Co., Ltd., Hewlett Packard Enterprise Development LP, Infosys Limited, IBM Corporation, NTT DATA Corporation, NEC Corporation, Tata Consultancy Services Limited, Rackspace Technology, and Wipro.
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The research offers competitive scenario by analyzed the aforementioned market players based on business performance, business segment analysis, and key developments. These insights are helpful in determining market competition and investment feasibility for investors.
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