New York, Jan. 20, 2025 (GLOBE NEWSWIRE) -- Overview
The Global Cloud Managed Service Market is projected to reach USD 143.4 billion in 2024 which is further anticipated to reach USD 514.3 billion by 2033 at a CAGR of 15.2%.
This market is growing rapidly as organizations are passing from traditional IT models to cloud-based solutions, seeking better efficiency, scalability, and cost. These managed services include security, network, infrastructure, and mobility, which are availed from outsourced, third-party providers.
Security services abound, at a high rate, with services that include IAM or encryption across sensitive information to ensure regulations are kept. Public cloud deployment leads owing to its scalability, while large enterprises rule by organization size. North America stands at the top region now, driven by strong cloud adoption and major providers.
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The US Cloud Managed Service Market
The US Cloud Managed Service Market with an estimated value of USD 41.1 billion in 2024 is projected to reach USD 136.5 billion by 2033 at a CAGR of 14.3%.
Key players in the cloud-managed services market, such as Amazon Web Services and Google Cloud, have helped the U.S. in leading the market. Each of these organizations approaches them to gain affordable and scalable IT infrastructure. While public cloud deployment is more common, hybrid cloud adoption is on the rise within regulated industries such as healthcare and finance.
Incidentally, there is a growing demand for managed security services as cyber threats increase, along with a need for improved network performance. Large enterprises and SMEs are increasingly adopting solutions on the cloud, and the U.S. has become a very critical market across verticals for cloud-managed services.
Important Insights
- Global Value: The global cloud-managed services market is estimated to be valued at USD 143.4 billion in 2024, with an expected growth to USD 514.3 billion by 2033.
- US Market Value: The U.S. cloud-managed services market is forecasted to reach USD 136.5 billion, rising from a base value of USD 41.1 billion in 2024, at a CAGR of 14.3%.
- Regional Analysis: North America is projected to hold the largest share of the global cloud-managed services market, accounting for around 34.1% in 2024.
- Managed Mobility Service Segment: In the managed mobility services sector, device management services are expected to secure the largest market share in 2024.
- Managed Business Service Segment: Business process services are set to lead the managed business service segment, commanding 43.7% of the market in 2024.
- Organization Size Segment: Large enterprises are projected to dominate the organization size segment, holding 63.1% of the market share by the end of 2024.
- Key Players: Major players in the global cloud-managed services market include Amazon Web Services (AWS), Microsoft Azure, Google Cloud, IBM, Cisco Systems, and more.
- Global Growth Rate: The market is expected to grow at a compound annual growth rate (CAGR) of 15.2% during the forecast period.
Latest Trends
- Organizations are increasingly adopting hybrid cloud architectures that integrate public and private clouds to provide better workload optimization. Hybrid clouds offer better security for sensitive data, utilizing the scalability and cost-effectiveness of the public clouds for less sensitive tasks. With such emerging businesses and the increase in vigils of regulatory compliances, demand for cloud-managed services will arise in a variety of industries, especially in the healthcare and finance sectors.
- Cloud-managed services are fast moving from human-centered to AI and automation-driven delivery. AI-driven tools automate routine activities of IT, optimize resource utilization, and monitor infrastructural elements. These technologies ensure enhanced security with predictive analytics identifying risks and their mitigation in real-time. AI integration will enhance efficiency and frequency in cloud-managed services, reduce human errors, and open them up toward responsiveness and scalability.
Cloud Managed Service Market: Competitive Landscape
The cloud-managed services market remains highly competitive on a global scale, with a few players dominating the market like Amazon Web Services, Google Cloud, Microsoft Azure, IBM, and Cisco. These key players offer a variety of services that include managed security, network, infrastructure, and mobility solutions. The competition in this arena is continuous in nature, driven by continuous innovation and heavy investments in advanced technologies like AI, ML, and Automation. Many approach partnerships and acquisitions for market expansion and consolidation. Providers are also focusing on delivering customized solutions for various industry verticals. The increasing competition in the market is much more intensified.
Some of the prominent market players:
- Amazon Web Services (AWS)
- Microsoft Azure
- Google Cloud
- IBM
- Cisco Systems
- Hewlett Packard Enterprise (HPE)
- Rackspace Technology
- Accenture
- Fujitsu
- Wipro
- Tata Consultancy Services (TCS)
- Atos
- NTT Data
- Other Key Players
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Cloud Managed Service Market Scope
| Report Highlights | Details |
| Market Size (2024) | USD 143.4 Bn |
| Forecast Value (2033) | USD 514.3 Bn |
| CAGR (2024-2033) | 15.2% |
| The US Market Size (2024) | USD 41.1 Bn |
| North America Revenue Share (2024) | 34.1% |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2024 - 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Managed Security Services, By Managed Network Services, By Managed Infrastructure Services, By Managed Communication & Collaboration Services, By Managed Mobility Services, By Managed Business Services, By Deployment Type, By Organization Size, By Industry verticals |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Market Analysis
Business process services are expected to dominate the managed business services segment, holding 43.7% of the market share in 2024. Business process services will continue to dominate the segment of managed business services, driven by increases in outsourcing non-core functions as organizations free themselves up to focus on strategic initiatives.
The routine processes in the form of HR, payroll, and customer services will be outsourced to the managed service providers who have an end-to-end solution for optimizing and automating these processes to realize cost savings and efficiency. Cloud technologies further catalyze this trend by letting businesses run processes remotely. AI and automation contribute to higher accuracy and scalability, meaning business process services will be in demand for companies to be leaner and operate efficiently.
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Cloud Computing Services Market Segmentation
By Managed Security Services
- Managed Identity & Access Management
- Managed Antivirus/Anti-Malware
- Managed Firewall
- Managed Risk & Compliance Management
- Managed Vulnerability Management
- Managed Security Information & Event Management
- Managed Intrusion Detection System/Intrusion Prevention System
- Managed Data Loss Prevention
- Other Managed Security Services
By Managed Network Services
- Managed Network Provisioning
- Managed Network Monitoring & Management
By Managed Infrastructure Services
- Storage Management
- Server Management
- Managed Print Services
By Managed Communication & Collaboration Services
- Managed Voice Over Internet Protocol
- Managed Unified Communication as a Service
By Managed Mobility Services
- Device Management Services
- Application Management Services
By Managed Business Services
- Business Process Services
- Continuity & Disaster Recovery Services
- Other Managed Business Services
By Deployment Type
- Public
- Private
By Organization Size
- SMEs
- Large Enterprises
By Industry Verticals
- BFSI
- Telecom
- Government & Public Sector
- Healthcare & Life Sciences
- Retail & Consumer Goods
- Manufacturing
- Energy & Utilities
- Other Vertical
Growth Drivers
- Growing cyberattacks, coupled with regulatory use of compliance, are compelling the need for managed security services. IAM, encryption, and intrusion detection are some of the key services. This is a very critical part of securing sensitive data on the cloud. Managed security services help in meeting regulations around GDPR and HIPAA, ensuring that security vulnerabilities are addressed proactively.
- SMEs, with each passing day, are considered one of the major factors contributing to growth in the cloud-managed services market, as more and more SMEs are adopting such services to scale up their IT operations without heavy investment in infrastructure or staffing. Cost-effective and flexible managed services have become the main reason for SMEs to be competitive and drive further growth in the market.
Restraints
- Data privacy and security remain one of the biggest barriers to the adoption of cloud-managed services, especially in highly regulated verticals such as healthcare, finance, and government. Organizations are skeptical about giving away core functions of IT to third-party vendors due to apprehensions regarding data breaches and other issues related to regulatory non-compliance. Stronger regulations, such as GDPR and HIPAA, place data security as one of the major challenges for MSPs.
- The general shortage of professionals who have skills related to cloud technologies serves as a significant restraint to growth. More precisely, skilled professional gaps are higher in advanced cloud functionalities, including multi-cloud management and AI-driven automation. This reduction in talent further leads to delays in cloud adoption increases dependency on managed service providers raises costs and slows market expansion.
Growth Opportunities
- Cloud solutions for industries have huge growth opportunities in demand. Therefore, it opens a niche for cloud-managed service providers to offer solutions across industries with stringent regulatory and security requirements like healthcare, BFSI, and manufacturing by successfully expanding their service portfolio.
- With an increased trend towards multi-cloud strategies to avoid vendor lock-in and optimize costs, thus comes the growing demand for multi-cloud management solutions. Companies want service providers to reduce the complexity of managing public, private, and hybrid clouds in order to improve security and performance. This is happening, especially in industries such as retail, where uptime and speed of service are crucial.
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Regional Analysis
North America dominated the global cloud-managed services market, and it is expected to lead the market until the end of 2024 with a market share of 34.1%, contributed by the presence of major players such as Amazon Web Services, Google Cloud, and Microsoft Azure-end, coupled with advanced IT infrastructure in the region, as well as widespread pervasiveness across the board in enterprises for cloud technologies.
Scalability, security, and cost-effective factors are driving the organizations of North America to outsource IT operations and concentrate on their core activity. The regulatory environment of the region, when it comes to data privacy and security exposure, provides a catalytic effect on demand perspective for managed security services. Additionally, hybrid clouds and managed network services are also trending, further boosting the market growth.
By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Recent Developments in the Cloud-Managed Service Market
- September 2024: Microsoft Azure launched AI-powered managed services to enhance cloud security and automate IT operations, integrating AI and machine learning for real-time threat detection and mitigation.
- August 2024: Google Cloud partnered with top cybersecurity firms to improve its managed security services for the BFSI sector, addressing data privacy and regulatory compliance.
- July 2024: AWS introduced a managed network service for hybrid cloud environments, featuring automated provisioning, real-time monitoring, and advanced security.
- June 2024: IBM acquired a cloud consulting firm, enhancing its managed cloud services for the healthcare sector with specialized solutions for secure data management and compliance.
- May 2024: Cisco updated its managed communication services for remote and hybrid work, offering integrated VoIP, video conferencing, and collaboration tools on its cloud platform.
- April 2024: AWS launched new storage management solutions for public clouds, featuring advanced data compression, automated backups, and real-time analytics.
- March 2024: Microsoft Azure introduced a managed mobility service for the automotive industry, focusing on secure device management and IoT connectivity.
- February 2024: Google Cloud released an SD-WAN solution to optimize network performance across global enterprises and multiple cloud environments.
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