Cloud Managed Services Market to Reach US$ 237 Billion by 2032, Driven by Data Transfer & Storage Demand

The cloud managed services market revenues were estimated at US$ 86.1 Bn in 2021 and is anticipated to grow at a CAGR of 9.6% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach US$ 237.0 Bn.

US market held a market share of nearly 34% and this trend is likely to be continued due to the predicted CAGR of 9.4% in the next ten years. Market growth is expected to be fueled by the growing demand for cloud managed services owing to its demand being driven by increasing demand of high speed data transfer and storage with large network infrastructure.

Key Takeaways from the Market Study:

• The global cloud managed services market is expected to reach a market size of US$ 237 Bn by 2032.
• In 2022, the US is expected to contribute more than 34% to the market revenue.
• In cloud managed services, large enterprises is expected to account for growth at a CAGR of 9.4% during the forecasted period.
• Managed network services show the highest potential for growth in the service type segment. Its market is expected to grow at a rate of about 9.1% during 2022- 2032.
• U.S., the key market is expected to hold the prominent market share and grow at a CAGR of 9.4% during 2022 - 2032.

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Competitive Landscape

A number of regional and global players operate in this market. The key companies in cloud managed services market include IBM, Ericsson, AWS, Cisco, Infosys, NTT Data, Fujitsu, Accenture, HPE, NEC, Google, Microsoft, Intel, and DigitalOcean. A variety of strategies are being employed by companies to remain competitive.

1. In September 2021, Nimbella, which provides serverless platform is acquired by DigitalOcean to provide cloud services to help businesses scale operations.
2. In April 2021, Nuance Communications, a provider of conversational AI and cloud-based in healthcare, was acquired by Microsoft at US$ 19.7 Bn.
3. In April, 2020, IBM Corporation announced to form new company "NewCo" by separating its managed infrastructure services unit of its Global Technology Services division into a new public company.

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Cloud Managed Services Industry News:

1. In March, 2022, Google informed that they have released new Tau T2D VMs, which provides 42% improved price-performance than top cloud providers. It is more flexible to host customers' enterprise with dual-region buckets and future Turbo Replication. Google cloud will grow on a massive scale on global network with the addition of 29 new regions.
2. In September 2021, DigitalOcean purchased a serverless platform provider, Nimbella. It will aid businesses in embracing serverless computing; whereas, DigitalOcean offers cloud services to enable businesses to scale themselves.
3. In April 2021, Microsoft bought out Nuance Communications, a pioneering company in offering conversational AI in the health sector. Microsoft finalized this deal at a value of US$ 19.7 Bn.
4. In Oct 2020, IBM Corporation to spin off its managed infrastructure services business of its Global Technology Services segment into a new public corporation called "NewCo".

More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the cloud managed services market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of Service Type (Managed Business Services, Managed Network Services, Managed Security Services, Managed Infrastructure Services, Managed Mobility Services, Managed Communication and Collaboration Services), by Vertical (BFSI, Telecom, Government and public sector, Healthcare and life sciences, Retail and Consumer goods, Manufacturing, Energy and Utilities, IT, Others), by Organization Size (Large Enterprises, Small And Medium-Sized Enterprises) and across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

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