Cloud Managed Services Market Worth $164.0 Billion By 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 21, 2022 /PRNewswire/ -- Cloud Managed Services Market size is expected to grow from USD 99.0 billion in 2022 to USD 164.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period according to a new report by MarketsandMarkets™.

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Managed infrastructure services to hold the largest market share of Cloud Managed Services Market in 2022.

Managed infrastructure services consist of a comprehensive, integrated suite of services to manage an enterprise's distributed and hybrid IT environment as a single entity with single point-of accountability. Managed infrastructure includes storage management, service desk operations, server management, and application management. A managed infrastructure can be sourced from data center hosting, colocation, or through a cloud-based Data Center as a Service (DCaaS) platform.

Small and medium enterprises are likely to adopt cloud managed services at a higher rate during the forecast period.

SMEs are increasing their spend on IT services to meet short-term business requirements. According to Statista, in 2021, small businesses were expected to spend approximately USD 645 billion on IT services. The growth in the number of SMEs worldwide is also driving the demand for managed services to meet network requirements and security compliance. SMEs face challenges such as the lack of skilled IT personnel, unscheduled downtime, and cybersecurity risks. Cloud managed service providers can help SMEs to overcome these challenges while managing their IT costs.

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North America holds the largest market size in 2022

The Cloud Managed Services Market in North America is competitive due to the presence of a large number of service providers. The region is estimated to account for the largest market size and this trend is expected to continue till 2027. Despite strict laws and regulations, the US offers various opportunities for cloud managed service providers to meet the demands of customers across industry verticals. North American organizations have taken steps towards adopting cloud managed services to manage security, infrastructure, network, business continuity, mobility, and regulatory standards within the cloud environment.

Key Players

The major players for Cloud Managed Services Market includes IBM (US), Ericsson (Sweden), Cisco (US), Fujitsu (Japan), Accenture (Ireland); AWS (US); NTT DATA (Japan); Infosys (India); HPE (US); NEC (Japan); Atos (France); TCS (India); Wipro (India); Datacom (New Zealand); AT&T (US); HCL Technologies (India); CDW Corporation (US); Huawei (China) and Nokia (Finland).

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