Managed Cloud as a Service market size is USD 96.8 billion in 2022 and will grow at a CAGR of 10.90% from 2023-2030: Cognitive Market Research
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Introduction of?Managed Cloud as a Service Market
Managed cloud services provide complete or partially managed cloud services for public and hybrid settings. Managed cloud services are provided to meet company cloud demands, including migration, optimization, security, configuration, and optimization solutions and services. Increased efficiency of resources, cloud integration, and flat, predictable costs are a few of the main benefits of selecting managed cloud services.?
These developments empower businesses to offer better-tailored solutions and services, which, in turn, contribute to the growth of the managed cloud as a service industry.?
- For instance, Accelerate will debut in June 2022 thanks to AWS Managed Services. Whatever stage of the cloud journey customers are in, AWS Managed Services (AMS) Accelerate is a new cloud operations offering that helps customers achieve operational excellence. Accelerate may manage all workloads running on AWS, and customers have full access to all AWS services.
Key Insights from Managed Cloud as a Service Market Report
The global managed cloud as a service market size is USD 96.8 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 10.90% from 2023 to 2030.
Increasing SMEs' Use of Cloud-Based Managed Services to Provide Viable Market Output
Small and medium-sized businesses (SMEs) can gain from cloud-based managed services in several ways, including:
Cost savings: By outsourcing their IT requirements to a cloud provider, SMEs can save money on the prices of hardware, software, and IT staff.
Scalability: Cloud-based services are perfect for SMEs whose IT requirements are expanding or changing because they can be scaled up or down as necessary.
Security: Cloud service providers provide their data centers with a high level of security, which helps reassure SMEs about protecting their data.
Compliance: Cloud service providers can assist SMEs in adhering to industry rules, such as data security and privacy.
- These advantages have led to SMEs' adoption of cloud-based managed services. The global market for cloud-based managed services for SMEs is anticipated to increase from $123.1 billion in 2021 to $209.2 billion in 2025, according to a study by the IDC.
The favorable trend of SMEs using more cloud-based managed services is assisting these companies with cost savings, more IT security, and increased market competitiveness.
Factors Impacting on Managed Cloud as a Service Industry Growth
- Privacy Issues and Data Security to Hinder Market Growth
Numerous third parties outsource their expertise to provide cloud-managed services, including networks, endpoints, databases, virtualization, mobility, and infrastructure for web applications. Sensitive corporate data may as a result be made public, posing serious security and privacy issues for companies that use cloud-managed services. MSPs assist companies, nevertheless, in maintaining adequate security and privacy protections for the data they utilise for cloud deployment. Customers are promised total network security and encryption for increased security.
Impact of?COVID–19 on the Managed Cloud as a Service Market
Due to the remote working strategies that businesses have implemented since the COVID-19 epidemic, there has been a considerable rise in the adoption of cloud-based apps. However, several business sectors, including manufacturing, retail & consumer goods, BFSI, and others, will see major revenue declines in 2020 due to a dwindling client base and limitations put in place by the government as cloud-managed service providers serve these verticals. As a result, in 2020, cloud-managed service providers' revenue and growth were likewise declining.
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Top Companies Market Share in Managed Cloud as a Service Industry:
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Competitive Landscape of Managed Cloud As A Service Market
Due to the potential advancements in advanced technologies, market-leading companies are releasing novel products. On the other hand, the other participants are forming strategic alliances with rivals to improve their market position and achieve effective brand advertising.
- October 2021: On 5G security, IBM and Palo Alto Networks collaborated. As a result of 5G, telecom providers' and their clients' attack surfaces might expand. Faster data speeds, lower latency, and an operational redesign of wireless networks to promote more efficiency and agility are all expected benefits of the 5G development.
- June 2021: Accenture launched MyNav Green Cloud Advisor to help companies use the cloud to achieve their sustainability goals. MyNav Green Cloud Advisor helps companies establish cloud solutions that reduce carbon emissions and lay the foundation for moral innovation.
Managed Cloud as a Service Market Analysis:
Managed Cloud as a Service Type Segment Analysis:
According to Cognitive Market Research, managed network services are utilized most frequently in the managed cloud market. The growing use of cloud-managed services by organizations to manage network-related services, as well as the management and administration of the networks themselves. Companies can construct and operate distant data networks, including WAN/LAN/WLAN, using a complete platform made available by cloud-based network managed services.?
Managed security services are the second-most used services. This market's expansion is mostly attributable to organizations' growing use of security services. Managed security service providers (MSSPs) offer various services, including incident response and security management. Consequently, more people are expected to utilize these services during the projection period.
- Managed Security Services
- Managed Network Services
- Managed Infrastructure Services
- Managed Communication and Collaboration Services
- Managed Mobility Services
- Managed Business Services
Managed Cloud as a Service Vertical Segment Analysis:
- BFSI
- Telecom
- IT
- Government and Public Sector
- Healthcare & Lifesciences
- Retail & Consumer Goods
- Manufacturing
- Energy & Utilities
- Other Verticals
Managed Cloud as a Service Organization Size Segment Analysis:
- SMEs
- Large Enterprises
Managed Cloud as a Service Regional Analysis:
- North America Managed Cloud as a Service Market holds the largest market share in 2022!
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According to Cognitive Market Research, North America dominated the market in 2022 and accounted for a share of more than 36.8% of the global revenue due to several variables. Managed cloud services are being accepted throughout the region as a consequence of rising consumer demand because of the growth and profitability they provide.? The end-user industries in the area are embracing cloud services as a method of delivering IT in order to reduce costs and alleviate the shortage of competent IT personnel required to manage business operations.
- It is anticipated that the United States would expand at the fastest rate over the forecast period
According to Cognitive Market Research, early users of cloud technology in the region include the US Army, Air Force, Department of Justice (DOJ), and other governmental organizations, setting new standards for other businesses and institutions to follow. The Federal Risk and Authorization Management Programme (FedRAMP), introduced in January 2018, offers a government-wide method for authorizing, continuously monitoring, and assessing the risk of cloud services implemented in the area.?
- The?factors will contribute to the Asia Pacific region's managed cloud as a service experiencing the fastest growth in the upcoming years
The Asia Pacific area is anticipated to see the greatest disruption throughout the anticipated period due to small and medium-sized organizations' use of cloud management services. Rising investments from major regional players like IBM and Google support the development of cloud-managed services. The market growth has been further boosted by regional governments making large investments to control cloud infrastructure. For instance, the Singaporean government announced in October 2018 that most of its IT infrastructure would be moved to commercial cloud services over the next few years to deliver more affordably.
Frequently Asked Questions (FAQs)
What is the market size for the managed cloud as a service market in 2022?
- The global market size for the managed cloud as a service market in 2022 was 96.8 USD billion.
What is the growth rate for the managed cloud as a service market during the forecast period?
- The global market is expected to grow with a CAGR of 10.90% during the forecast period.
Which is the leading region of the market for managed cloud as a service?
- North America had the largest global managed cloud as a service market revenue share in 2022.
Which region is expected to witness the fastest growth in the coming years?
- Asia Pacific to witness the fastest growth in the global managed cloud as a service market over the coming years.
Which is the leading country in the managed cloud as a service market in 2022?
- The United States had the largest global managed cloud as a service market revenue share in 2022.
What are the key drivers for the growth of the managed cloud as a service market?
- The main drivers of the growth of the managed cloud as a service market are enterprises are requesting more cloud-managed services, but IT employees lack the necessary cloud skills.
Which is the major segment in the managed cloud as a service market by service type?
- The managed network services segment had the largest share in the global market by service type.
Which is the major segment in the managed cloud as a service market by organization size?
- In 2022, the large enterprises segment had a major revenue share in the global market in terms of organization size.
Which is the major segment in the managed cloud as a service market by vertical?
- In 2022, the IT segment had a major revenue share in the global market in terms of vertical.
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