The Cloud managed services market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period, to reach USD 164.0 billion by 2027 from USD 99.0 billion in 2022.
The major players have adopted various growth strategies to expand their global presence and increase their market reach to enhance customer base. Key players such as IBM (US), Ericsson(Sweden), Cisco(US), Fujitsu (Japan), and Accenture (Ireland) have majorly adopted strategies such as product launches and upgradations, partnerships, agreements, merger and acquisitions to gain market presence and to support the growth of cloud managed services market.
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IBM is one of the strongest technology companies in the global cloud managed services market. The IBM Cloud managed service offering provides various functionalities such as robust security services, , managed hardware services, operating system, database and ERP applications in a single customizable set of services. These services manage risk and compliance while meeting business-centric service level agreements. IBM has operations in over 171 countries. The company has a high brand reputation; extensive intellectual property portfolio; and vast product portfolio of cloud computing, AI, commerce, data and analytics, IoT, IT infrastructure, mobile, digital workplace, and cybersecurity. IBM is a first mover in cloud computing solutions for enterprises. It invests heavily in China and the rest of Asia Pacific to increase the geographic diversity of its income.
Ericsson offers a wide range of managed services and operates as one of the leading players in the cloud managed services market. The company’s managed services portfolio proactively manages telecom operator networks. The managed service offering is delivered through an AI-driven Ericsson Operations Engine, a set of capabilities that transform operations to enhance customer experience, drive agile service creation and optimize costs in multi-vendor environments. Ericsson is one of the world’s leading 5G service providers. The company has a strong geographical presence in over 180 countries. The company emphasizes technology innovation through increasing R&D investment. It focuses on faster growth through organic strategies and acquisitions. For instance, Ericsson launched the Intelligent Deployment solution, a modular suite of tools and services that enables communications service providers to roll out, expand, and upgrade networks based on their specific needs and those of their customers.
Cloud Managed Services Market by Service Type (Managed Business, Managed Network, Managed Security, Managed Infrastructure, Managed Mobility), Organization Size, Vertical (BFSI, Telecom, Retail & Consumer Goods, IT) and Region - Global Forecast to 2027
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