Categories: IT & Communication Technology

Cloud Managed Services Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Cloud Managed Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Cloud Managed Services, The cloud managed services market size has grown rapidly in recent years. It will grow from $88.86 billion in 2023 to $98.31 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to rise of cloud computing, business cost reduction initiatives, security concerns and compliance needs, industry-specific requirements, complexity of it operations..

The cloud managed services market size is expected to see rapid growth in the next few years. It will grow to $154.56 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to customer experience and support, digital transformation initiatives, service provider competition, security and compliance requirements, hybrid and multi-cloud adoption.. Major trends in the forecast period include specialized industry solutions, iot infrastructure support, scalability and flexibility demands, security and compliance focus, hybrid and multi-cloud adoption..

Increasing cloud technology adoption across enterprises is expected to propel the growth of the cloud-managed services market going forward. Cloud technology provides individuals or businesses the ability to store and process data over the internet, that is at a location that’s separate from its end use, thereby eliminating the need for physical infrastructure. Cloud technology through managed services reduce spending towards establishing and maintaining physical infrastructure for storing data and allows easy access to data. For instance, according to Eurostat, a Luxembourg-based statistical body of the European Commission, 41% of the European Union’s enterprises used cloud computing in 2021. Further 73% of those enterprises, used sophisticated cloud services relating to security software applications, hosting enterprise databases, and other enterprise requirements. Therefore, increasing cloud technology adoption across enterprises is driving the growth of the cloud-managed services market.

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The cloud managed services market covered in this report is segmented –

1) By Service Type: Managed Business Services, Managed Network Services, Managed Security Services, Managed Infrastructure Services, Managed Mobility Services, Managed Communication and Collaboration Services

2) By Deployment: Public cloud, Private cloud

3) By Organization Size: Large Enterprises, Small and Medium-Sized Enterprises (SMEs)

4) By End-User: Government, Retail, IT and Telecommunication, Manufacturing, BFSI, Healthcare, Energy and Utilities

Technological advancements are the key trend gaining popularity in the cloud-managed services market. Major companies operating in the cloud-managed services market are developing innovative technological solutions to strengthen their market position. For instance, in April 2021, Red Hat Software, a US-based software company launched three new cloud services called Red Hat OpenShift API Management, Red Hat OpenShift Streams for Apache Kafka, and Red Hat OpenShift Data Science. The unique offerings of this service to organizations include delivering a fully-managed and streamlined user experience as organizations build, deploy, manage and scale cloud-native applications across hybrid environments.

The cloud managed services market report table of contents includes: