Global Cloud Managed Services Market Projected to Surpass $247.5 Billion by 2030

Redding California, 2 February 2024 - Meticulous Research®, a distinguished global market research company, announces the release of its comprehensive report, 'Cloud Managed Services Market by Type, Deployment Mode, Organization Size, and Sector-Global Forecast to 2030.' This authoritative study unveils valuable insights into the dynamic landscape of the cloud managed services market, predicting a robust Compound Annual Growth Rate (CAGR) of 14.2%, ultimately propelling the market value to $247.5 billion by the year 2030.

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The escalating growth of the cloud managed services market is attributed to pivotal factors such as technological advancements fostering widespread cloud service adoption, an increasing demand for cloud services within the BFSI sector, and a burgeoning reliance on managed cloud services in the healthcare domain. Furthermore, the market's expansion is fueled by the surging emphasis on tailor-made and managed cloud services, coupled with the seamless integration of cloud technologies into in-house applications, presenting lucrative opportunities on a global scale. Nevertheless, the market growth is somewhat constrained by the elevated cost of cloud managed services. Additionally, challenges like security and privacy risks linked to multi-tenancy, compliance issues, limited flexibility, and unpredictable costs associated with cloud services pose notable hurdles to market advancement.

Observing trends within the cloud managed services market, enterprises' growing preference for storage-as-a-service and an increased demand for backup and archive-as-a-service stand out prominently.

Key Segments and Growth Patterns:
The report meticulously segments the global cloud managed services market based on various parameters, including type, deployment mode, organization size, and sector. Notable findings from the report include:

1. Type Segmentation:
• Cybersecurity Services (including cloud security services, endpoint security services, network security services, application security services, and other cybersecurity services)

• Infrastructure Services

• Business Services

• Network Services (encompassing network monitoring & management services, and network provisioning services)

• Data Center Services (comprising data storage, backup & disaster recovery services, and data monitoring & migration services)

• Communication and Collaboration Services (including unified communications as a service, and managed VoIP services)

• Mobility Services (covering device management services, and application management services)

Top 10 companies: https://meticulousblog.org/top-10-companies-in-cloud-managed-services-market/

In 2023, the network services segment is anticipated to dominate the global cloud managed services market, driven by the increasing adoption of managed VPN and SD-WAN services among telecommunication data centers.
2. Deployment Mode Segmentation:
• Public Cloud
• Private Cloud
• Hybrid Cloud
The public cloud segment is projected to command the largest share of the market in 2023, driven by the growing demand for cost-effective cloud managed services.

3. Organization Size Segmentation:
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

Large enterprises are expected to hold a larger market share in 2023, owing to their need for efficient network infrastructure and strategic IT initiatives.

4. Sector Segmentation:
• IT & Telecommunications
• BFSI
• Retail & Consumer Goods
• Healthcare & Life Sciences
• Manufacturing
• Government & Public Sector
• Energy & Utility
• Oil & Gas
• Automotive
• Other Sectors

The IT & telecommunications sector is predicted to dominate the market in 2023, propelled by the increasing demand for cloud solutions to store, manage, and process vast data sets.

5. Geographical Analysis:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

North America is expected to seize the largest market share in 2023, driven by the widespread adoption of cloud managed services by large IT companies.

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Prominent Players in the Cloud Managed Services Market:
Key players contributing to the global cloud managed services market include:

• Google LLC (a subsidiary of Alphabet Inc.) (U.S.)
• Microsoft Corporation (U.S.)
• International Business Machines Corporation (U.S.)
• Oracle Corporation (U.S.)
• Telefonaktiebolaget LM Ericsson (Sweden)
• NEC Corporation (Japan)
• Nokia Corporation (Finland)
• Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.) (U.S.)
• Wipro Limited (India)
• Tata Consultancy Services Limited (India)
• Infosys Limited (India)
• AT&T Inc. (U.S.)
• CloudNow Technologies Pvt Ltd (India)
• ISmile Technologies (U.S.)
The comprehensive report not only evaluates industry competitors but also provides a detailed analysis of the market at regional and country levels.

Mr. Khushal Bombe
Meticulous Market Research Inc.
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This release was published on openPR.