Press release
Cloud Managed Services Market to Surge to $247.5 Billion by 2030
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Cloud managed services encompass the partial or complete management of a client's cloud resources or infrastructure, offering day-to-day monitoring and management across various domains such as configuration, performance, security, compliance, and financial aspects. These services deliver a plethora of benefits, including cost savings, tailored solutions, robust infrastructure, centralized network services, disaster recovery capabilities, and automatic upgrades.
Market Dynamics and Growth Drivers
The growth of the cloud managed services market is underpinned by technological advancements facilitating cloud adoption, escalating demand for cloud services in the BFSI sector, and the burgeoning significance of managed cloud services in healthcare. Moreover, the market witnesses a surge in customized and managed cloud services adoption, alongside integration with in-house applications, presenting significant growth opportunities. However, challenges such as security concerns, compliance issues, and cost unpredictability pose hurdles to market expansion.
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Segmentation Insights
Type Differentiation: The report segments the market into cybersecurity services, infrastructure services, business services, network services, data center services, communication and collaboration services, and mobility services. The network services segment is anticipated to dominate the market in 2023, driven by increased adoption of managed VPN and SD-WAN services. Conversely, the mobility services segment is poised to witness the highest CAGR during the forecast period.
Organization Size: Large enterprises are expected to hold a larger market share in 2023 due to their growing demand for efficient network infrastructure, data centralization, and strategic IT initiatives. Conversely, small and medium-sized enterprises (SMEs) are projected to register the highest CAGR during the forecast period.
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Sectoral Analysis: The IT & telecommunications segment is anticipated to lead the market in 2023, attributed to rising demand for cloud solutions and services. Moreover, this segment is poised to register the highest CAGR during the forecast period.
Geographic Trends: North America is poised to dominate the market in 2023, fueled by growing adoption of cloud managed services by large IT companies. However, Asia-Pacific is expected to register the highest CAGR during the forecast period, driven by increasing adoption of cloud solutions and strong government support for cloud computing technologies.
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Key Players Leading players in the global cloud managed services market include Google LLC, Microsoft Corporation, IBM Corporation, Oracle Corporation, Ericsson, NEC Corporation, Nokia Corporation, Amazon Web Services, Wipro Limited, Tata Consultancy Services Limited, Infosys Limited, AT&T Inc., CloudNow Technologies Pvt Ltd, and ISmile Technologies.
Mr. Khushal Bombe
Meticulous Market Research Inc.
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