Cloud Managed Services Market Report 2024 - Cloud Managed Services Market Growth, Demand, And Forecast

"The Business Research Company recently released a comprehensive report on the Global Cloud Managed Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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.

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Market Drivers and Trends:
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.

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.

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Major Key Players of the Market:
International Business Machines Corporation; Ericsson Telecom AB; Amazon Web Services Inc.; Cisco Systems Inc.; Infosys Limited; NTT DATA Corporation; Fujitsu Limited; Accenture* Plc.; NEC Corporation; Wipro Limited; Atos SE; Huawei Technologies Co. Ltd.; The Hewlett Packard Enterprise Company; Rackspace Technology Inc.; Cloudticity LLC; Datacom Group Limited; Connectria LLC; Microsoft Corporation; Google LLC; DigitalOcean Inc.; Oracle Corporation; SAP SE; Salesforce.com inc.; VMware Inc.; Deloitte Touche Tohmatsu Limited; Cognizant Technology Solutions Corporation; CDW Corporation; Capgemini SE; Cloudnexa Inc.; Hewlett Packard Enterprise Company; Dimension Data Holdings Plc

Cloud Managed Services Market 2024 Key Insights:
• The cloud managed services market will grow to $154.56 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%.
• Surging Growth In The Cloud-Managed Services Market Fueled By Widespread Adoption Of Cloud Technology Across Enterprises
• Innovative Technological Advancements Drive Momentum In The Cloud-Managed Services Market
• North America was the largest region in the cloud managed services market in 2023

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