Report: Cloud Managed Services Market Worth $164B by 2027, Growing at a CAGR of 10.6%

CHICAGO, April 24, 2023 — The global Cloud Managed Services Market size is expected to grow from USD 99.0 billion in 2022 to USD 164.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period, according to a new report by MarketsandMarkets.

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The surge in use of cloud-based applications, and rapid migration to digital technologies is expected to drive the adoption of cloud managed services.

To download the report brochure, click here.

Based on service type, managed network services to hold a significant share in 2022.

Managed network services are third-party cloud services to manage the infrastructure and software of an organization’s network. The services include managing hardware such as servers, routers and switches; managing software such as applications, operating systems, and firewalls; and providing security for network infrastructure. The entire network infrastructure system is completely monitored and maintained by service providers. Centralizing network resources in an off-site location with cloud backup services helps ensure business continuity by enabling uninterrupted operations.

Based on vertical, government & public sector vertical to hold the second largest market share in 2022.

Cloud enabled technologies are playing a crucial role in improving the government & public sector. Cloud can present vast opportunities for delivery of public services while enhancing data use and decision making, cost efficiency, workforce productivity, and scalability. The government sector is spending on cloud to drive digital transformation and to serve citizens with better processes. The increasing need for managed services in this sector is driven by the lack of skilled professionals and a limited IT budget.

Europe to hold a significant share of Cloud Managed Services Market in 2022.

The Cloud Managed Services Market is witnessing growing opportunities in this region, with major players focusing on expanding their presence in various verticals, such as BFSI, IT, healthcare, and government enterprises. These verticals in Europe focus on innovations, new product developments, and collaboration strategies to keep pace with the latest trends in the Cloud Managed Services Market. The European market is the second-largest market for cloud managed services after North America, accounting for the second-highest share.

To download the report brochure, click here.

Source: MarketsandMarkets