Cloud Managed Services Market to See Sustainable Growth Ahead
The cloud-managed services market industry is projected to grow from USD 68.49 Billion in 2023 to USD 145.66 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.40% during the forecast period (2023 - 2030).
Shraddha Nevase
Cloud Managed Services Market Overview
The increased rate of technology in various fields, especially IT and business, is highly demanding for proper data management and security services. The cloud security solution has been of great advantage in securing business sectors' data and information. The worldwide preference towards cloud services is propelling the growth of the Cloud Managed Services Market Share. This market had noticed its sheer growth rate when the industrial and IT sectors started adopting cloud services.
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Cloud services are essential in transferring, managing, and securing data and information. Huge companies and businesses hold a bulk amount of data and information, which are difficult to manage without a proper management system. These factors are propelling the growth of the Cloud Managed Services Market. The cloud-managed services use a centralized system to manage important data and secure them. The increase in the use of cloud-based services in various industries and business sectors is driving the market's growth. The driving factors of the market are to set open opportunities in the upcoming years. The major risk like the leak of confidential data and its misuse is hindering the market's growth, but the strategies of key players to improve its features will help overcome these issues.
The Cloud Managed Services Market has noticed a decline in growth rate during the pandemic period. The market faced huge financial loss when different industrial and business sectors were shut down. But the market will recover from this effect due to better data management. This factor will boost the growth of the market in the review period. The market is estimated to reach a CAGR of 13.40%, with a USD 145.66 billion during the forecast period.
Market Segmentation
The Cloud Managed Services Market is segmented based on deployment, organization size, end-user, and type segment. In the type segment, the market is categorized into managed network services, managed infrastructure services, managed communication services, managed mobility services, managed data center services, and managed security services. The market is divided into a private cloud and a public cloud based on the deployment segment. The medium and small enterprises and large enterprises fall under the segment of organization type. The market is divided into BFSI, telecommunication and IT, manufacturing, BFSI, healthcare, energy and utilities, retail, and government in the end-user segment.
Regional Analysis
According to the geographical updates, the Cloud Managed Services Market is spreading its growth in Europe, Asia Pacific, North America, and the rest of the world. Among these above geographical regions, North America is accounted to hold the largest market share due to technology development and better infrastructure. The European market will even hold a significant market share due to prominent key players and the rise in demand for better-quality infrastructure for advanced technologies. The Asia Pacific region registers the highest growth rate due to developing technologies in major countries. The regions of the rest of the world, which includes the Middle East and African region, are noticing lower growth than other regions due to technological advancement. But all these regions boost the share of the global market.
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Industry News
Yokogawa Electric Corporation has recently announced the OpreX Managed Service-Cloud edition; this solution supports remote monitoring and maintenance of OT/IT field assets by using a cloud platform provided by Yokogawa.
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