Unlocking Efficiency: The Rising Demand for Cloud Managed Services

Meticulous Research®—a leading global market research company, published a research report titled, ‘Cloud Managed Services Market by Type, Deployment Mode, Organization Size, Sector (IT & Telecommunications, BFSI, Retail & Consumer Goods and Healthcare & Life Sciences)—Global Forecast to 2030.’ 

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According to this latest publication from Meticulous Research®, the global cloud managed services market is expected to register a CAGR of 14.2% during the forecast period to reach $247.5 billion by 2030.The growth of the cloud managed services market is driven by technological advancements supporting the adoption of cloud services, the growing need for cloud services in the BFSI sector, and the increasing importance of managed cloud services in the healthcare sector. Moreover, the increasing focus on customized and managed cloud services and integration of cloud technologies with in-house apps provide significant opportunities in the global cloud managed services market. However, the high cost of cloud managed services restrains the market's growth to some extent. Additionally, security & privacy risks associated with multi-tenancy, compliance issues, limited flexibility, and unpredictable costs of cloud services are some of the key challenges for the managed cloud services market growth 

The global cloud managed services market is segmented by type (cybersecurity services [cloud security services, endpoint security services, network security services, application security services, and other cybersecurity services], infrastructure services, business services, network services [network monitoring & management services, and network provisioning services], data center services [data storage, backup & disaster recovery services, data monitoring & migration services], communication and collaboration services [unified communications as a service, and managed VoIP services], mobility services[ device management services, and application management services], deployment mode(public cloud, private cloud, hybrid cloud), organization size [small & medium-sized enterprises, large enterprises], sector[IT & telecommunications, BFSI, retail & consumer goods, healthcare & life sciences, manufacturing, government & public sector, energy & utility, oil & gas, automotive, other sectors} The study also evaluates industry competitors and analyzes the market at regional and country levels. 

Based on type, the global cloud managed services market is segmented into cybersecurity services, infrastructure services, business services, network services, data center services, communication and collaboration services, and mobility services. In 2023, the network services segment is expected to account for the largest share of the global cloud managed services market. The large growth of this segment is attributed to the rising adoption of managed VPN and SD-WAN services among telecommunication data centers, the growing need to reduce repetitive or mundane tasks, speed up processes, and drive down overheads, and the increasing need for managed network services for automated network management. 

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However, the mobility services segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the growing demand for better connectivity, increasing focus on better employee work-life balance, growing trend of remote work policies since the COVID-19 pandemic, rising BYOD convenience, increasing need for automated updates, and benefits offered by flexible workspace productivity. 

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Key Players: 

The key players operating in the global cloud managed services market are 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), Accenture plc (Ireland), 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), and ISmile Technologies (U.S.) 

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