Virtual PBX Featured Article

Cloud Managed Services Market to Be Worth $247.5B by 2030

March 22, 2023

Cloud managed services continue to play an important role today across industries. Cloud and IT services handle daily management and operation of cloud environments, helping organizations maximize the benefits they receive from cloud offerings while reducing internal time and dedicated costs. (i.e. monitoring, management, and optimization of cloud services via methods such as configuration, performance, cost, security, compliance, capacity, finances, and governance)

That said, based on new market research which analyzed different factors (such as deployment mode, organization size, and sector to forecast the market's growth potential), the global cloud managed services market is expected to grow at a CAGR of 14.2% from 2023 to 2030 and will reach a value of $247.5 billion.

Much of this upcoming growth is being attributed to banking, financial services and insurance (BFSI) industries, as well as the healthcare sector (where managed cloud services are becoming more and more vital).

This, combined with a greater focus on having customized and managed cloud services with in-house apps, has been driving growth worldwide.

And yet, there is still work to be done. Barriers still exist for market growth as many businesses worry about compliance, unpredictable costs, and lack of flexibility with these services. Moreover, organizations are integrating cloud managed services into their IT environments due to technological advancements in AI, ML, and IoT. These services are becoming essential components for businesses, as they allow for the creation of cloud capabilities that provide a competitive edge and cost reduction (while allowing companies to focus on their core competencies).

Of those segments that will have the most growth during this forecast period, Network Services and Mobility Services will outshine the rest - especially with remote-working and better connectivity demands increasing.

Public and hybrid cloud will both see a large share of the global market when considering deployment mode in 2023, according to the study. (i.e. due to cost effectiveness and demand for services)

Based on geography, North America is expected to see the greatest share of the global managed services market as businesses of all sizes realize their ability to reduce costs and boost productivity with cloud solutions. Asia-Pacific is also expected to show large growth in the forecast period and is expected to register the highest CAGR during the forecast period.

Edited by Alex Passett



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