Cloud Managed Networking Market Size, Share, Growth Analysis, By Service Type(Managed Business, Managed Network, Managed Security, Managed Infrastructure), By Deployment(Public Cloud, Private Cloud), By Enterprise Size(Small, Medium Enterprises (SMEs), Large Enterprises), By Industry(Telecom & IT, Retail, Media & Entertainment, Educational Institutions), By Region(North America, Europe, Asia Pacific, MEA), By Region - Industry Forecast 2024-2031

Global Cloud Managed Networking Market size was valued at USD 235.5 billion in 2019 and is poised to grow from USD 267.3 billion in 2023 to USD 731.08 billion by 2031, growing at a CAGR of 13.6% in the forecast period (2024-2031).

With an increasing number of consumers using digital platforms, there is a greater need for continuous advancement in digitalization for high-speed data transfer with broad network coverage and large amounts of data storage. Distance learning, multiuser gaming, videoconferencing, and live streaming, for example, have accelerated the growth of the IT industry's consumer base. IT companies require large servers and data storage units to store large amounts of data and provide better services. Managed services provide computing infrastructure, data centers, and data storage through which businesses can rent on-demand access to anything from applications to storage from a cloud service provider. The most significant advantages of cloud services are avoiding the fixed costs of building large IT infrastructure and the complications of having and maintaining their own IT infrastructure, as well as paying only for what they consume when they use it.

With the application of data science to provide a better and more seamless user experience, data storage has become more important than ever before for industries. Cloud services offer platforms for storing data and files in a remote location that can be accessed via the public internet or a dedicated private network connection.

New application architecture can be easily designed and tested by developers without being constrained by the hardware available locally. Businesses only need to pay for the storage that they actually use; they can increase or decrease the capacity of their required IT infrastructure. Public, private, and hybrid clouds are the three different types of cloud managed services. These days, people can view and edit documents using their smartphones, Google Docs, and Microsoft's Office Web Apps. The term "Software as a Service" refers to this particular cloud computing service model (SaaS). SaaS, however, has service restrictions that are burdensome for companies and sectors that must create and maintain their own software applications. They can use infrastructure as a service (IaaS) and platform as a service (PaaS) for this (IaaS). Large software was previously only affordable to large businesses, but "pay as you use" cloud services have changed this.

US Cloud Managed Networking Market is poised to grow at a sustainable CAGR for the next forecast year.