Cloud Managed Service Market Size, Share, Growth Analysis, By Service Type(Managed Business Services, Managed Network Services, Managed Security Services, Managed Infrastructure Services), By Enterprise size(Large Enterprises, and SMEs), By Industry Vertical(BFSI, Healthcare, Manufacturing, IT & Telecom), By Region - Industry Forecast 2024-2031

Cloud Managed Service Market Drivers

Cloud Adoption Surged During the COVID-19 Epidemic

• The pandemic-induced global shutdown and remote work arrangements compelled both big and small businesses to heavily rely on cloud services and concentrate on digital transformation. Organisations find moving to the cloud gives them more flexibility and is more cost-effective.

SMEs are Increasingly Using Cloud-Managed Services

• SMEs are anticipated to embrace more managed services as a result of the anticipated large growth in IT spending among them. It is anticipated that SMEs' increased IT spending would increase demand for MSPs that can offer efficient and reasonably priced services. It has been observed that SMEs are increasingly turning to cloud managed service providers for assistance with any problems.

Restraints

Privacy and Data Security Issues

• A number of third parties outsource their skills to provide cloud managed services; these include web applications, virtualisation, mobility, networks, endpoints, databases, and cloud infrastructures. As a result, sensitive company information may be exposed, raising major security and privacy risks for enterprises that use cloud managed services.

An Increase in Rules and Adherence

• In recent years, growing worries regarding data security, an increase in data breaches and cyber attacks as well as changing business needs have all contributed to increased regulatory and compliance requirements. Companies must comply with these regulations to remain operational; they have to take actions aimed at averting financial fines, keeping their customers and income streams intact while avoiding any legal problems.