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

Global Cloud Managed Services Market size was valued at USD 235.30 Billion in 2022 poised to grow from USD 267.30 Billion in 2023 to USD 741.35 Billion by 2031, growing at a CAGR of 13.6% in the forecast period (2024-2031).

Managed cloud services offer all or some of the cloud management services for public and hybrid environments. Businesses rely on managed cloud services to meet their requirements. This category of services and solutions encompasses migration, security, configuration, and optimization. Some of the main advantages for choosing managed cloud services include enhanced resource efficiency, seamless integration with the cloud, as well as even and predictable pricing. The increasing demand in cloud applications has propelled the global market for cloud-managed services.

Also, the cloud-managed services market is expected to expand due to decreased cloud service costs and hyper-scaling capabilities. Concerns over privacy and data security, however, may impede industry expansion. On the other hand, throughout the forecast period, the expanding need for cloud and cloud services among SMEs is anticipated to present lucrative prospects for the growth of the cloud managed services market.

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