According to recent data from Fact.MR, the cloud managed services market is projected to increase at a CAGR of about 9.6 percent, by 2032.
This compares to market revenues of $86.1 billion (2021), with expectations of growth to $237 billion over the 10-year period from 2022-2032. In particular, the U.S. market held a nearly 34 percent share, a trend that is likely to continue. Market growth should be fueled by increased demand driven by high-speed data transfers and storage with large network infrastructure.
A surge in digitization and increase in IT infrastructure demand is propelling the demand for high-speed internet, which consequently drives the need for logistics in IT systems for high-speed data transfer, big data storage and data centers with increasing consumers on digital platforms.
Large companies in the U.S. spent approximately $18 billion in ’21Q1.
In addition, due to Covid, the demand for digital platforms due to WFH models increased, with other factors including the gaming industry and the U.S.’ $1 billion Technology Modernization Fund. Other key takeaways included:
- In cloud managed services demand, large enterprises are expected to account for growth at CAGR of 9.4 percent during forecast period.
- Managed network services show the highest potential for growth in the service type segment.
Insights are based on a report on the Cloud Managed Services Market report, by Fact.MR.
