The global cloud managed services market was valued at $47.1 billion in 2022 and is projected to reach $98.7 billion by 2028, growing at a CAGR of 12.3%. These services, delivered by third-party providers, enhance IT operations across sectors like banking, healthcare, and SMEs by ensuring data security and optimizing performance. Key drivers of this growth include demand for enhanced cybersecurity, remote patient monitoring, and improved operational efficiency.