This report provides an update to our total infrastructure services market projection for the period 2023-28. Last year, we refreshed our managed infrastructure taxonomy and this update includes new granular splits for the colocation category. Things have changed significantly since our last update. The sector came out of the pandemic positioned for sustained growth, but macro headwinds appeared that knocked the sector off course. Revenue growth has decelerated meaningfully since the middle of 2022 and the period of counter-cyclical growth, in the midst of a major disruptive event, came to an abrupt end. It is important to keep things in perspective. While growth has slowed, the foundation of the sector and overall directional trends remain firmly in place. Customer bases are entrenched and churn rates are low. Growth has been driven by existing customer adoption of value-add products and services, uptake in managed services, and compute and storage expansion. Meanwhile, the shift from traditional on-premise deployments to off-premise outsourced infrastructure is moving along steadily and now starting to accelerate. The macro conditions that emerged in the wake of the global pandemic set in motion an even more aggressive push to recalibrate, optimize and evaluate IT infrastructure. And the results of these efforts are sparking buying decisions and keeping the sector on solid footing as it navigates its way through a weaker environment. The infrastructure services sector is projected to be worth $348.6b in 2023 and grow at a five-year CAGR of 18.8% through 2028. Outsourced infrastructure, managed by third party service providers and housed on hyperscale, webscale and subscale platforms, has emerged as the dominant model, and the IT infrastructure TAM is set to reach close to one trillion dollars at the end of this five-year projection.