MANAGED SERVICES MARKET: OVERVIEW

The Global Managed Services Market was valued at USD 239.71 Billion in 2021 and is expected to reach USD 680.08 Billion by 2030, growing at a CAGR of 13.8% during 2021-2030.
 

Managed services enable businesses to better concentrate on their core capabilities while increasing operational efficiency and lowering operating costs. Managed services provide the best possible resource allocation and usage, which helps to increase overall profitability and boost operational effectiveness. Particularly, scalable infrastructure and adaptable managed service models make it simpler for enterprises to adopt new technologies. Over the course of the projected period, all of these variables are anticipated to fuel market expansion.
 

Along with offering a host of other benefits, including as enhanced business procedures, accurate forecasting, business intelligence (BI), IT managed security, reduced resource wastage, and assistance to businesses in identifying cost-saving options. Following the epidemic, many businesses are expected to employ IT specialists to streamline their operations, supporting economic growth even more. Companies are revamping their corporate plans making sure to get the resources, skill sets, and tools to gain an advantage in the long run.
 

COVID-19 ANALYSIS

COVID-19 pandemic had an effect on the global economy and compelled many businesses to admit short-term spending reductions and contingency planning. The impact of COVID-19 has accelerated the affect across different industries. But in the future years, it is anticipated that use of Big Data, security solutions, AI, and cloud applications will soar. The cloud industry behemoth has been able to change its services as a result of this growth in order to handle the increasing strain. Additionally, as more businesses increasingly rely on IoT, big data analytics, and the cloud as a key pathway to digital transformation, the demand on data centers is growing. This is anticipated to fuel the global market's expansion during the COVID-19.
 

MANAGED SERVICES MARKET: TREND

Growing Adoption of Cloud Managed Security Services

The increasing adoption of cloud-based deployments will accelerate the IT services by lowering IT costs, better scalability, access to automatic updates, etc., will favor the market growth. Different verticals have started adopting cloud services due to the demand of cloud deployments. Moreover, the data storing capacity is huge than the on-premises deployment. Enterprises are adapting according to client demands in spite using conventional deployments.
 

MANAGED SERVICES MARKET: DRIVERS

Increasing Adoption of BYOD Among Enterprises

Tablets, smartphones, laptops, and other smart devices have become more prevalent in the workplace as a result of the rising use of BYOD. By using this technique, the risks to data security and integrity as it transfers across smart devices would increase. As a result, a lot of companies are using managed services to oversee and control the security of these smart devices, which will help the managed services market expand in the years to come.
 

Increasing Adoption of Cloud-based Deployments

The increasing adoption of cloud-based deployments will accelerate the IT services by lowering IT costs, better scalability, access to automatic updates, etc., will favor the market growth. Different verticals have started adopting cloud services due to the demand of cloud deployments. Moreover, the data storing capacity is huge than the on-premises deployment. Enterprises are adapting according to client demands in spite using conventional deployments.
 

MANAGED SERVICES MARKET: RESTRAIN

Concerns Pertaining to Lack of Skilled Professionals

One of the key constraints on market expansion is the scarcity of IT and cybersecurity expertise. This shortcoming may make it more difficult for the organizations to provide the IT security requirements. Organizations are vulnerable to cyberattacks resulting in data loss and reputational harm due to a lack of valuable IT security expertise. The need for cutting-edge security solutions to combat cyberattacks is increasing tremendously as a result of the expansion of several cybersecurity threats.
 

MARKET SEGMENTATION

The Global Managed Services Market is segmented by Type, Deployment, Vertical, and Region.  Based on the type, the market is managed categorized into managed security. managed data center, managed network, managed mobility, managed infrastructure, managed communication, managed information & others. Based on deployment, the market is managed categorized into on-premise & cloud-based. Based on organization size, the market is managed categorized into small and medium enterprises & large enterprises. Based on vertical, the market is managed categorized into BFSI, telecommunication, healthcare, retail, manufacturing, government and others. and Region. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
 

By Deployment

Based on deployment, the market is managed categorized into on-premise & cloud-based. The on-premise segment is expected to dominate the market share of global managed services market owing to several features including as it does not need an internet connection and makes it simple to tailor software to a client's specific needs for business processes. The on-premise implementation also helps to improve operational effectiveness and create a control center for effectively coordinating and managing various project management responsibilities and business processes inside an organization.
 

By Organization Size

Based on organization size, the market is managed categorized into small and medium enterprises & large enterprises. The large enterprises segment is expected to dominate the market share of global managed services market owing to massive amount of data is handled by major enterprises, and this data needs to be properly maintained and available both locally and remotely. Additionally, in order to maintain and monitor the security of their corporate data, large organizations are increasingly turning to managed security services. Managed security services are the most frequently requested service by enterprises in the region because of the rise in cyberattacks and the underdeveloped infrastructures to identify breaches. A large firm in APAC may suffer a significant loss as a result of a cyberattack or data breach. Retail and consumer goods, healthcare, manufacturing, and telecom & IT are the main industry sectors that contribute to the region's managed services market.
 

By Vertical

Based on vertical, the market is managed categorized into bfsi, telecommunication, healthcare, retail, manufacturing, government and others. The bfsi segment is expected to dominate the market share of global managed services market owing due to the various factors such as preservation and management of data, including trading instruments, record-keeping, reporting, and computations, financial firms need a sophisticated IT infrastructure. Financial transactions that need the sharing of information with clients or internally depend on IT services to be successful. Financial firms are using managed services to deal with a variety of problems, including keeping up with technology improvements, market and regulatory changes, and a looming shortage of personnel with experience in cutting-edge technologies, among others.
 

MARKET SEGMENTATION: BY REGION

Based on the Region, the Global Managed Services Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
 

North America region is expected to dominate the market share of global managed services market owing to heavy emphasis on digitization, IT companies in the U.S. are reducing operational costs, especially in the wake of the pandemic. To do this, they are using a variety of managed services. To stay competitive in the face of ongoing digitization, businesses in the U.S. increasingly rely on managed service providers (MSPs), particularly for IT support services. However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global managed services market due to increasing deployment of cloud-based solutions and increasing data security investments, several companies in the Asia Pacific region are anticipated to significantly contribute to the market's growth throughout the projected period. Additionally, growing expenditure as a result of businesses implementing cutting-edge technologies like cloud computing and advanced technology for business development is anticipated to support market expansion.
 

MANAGED SERVICES MARKET: KEY PLAYERS

• IBM Corporation
• FUJITSU
• Accenture
• Atos
• Cisco
• DXC Technology Company
• Tata Consultancy Services Limited
• RACKSPACE TECHNOLOGY
• AT&T
• Verizon
• Infosys Limited
• HCL Technologies Limited
• Happiest Minds
• Deloitte Touche Tohmatsu Limited
• Wipro
• Cognizant
• Capgemini

MANAGED SERVICES MARKET: RECENT DEVELOPMENT

• July 2021- Accenture acquired Cloudworks which would grow customer base in Canada by offering Oracle solutions.
• November 2019- DXC Managed Multi-Cloud Services is a brand-new cloud service offered by DXC Technology Company which is powered by VMware, which offers consistent service management and allows users to make the most of their VMware investments to gain a competitive advantage across multiple clouds.

MANAGED SERVICES MARKET: REPORT OVERVIEW

The scope of the report includes a detailed study of regional markets for Global Managed Services Market. The Global Managed Services Market is segmented by Type, Deployment, Vertical, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Managed Services Market.