Multi-vendor Support Services Market Forecast to Reach $57.2 Billion by 2025

Multi-Vendor Support Services Market is forecast to reach $57.2 billion by 2025, growing at a CAGR 3.2% from 2020 to 2025. Multi-vendor support services can enable any company to simplify IT management from various vendor contracts to a single vendor with experience to handle all of the IT infrastructure. Multi-vendor support also eliminates downtime by streamlining problem identification and solving through the entire IT environment. These multi-vendor support services help reduce the risk of managing multiple IT solutions and services while improving production. Owing to the growing adoption of IoT, cloud and Big Data Analytics as a major part of their digital transformation strategy across multiple organizations, the pressure on data centers is also rising, contributing to market growth.

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Multi-Vendor Support Services Market Segment Analysis - By Service Type

During the forecast period the Hardware Support Service segment is expected to grow at a CAGR 2.5%. The Hardware Support Services segment is expected to account for a higher market share because Hardware Support Services help organizations stay on top of their equipment support and maintenance by supplying post-warranty services, extending product life, and offering system upgrades and patches. Hardware support services provide preventive and remedial services, such as online contract maintenance and per-incident repair, telephonic technical troubleshooting and setup assistance, and upgrades to the hardware warranty. In addition, a rise in demand for a new level of services is expected to drive this market's growth.

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Multi-Vendor Support Services Market Segment Analysis - By End-User

The IT & Telecommunication segment is expected to grow at a higher CAGR 5.2% during the forecast period. The vertical IT and telecommunication is an significant segment for multi-vendor support services, due to the high rate of different technical adoptions, increased frequency of BYOD policy adoption (to make business operations much more comfortable and controllable, and increased need for high-end protection due to growing data among organizations. Over the past few years, the telecom industry has observed extensive growth. Telecommunication companies are constantly under pressure to offer innovative services at lower costs in order to keep their customers in the competitive market. Multi-vendor support services have become a widespread need to tackle a complex and competitive environment for operators. In November 2019, with help from HPE and Openet, Samsung successfully demonstrated multi-vendor interoperability on its 5G SA core. These increasing multi-vendor testing services will also increase this segment's growth in the years ahead.

Multi-Vendor Support Services Market Segment Analysis - By Geography

North America currently dominates the global Multi-Vendor Support Services market with a share of more than 38.1%. The primary driver of growth for the regional segment of North America is the growing presence of technology providers. These players are focused on entering partnerships, merger-acquisitions, and offering innovative solutions to stay in a regionally and globally competitive environment. Countries like the US are a significant contributor to the growth of the market segment in North America. Using multi-cloud environments is seeing massive growth in the United States and Canada, where customers rely heavily on one cloud while sporadically using the other. Here, MSPs will take advantage of this great opportunity by giving pricing models for service dependent on usage. It will also fuel the growth of the region's multi-vendor support services market.

Multi-Vendor Support Services Market Drivers

Rapid changes in the IT infrastructure

The scale and volume of the IT infrastructure is increasing driven by increased computing needs met by a wider and better network, and server and storage facilities. Organizations increasingly digitalize their operations using cloud, container, IoT, and other technologies to meet new business functional requirements. Owing to the changing technical environment MVSS is rapidly being adopted by organizations to control and sustain their infrastructure. In addition, companies are looking to automate or outsource their non-core activities, with the increasing complexities of technology solutions. MVSS providers help organizations concentrate on their core business operations as they offer services and solutions such as continuous hardware and software tracking, contract auditing, equipment and inventory management. MVSS helps increase uptime, enhance efficiency and switch smoothly from old equipment to new systems. This will help to boost the market growth of Multi-Vendor services.

Increase in Remote Working

Remote working has surged all around the world since the time of the COVID-19 pandemic. Multi-Vendor Support Services providers are taking advantage of the opportunity to solve the market problems to maintain a smooth working climate. For example, IBM Cloud solutions can help a business with a flexible, secure cloud and digital services for virtualization, mobility, collaboration, and support make a smooth transition to remote business. With the assistance of Cisco's in-depth knowledge base, in remote working condition, Intelligent network support by IBM Corporation delivers a proactive service model that helps the user identify problems before they occur and affect business activities.

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Multi-Vendor Support Services Market Challenges

Lack of Technical Expertise

Lack of awareness about the latest Multi-Vendor Support Services techniques is a major challenge facing the Multi-Vendor Support Services market. Restraints on the multi - vendor support services market are loss of control over IT assets and more concerns about sharing credentials, privacy and security issues, so challenges to the multi - vendor support services market are increasing technical expertise and offering new services with IT infrastructure changes.

Multi-Vendor Support Services Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Multi-Vendor Support Services Market. Multi-Vendor Support Services Market is expected to be dominated by major companies such as LexisNexis Group, Inc., BWise B.V., LogicManager, Inc., MetricStream, Inc., Relational Security Corporation (Rsam), IBM Corporation, LockPath, Inc., Genpact Limited, Dell, Inc., HP Enterprise, Symantec, Oracle, Fujitsu, NEC, Lenovo, and Hitachi.

Acquisitions/Technology Launches

In April 2020, Fenergo and IBM Corporation entered into an OEM agreement that will see both organizations collaborate on the creation of the BFSI sector’s crime solutions. The primary aim for both firms is that customers using the Fenergo platform via IBM will have access to the selection of additional support services, including IT support, system developers, predictive analytics, and multi-vendor processing.

In June 2020, Ribbon Communications announced that ECI, which recently merged with Ribbon, has successfully participated in a wide range of 5G tests at the interoperability showcase organized by the EANTC. In the seminar, Ribbon has shown multi-vendor interoperability testing of advanced transport features of 5G networks. This newly developed multi-vendor service will help the company to gain a competitive edge in the market landscape.

Key Takeaways

Growing changes in the IT infrastructure, rising maintenance costs of original equipment manufacturer services, reducing IT support & maintenance complexities are the key growth drivers for the Multi-Vendor Support Services market.

The burden on data centers is also increasing, leading to market growth due to the increasing adoption of IoT, cloud and Big Data Analytics as a major part of their digital transformation strategy across various companies.

IT and telecommunication are an important segment for Multi-Vendor Support Services due to various technological adoptions, increased frequency of BYOD policy adoption and increased need for high-end security due to rapidly growing data among organizations.

The key driver of growth for North America's regional segment is the substantial presence of technology providers. These players focus on entering alliances, merger-acquisitions and offering new solutions to remain in a competitive regional and global market.

Remote working has surged all around the world since the COVID-19 pandemic. Multi-Vendor Support Services providers are seizing the opportunity to solve market problems to maintain a smooth working climate.

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Venkat Reddy,
Sales Director,
Email: venkat@industryarc.com,
Website: https://www.industryarc.com,
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