Managed Services Market 2023: Growth Drivers and Future scenarios

According to the report published by Allied Market Research, The Managed Services Market 2023: Growth Drivers and Future scenarios. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Rising demand for IT services, increasing adoption of cloud computing services by businesses, and the growing need for cost-effective managed services solutions are the major factors predicted to boost the growth of the global managed services market during the forecast period. Increasing digitalization and the rising adoption of advanced technologies are expected to create massive growth opportunities for the global managed services market by 2031.

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The global managed services market was valued at USD 205.5 billion in 2021, and is projected to reach USD 594.8 billion by 2031, growing at a CAGR of 11.3% from 2022 to 2031.

The managed services market analysis is segmented on the basis of organization size, deployment type, service type, industry vertical, and region. By organization size, it is classified into SME and large. By deployment type, it is classified into cloud and on-premise. By service type, it is classified into security services, network services, data center & IT infra services, communication & collaboration services, mobility services, and information services. By industry vertical, it is classified into telecom, IT, BFSI, consumer goods & retail, manufacturing, healthcare, education, energy & utilities, media & entertainment, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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By service type, the security services sub-segment dominated the global managed services market share in 2021. A managed security service includes outsourced management and monitoring of security systems and devices. Managed Security Service Providers (MSSPs) are third-party organizations that offer services to a company. These services include intrusion detection, vulnerability scanning, managed firewalls, anti-viral services, and others. MSSP uses high-availability security operation centers to provide 24/7 services aimed at reducing the number of operational security employees that a company must hire, train, and retain to maintain an acceptable security posture.

By industry vertical, the BFSI sub-segment dominated the global managed services market share in 2021. It is difficult for banks to manage and maintain their systems due to the rising complexity of IT infrastructure. A variety of services, including network monitoring, data backup, security management, and help desk assistance, are provided by organizations with the aid of managed service providers (MSPs). MSPs help banks enhance their competences and improve their business operations. Moreover, MSPs enable banks to reduce in-house IT expenses, restructure IT systems, and automate business processes, allowing them to meet their business objectives.

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The North America region offers businesses a wide range of services, such as IT infrastructure management, network monitoring, cloud services, security management, and more. The significant growth of the region is fueled by a number of reasons, such as the need for cost-effective solutions, the complexity of IT systems, and the rising demand for outsourcing IT services. Besides, to maintain the availability and security of their systems, an increasing number of organizations are moving their apps and data to the cloud.

The key players profiled in the managed services market forecast report include IBM, HCL, TCS, Atos, AT&T, Cisco, Fujitsu, Ericsson and Dimension Data.

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Covid-19 Scenario

● The outbreak of the Covid-19 pandemic had a mixed impact on the global managed services market, owing to temporary closure of several firms during the lockdown.

● The demand for managed services increased in cloud computing and security related areas. Also, several organizations opted to outsource services and focus on core business operations during the pandemic.

● Moreover, growing digitalization boosted the demand for managed services. All these factors fueled the managed services market growth during the pandemic period.

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