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Managed Application Services Market 2023 : Innovations, Trends, and Insights | Fujitsu Limited, Mindtree Limited, IBM Corporation

Managed Application Services Market

Managed Application Services Market

Market Overview:

Managed application services offer cloud-based applications to handle business processes for organizations. It includes customer relationship management, enterprise resource planning, human capital management, and other applications to streamline operations and improve productivity.

The managed application services market was valued at US$ 3.64 Bn in 2021 and is forecast to reach a value of US$ 20.94 Bn by 2030 at a CAGR of 21.9% between 2022 and 2030.

Market Dynamics:

The managed application services market is expected to grow significantly during the forecast period owing to the rising demand for reducing IT costs among organizations. Managing application services externally through managed service providers allows companies to avoid costs associated with hardware purchasing and maintenance, support staff hiring and training, software purchasing and licensing, and upgrades. It offers a pay-as-you-go model which provides more flexibility to organizations. Furthermore, technological advancements such as cloud computing, big data analytics, and Internet of Things (IoT) have increased the generation of large volumes of data. Managed service providers assist companies in effectively storing, analyzing, and gaining useful insights from this data through application management services.

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Growing adoption of cloud computing to drive the Managed Application Services Market

The rising adoption of cloud computing across organizations is propelling the growth of managed application services market. Many enterprises are migrating their applications and infrastructure to the cloud to gain benefits like scalability, flexibility and cost savings. Cloud computing has made it easier for companies to focus on their core business functions by outsourcing non-core IT tasks like infrastructure management, application maintenance and support to managed service providers. The service providers deploy, manage and optimize cloud-based applications on behalf of customers ensuring high performance and availability. Application management in the cloud reduces upfront capital expenses and shifts IT costs from fixed to variable basis. This allows organizations especially SMEs to manage applications efficiently without investing heavily on building in-house IT teams. The ever growing reliance of businesses on cloud based applications is expected to significantly boost demand for managed application services in coming years.

Increasing Focus on Core Business Driving Adoption of Managed Application Services

Organizations across industries are aiming to streamline operations and improve business efficiencies through digital transformation initiatives. In this focus on core operations, non-core functions like application management are being outsourced. Managed service providers take the responsibility of deploying, managing, monitoring, maintaining and supporting critical business applications allowing internal IT teams of enterprises to concentrate on strategic functions. They offer 24x7 monitoring and helpdesk support for faster issue resolution. Application performance optimization through regular upgrades and patches ensures high productivity of end users. This allows companies to achieve operational excellence through round the clock availability of applications at competitive costs. The emphasis on core operations over non-core activities is a major factor compelling organizations to adopt managed application services, thus fueling market growth.

Top Key Players:

Fujitsu Limited, Mindtree Limited, IBM Corporation, Wipro Limited, Unisys Corporation, CenturyLink Inc., Virtustream Inc. and HCL Technologies Limited

Detailed Segmentation:

Global Managed Application Services Market, By Enterprise Size:
Small and Medium Enterprises
Large Enterprises

Global Managed Application Services Market, By End-User Industry:
BFSI
IT and Telecom
Healthcare
Retail and e-commerce
Manufacturing
Other End-user Verticals

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Rising Security Threats to Restrain Managed Application Services Market

Increasing instances of cyber-attacks pose serious security challenges for businesses relying on cloud based applications. Cybercriminals continuously evolve their methods to exploit vulnerabilities in applications and steal sensitive data. Though managed service providers have robust security practices, complete elimination of risks is difficult. Data breaches can damage brand reputation and involve heavy fines and lawsuits. Strict data protection regulations like GDPR further increase compliance burden on companies. These security issues and compliance risks make some organizations reluctant to outsource critical applications due to lack of control and visibility. Data sovereignty concerns also restrain global clients from adopting cloud services. However, service providers are implementing advanced technologies like AI, automation and blockchain to proactively identify threats and protect customer data, which can help alleviate security concerns over time.

Opportunity for Managed Service Providers in Application Modernization

Legacy applications create tech debt for enterprises due to difficulties in integration with new systems, security issues and prohibitive maintenance costs. Modernizing such applications by refactoring code, migrating to microservices architecture and re-platforming to cloud becomes necessary. This presents a multi-billion dollar opportunity for managed service providers. They can take over modernization projects leveraging their expertise in application assessment, containerization, DevOps practices and cloud platforms. MSPs ensure minimal business disruption during transition by managing every step from planning to execution seamlessly. Application modernization not only enhances functionality but also improves performance, scalability, security posture and compliance. It allows companies to tap into latest technologies while reducing costs. As legacy infrastructure becomes common challenge, managed service providers are well positioned to capture this new market by offering end-to-end application modernization services.

Artificial Intelligence to Emerge as an Important Trend in Managed Application Services

Artificial Intelligence (AI) and machine learning technologies are increasingly becoming crucial aspects of digital business strategies. Leading MSPs are adopting AI solutions to refine their service delivery capabilities and gain competitive advantage. They are using AI for tasks like predictive analytics, automated process optimization, self-healing operations and personalized customer experience. AI powers various use cases including application performance monitoring, anomaly detection, threat analysis, usage analytics, recommendation engines, natural language queries and robotic process automation. This enhances their ability to detect and resolve issues proactively before SLA breaches and user impact. AI also helps streamline various support and management functions through automation. With AI, service providers can offer more value added services and derive deeper insights from application data. AI is emerging as an influential trend that will help differentiate managed application services with advanced machine intelligence capabilities in the coming times.

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Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the Managed Application Services Market over the forecast period?
What are the key trends expected to influence the Managed Application Services Market between 2023 and 2030?
What is the expected demand for various types of products/services in the Managed Application Services Market?
What long-term impact will strategic advancements have on the Managed Application Services Market?
Who are the key players and stakeholders in the Managed Application Services Market?
What are the different segments and sub-segments considered in the Managed Application Services Market research study?

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