Press release
Managed Services Market Opportunities 2024-2033 - Size, Growth Analysis, Outlook, Overview
Managed Services Market
The Business Research Company offers in-depth market insights through Managed Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The managed services market size has grown strongly in recent years. It will grow from $275.42 billion in 2023 to $297.66 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to cost efficiency, scalability needs, focus on core competencies, complexity of it environments, globalization.
The managed services market size is expected to see rapid growth in the next few years. It will grow to $449.79 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to increasing complexity of it environments, rise in cyber threats, remote workforce management, cloud adoption surge, focus on business continuity. Major trends in the forecast period include service personalization, data analytics and insights, focus on customer experience, compliance management, scalability demands.
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Market Segmentation:
The managed services market covered in this report is segmented -
1) By Service Type: Managed Security Services, Managed Network Services, Managed Data Center And IT Infrastructure Services, Managed Communication And Collaboration Services, Managed Mobility Services, Managed Information Services, Other Service Types
2) By Deployment model: Cloud, On-Premises
3) By Organizational Sizes: Large Enterprises, Small And Medium-sized Enterprises (SMEs)
4) By Application: BFSI, IT And Telecom, Retail And Consumer Goods, Manufacturing, Government, Healthcare And Life Sciences, Energy And Utilities, Media And Entertainment, Other Applications
Major Driver - Rising Number Of Small And Midsize Businesses (SMB) Fuels Growth In Managed Services Market
The increasing number of small and midsize businesses (SMB) is expected to propel the growth of managed services market going forward. Small businesses are an organizations with fewer than 100 employees. Midsize enterprises are those organizations with 100 to 999 employees. Small and midsize businesses require managed services to efficiently handle their IT infrastructure, cybersecurity, and network management, allowing them to focus on core business functions without the burden of in-house technical expertise. For instance, in August 2022, according to the United States Small Business Administration, a US-based government agency, between March 2020 and March 2021, around 1.1 million new small businesses were established. Therefore, the increasing number of small and midsize businesses (SMB) are driving the growth of managed services market.
Competitive Landscape:
Major companies operating in the managed services market report are Huawei Technologies Co Ltd., Verizon Communications Inc., AT&T Inc., International Business Machines Corporation (IBM), Deloitte AG, Cisco Systems Inc., Fujitsu Global Limited, Tata Consultancy Services Limited, Ericsson AB, Nokia Corporation, BAE Systems plc, Capgemini SE, NTT DATA Corporation, Cognizant Technology Solutions Corporation, CenturyLink Inc., Infosys Limited, DXC Technology Company, Atos SE (Societe Europeenne de Services Informatiques), Wipro Limited, Rackspace Technology Inc., GTT Communications Inc., HCL Technologies Limited, Microland Limited, Secureworks Inc., Happiest Minds Technologies Limited, Alert Logic Inc., Intact Technology Inc., Business Technology Partners LLP, Dimension Data Holdings Ltd
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Top Trend - Strategic Partnerships Transforming The Managed Services Market
Major companies operating in the managed services market are adopting strategic partnerships approach to expand service portfolios, access specialized expertise, and offer comprehensive solutions to clients. Strategic partnerships refers to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in January 2022, BT Group plc, a UK-based telecommunications company, partnered with Rackspace Technology Inc., a US-based cloud computing company, to transform cloud services for its multinational customers, utilizing Rackspace's advanced solutions deployed in BT data centers. This collaboration aims to enhance cloud offerings by combining Rackspace's cloud management expertise with BT's robust network and security capabilities. The partnership emphasizes a commitment to a hybrid cloud model, ensuring BT customers access top-tier public and private cloud services, along with traditional hosted environments, all backed by the speed, security, and resilience of BT's global networks. This collaboration is set to improve customer experiences and drive the evolution of BT's managed cloud services, with plans for future joint cloud initiatives in the pipeline.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Managed Services Market Characteristics
3. Managed Services Market Trends And Strategies
4. Managed Services Market - Macro Economic Scenario
5. Managed Services Market Size And Growth
…..
27. Managed Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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