Managed Services Market 2024 Industry Insights, Business Growth, Trends And Forecast To 2033

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.

Market Overview -
A managed service is any task that a third party handles, often in the context of business IT services. Managed services are a way to outsource general tasks to an expert to reduce costs, improve service quality, or free up internal teams to do work specific to the business. Managed services are cost-effective, provide more capability to company end-users, allow teams to focus on business core competencies, and allow in-house IT to focus on more strategic IT programs.

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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

Technological Advancements Driving Innovation In Managed Services Market
The integration of the latest technologies in existing and new business infrastructures has emerged as a key trend in the managed services market. Major companies operating in the managed services sector are focused on integrating new technologies in their businesses to strengthen their position. For instance, in October 2021, Zylo, a US-based SaaS management platform launched Zylo Managed Services. With Zylo Managed Services, businesses can hire skilled consultants to set up best-in-class SaaS management processes rapidly, freeing up IT and procurement employees. Zylo offers two Managed Services packages including Zylo SaaS Manager and Zylo SaaS Negotiator. Zylo SaaS Manager offers skilled SaaS management consultants to aid organizations to establish and manage internal business systems and procedures of record for their SaaS products. Zylo SaaS Negotiator offers a skilled SaaS Negotiator to handle all aspects of the SaaS contract and commercial discussions.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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