Managed Services Market Expected to Reach USD 594.8 Billion Globally by 2031, Key Factors behind Market's Exponential Growth

Allied Market Research published a new report, titled, " The Managed Services Market Expected to Reach USD 594.8 Billion Globally by 2031, Key Factors behind Market's Exponential Growth." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

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 is segmented on the basis of organization size, deployment type, service type, industry vertical, and region. By organization size, the market is divided into SME and large. By deployment type, the market is classified into clouds and on-premise. By service type, the market is divided into security services, network services, data center & IT infra services, communication & collaboration services, mobility services, and information services. By industry vertical, the market 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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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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Based on service type, the network services sub-segment emerged as the global leader in 2021 and the security services sub-segment is predicted to show the fastest growth in the upcoming years.

Based on industry vertical, the BFSI sub-segment emerged as the global leader in 2021 and the telecom sub-segment is predicted to show the fastest growth in the upcoming years.

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Based on organization size, the large sub-segment held the largest managed services market share in 2021 and the SME sub-segment is anticipated to be the fastest growing during the forecast period.

Based on deployment type, the on-premise sub-segment emerged as the global leader in 2021 and the cloud sub-segment is predicted to show the fastest growth in the upcoming years.

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Based on region, North America registered the highest market share in 2021 and Asia-Pacific is predicted to show the fastest growth in the upcoming years.

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

Thanks for reading this article, you can also get an individual chapter-wise section or region-wise report versions like North America, Europe, or Asia.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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