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IT Managed Services Market Report, Size, Share Report 2024-2033
IT Managed Services Market Report
According to The Business Research Company's, The IT managed services market size has grown strongly in recent years. It will grow from $253.80 billion in 2023 to $278.40 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to focus on core business, increasing complexity of IT infrastructure, scalability and flexibility, service integration and management (SIAM).
The IT managed services market size is expected to see strong growth in the next few years. It will grow to $398.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to cybersecurity concerns, cloud migration and optimization, remote work support, AI and automation, edge computing. Major trends in the forecast period include zero trust security models, advanced threat detection and response, edge ai and edge computing expansion, containers and kubernetes management, AI-driven IT operations (AIOps).
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Market Drivers and Trends:
Increasing cybersecurity concerns are expected to propel the growth of the IT managed services market going forward. Cybersecurity refers to protecting computer systems, networks, programs, and data from digital attacks, unauthorized access, damage, or theft. The increasing reliance on digital technologies and interconnected systems amplifies the importance of cybersecurity to safeguard against evolving cyber threats. IT-managed services enhance cybersecurity by providing continuous monitoring, threat detection, and rapid response, ensuring proactive defense against evolving cyber threats. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the cybercrime reports received in 2022 were 76,000, up from 13% from the previous year. Furthermore, in June 2022, according to the Anti-Phishing Working Group, a US-based organization, in the first quarter of 2022, the APWG recorded a total of 1,025,968 phishing attacks, a 15% rise from the fourth quarter of 2021, when 888,585 attacks were reported. Therefore, increasing cybersecurity concerns are driving the growth of the IT managed services market.
Major companies operating in IT managed services are increasing their focus on developing advanced solutions such as artificial intelligence (AI) and automation integration, to gain a competitive edge in the market. AI and automation integration involves blending AI technologies and automated processes to enhance efficiency and decision-making in various systems or workflows. AI and automation in IT-managed services enhance efficiency, and empower organizations for improved performance and reliability in infrastructure management. For instance, in January 2023, Pia Trading Co., a US-based AI-led automation company, introduced Pia aiDesk, a genuine automation platform designed to seamlessly integrate with existing IT service management (ITSM) tools. This innovation aims to streamline processes, release resources, and enhance operational efficiencies, specifically for managed service providers (MSPs). Pia aiDesk combines various technologies, such as artificial intelligence, machine learning, natural language processing, robotic process automation, and the Pia chatbot, to enhance service delivery for MSPs.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
AT&T Inc., Dell Technologies Inc., Lenovo Group Limited, International Business Machines Corporation, Cisco Systems Inc., Hewlett Packard Enterprise Development, Fujitsu Limited, Telefonaktiebolaget LM Ericsson, Cognizant Technology Solutions Corporation, Infosys Limited, Lumen Technologies Inc., DXC Technology, Rackspace Technology Global Inc., SAS Institute Inc., Presidio Holdings Inc., Wipro Limited, BMC Software Inc., Unisys Corporation, CA Technologies, Alcatel-Lucent Enterprise SAS, Sapiens International Corporation N.V., Avaya Inc., Jade Global Inc., Marco Technologies LLC
IT Managed Services Market 2024 Key Insights:
• The IT Managed Services Market is expected to grow to $398.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Rising Cybersecurity Concerns Fueling Growth In The IT Managed Services Market
• AI And Automation Integration For Enhanced Efficiency And Performance
• North America was the largest region in the IT managed services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IT managed services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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