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Optimizing IT with Multi-Vendor Support Services: Market Overview 2024
Multi-Vendor Support Services Market Research
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According to The Business Research Company's, The multi-vendor support services market size has grown steadily in recent years. It will grow from $62.56 billion in 2023 to $65.14 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to increased complexity of it environments, cost optimization pressures on organizations, diverse technology vendor ecosystems, aging it infrastructures, need for flexible and customized support solutions.
The multi-vendor support services market size is expected to see strong growth in the next few years. It will grow to $79.43 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to growth in hybrid and multi-cloud environments, rising demand for cybersecurity support services, accelerated adoption of emerging technologies, increasing focus on it resilience and business continuity, expansion of global it operations. Major trends in the forecast period include shift towards outcome-based support models, integration of ai and automation in support services, emphasis on proactive and predictive support, demand for unified support across multiple vendors, evolving service level agreements (slas) in multi-vendor support.
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Market Drivers and Trends:
A significant increase and presence of technology providers will propel the growth of multi-vendor support services market during the forecast period. The need for IT enterprises and skills is rising as technology continues to permeate every area of the commercial and business environment, and this demands vendor support services for effective technology implementation. For instance, in 2021, CDS, a provider of multi-vendor services (MVS) for data centers introduced Commit, a new channel program to bring multi-vendor services to leading solution providers. This global channel program was designed to help solution providers offer enterprise customers the most advanced, comprehensive, and complementary infrastructure services.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
AT&T Inc., Dell Technologies Inc., Furukawa Co. Ltd., Hitachi Ltd., HP Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, NEC Corporation., Toshiba Corporation, Fujitsu Ltd., Lenovo Group Limited., Symantec Corporation., NetApp Inc., Clear Technologies Inc., Dynamic Systems Inc., Unisys Corporation, NCR Corporation, CompuCom Systems Inc., Stefanini Inc., Wipro Limited., HCL Technologies Limited, Infosys Limited., Tech Mahindra Limited, Capgemini SE, Atos SE, Cognizant Technology Solutions Corporation, DXC Technology Company, Accentur*e plc, Tata Consultancy Services Limited.
Multi-Vendor Support Services Market 2024 Key Insights:
• The multi-vendor support services market size is expected to see strong growth in the next few years. It will grow to $79.43 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Rising Technology Providers Drive Growth In The Multi-Vendor Support Services Market
• Rising Demand For Multi-Vendor Support Services In The Telecom Operator Market
• North America was the largest region in the multi-vendor support services market in 2023
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