What is the global market size of Managed Services Market?

Managed Services Market size was valued at USD 242.9 billion in 2021 and is poised to grow from USD 262.09 billion in 2022 to USD 519.57 billion by 2030, growing at a CAGR of 7.9% in the forecast period (2023-2030).

Who are the key vendors in the Global Managed Services Market?

The managed services market is one of the fastest growing sectors in the technology industry. It is estimated that the Managed Services Market will grow from USD 173.33 to USD 393.72 billion by 2028 due to increasing demand for automation and artificial intelligence (AI) services, ageing population, and growing popularity of businesses outsourcing their IT functions. The competitive landscape in the managed services market is complicated and competitive. There are a number of large providers such as IBM, Accenture, and Oracle, as well as a number of smaller players. Most of the providers offer different types of services, which makes it difficult for customers to decide which provider to use. In addition, many of the smaller providers are focused on specific geographies or industries, which makes it difficult for them to compete with the larger players. 'IBM Corporation', 'Cisco Systems Inc.', 'Accenture PLC', 'Hewlett Packard Enterprise Company', 'Fujitsu Ltd. ', 'AT&T Inc.', 'Wipro Limited', 'Dell Technologies Inc.', 'Tata Consultancy Services Limited', 'Infosys Limited', 'Ericsson AB', 'NOKIA Corporation ', 'DXC Technology Company', 'Huawei Technologies Co., Ltd.', 'HCL Technologies Limited', 'Dimension Data Holdings PLC', 'Unisys Corporation', 'NTT DATA Corporation', 'Cognizant Technology Solutions Corporation', 'Capgemini SE'

What is the key driver of Global Managed Services Market?

Increased demand for Bring Your Own Device (BYOD) is projected to drive managed services market. It is a key component of digital technology and productivity across multiple industries in today's technology-driven business environment. The BYOD strategy has enabled employees to access and manage data on personal devices to increase productivity in the workplace. According to a Cisco Systems, Inc. report, companies that encourage BYOD can save up to USD 350 per team member per year. BYOD increases employee work flexibility and accountability, resulting in higher productivity. As a result, organizations have been urged to integrate BYOD solutions with existing systems to create a workforce-friendly environment. Thus, these factors are driving the growth of managed services market.

What is the key market trend for Global Managed Services Market?

The COVID-19 pandemic has had a broad impact on the world. The traditional working model has given way to the work-from-home model. Furthermore, a significant shift from private to the public cloud raises several security concerns is further adding fuel to the growth of managed services market. This change is likely to benefit the managed services market as they can efficiently secure an organization's IT infrastructure and provide various security services such as continuous monitoring, identity, and access management. MSPs have also expanded their security services offerings in the immediate wake of the pandemic to accommodate changes in work style and provide the best services.

Which region accounted for the largest share in Global Managed Services Market?

In 2021, Asia Pacific dominated the global managed services market, accounting for more than 37% of total market revenue. The region is expected to grow at an attractive CAGR in the years to come as a result of increased investments in infrastructure development and manufacturing. However, the pandemic has had a significant impact on manufacturing operations and the supply chain. Except for China, all major Asian countries showed negative GDP growth in the second quarter of 2020.

Managed Services Market Size, Share, Growth Analysis, By Service Type(Security Services, Network Services, Data Center & IT Infra Services, Communication & Collaboration Services), By Industry Vertical(Telecom, IT, BFSI, Consumer Goods & Retail), By Deployment Type(Cloud and On-premise), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45C2069 | Region: Global | Published Date: August, 2024
Pages: 165 | Tables: 97 | Figures: 76

Managed Services Market News

In March 2024, IBM introduced a new managed cybersecurity service powered by AI aimed at enhancing threat detection and response for corporations. This service enables enterprises to proactively identify and address cyber threats thereby strengthening even more the market position of IBM in the area of managed services. It does this by integrating real-time analytics with sophisticated machine learning algorithms.
In May 2024, In order to strengthen its position in cloud migration and management, Accenture announced the acquisition of a managed services provider with a focus on the cloud. With its significant standing in the global arena of cloud infrastructure and services, Accenture has been better equipped to provide holistic solutions that are consistent with the emerging needs of its customers.
In February 2024, As its latest offering in the field of managed services to clients, Cisco Systems has designed a novel and unique network management system. With this platform, Cisco's position as a major player in managed network services is further cemented as it addresses the growing complexity of enterprise networks by optimising network performance and minimising downtime through the use of automation and artificial intelligence.

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Managed Services Market size was valued at USD 242.9 Billion in 2022 poised to grow from USD 262 Billion in 2023 to USD 519.57 Billion by 2031, growing at a CAGR of 7.9% in the forecast period (2024-2031).

Key competitors in the fiercely competitive global managed services market are concentrating on service expansion, innovation, and strategic alliances. There are several leading international companies with advanced IT solutions including Atos, Cisco Systems, IBM, and Accenture. These companies compete against one another through offering new age services for various sectors especially in areas such as cloud management, cyber security and information technology infrastructures. The rivalry in the market can be attributed to ever expanding demand for efficient ICT management globally as well as ongoing digital change processes. 'IBM (US) ', 'Fujitsu (Japan) ', 'Accenture (Ireland) ', 'Atos (France) ', 'Cisco (US) ', 'DXC (US) ', 'TCS (India) ', 'Rackspace (US) ', 'AT&T (US) ', 'Verizon (US) ', 'Dimension Data (South Africa) ', 'Infosys (India) ', 'HCL (India) ', 'Ericsson (Sweden) ', 'GTT Communications (US) '

The global managed services market will expand significantly as cloud-managed services become more widely used. As businesses continue to advance their IT infrastructure into such platforms there is an increasing difficulty in effectively managing and optimising cloud-based systems. The increasing popularity of cloud services is an excellent opportunity for managed service providers (MSPs) to step in with their expertise.

Rise of Automation and AI-Powered Efficiency: The noteworthy improvements that have been witnessed in the managed services business recently are a reflection of both the dynamic character of the technological landscape and the evolving expectations of organisations. This documents an important trend into which more managed cloud services are being used. The rising use of online operations by businesses has created a demand for complementary managed services that enhance these platforms.

Owing to its sophisticated technological infrastructure, early adoption of cloud computing, and strong presence of major IT service providers, North America leads the global managed services market. The presence of numerous high demands for network services, database administration and cyber security in the region is what shoots this leadership amid the fast digital transformation of telecoms, BFSI as well as health care industries among others. Apart from this outsourcing, it is also one of the key priorities of north American companies allowing them to focus on their main business activities along with innovations which ultimately brings in more income. The governance regulations in North America, like strict data protection acts, form part of the market dominance that intensifies the companies' need for considering managed services.

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What is the global market size of Managed Services Market?

Who are the key vendors in the Managed Services Market?

What is the key driver of Managed Services Market?

What is the key market trend for Managed Services Market?

Which region accounted for the largest share in Managed Services Market?

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