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

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). 

The need for managed services is increasing due to the complicated nature of IT infrastructure. In the course of their expansion and evolution, they frequently encounter the demand to take care of a larger volume of IT tools as well as systems that are hard-to-control and should be handled by an organization. Managed services providers (MSPs), who offer a range of services, can help businesses manage and maintain their IT infrastructure more effectively. Network administration, security, data backup and recovery, and application management are just a few of the areas in which MSPs can provide expertise. Outsourcing maintenance of their technology structure to specialists allows enterprises to concentrate on the competencies they are best suited for. 

For managed services, experts in networking, cloud computing, cybersecurity, and other areas are required. The strong demand and limited supply for these specialists may limit the potential growth of the market. Since there is intense competition for competent people, companies often have to pay a premium to recruit and keep exceptional personnel. Over the course of the forecast period, these issues are expected to impede the growth of revenue in the market. Additional security measures are often provided by Managed Services Providers (MSPs) in order to safeguard their customers’ data and systems. Firewalls, Intrusion Detection and Prevention InfoSec stuff, antivirus programs and other anti malware solutions as well as recovery options for your information when it goes missing are just some of the security measures.