Hyderabad, Aug. 21, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Managed Application Services Market Report (2023-2028),” the market is estimated at USD 10.93 billion in 2023. It is expected to register a CAGR of 1.86% during the forecast period.
Managed application services (MAS) are defined as a service offering that leverages a managed service provider's expertise to manage an enterprise's critical applications efficiently. They provide companies and organizations with the necessary tools, resources, and knowledge. Companies can lower costs, boost productivity, and enhance application performance without spending time on implementation, maintenance, and upgradation of their IT-related application. The expansion in the adoption of smartphone devices and the c will drive the market in the forecast period.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 10.93 billion |
| Market Size (2028) | USD 11.99 billion |
| CAGR (2023-2028) | 1.86% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The expansion in the adoption of smartphone devices. |
| Expansion in the adoption of smartphone devices. |
Who are the Top Companies in the Managed Application Services Market?
The global managed application services market is highly competitive.
The noteworthy players holding the global MAS market are:
- Fujitsu Limited
- IBM Corporation
- HCL Technologies Limited
- Wipro Limited
- VIRTUSTREAM INC.
- RACKSPACE INC.
- CenturyLink Inc.
- DXC Technology Company
- BMC Software INC.
- Mindtree Limited
- Unisys Corporation
Other Reports That Might Be of Your Interest:
- Application Platform Market Report - The application platform market is projected to register a CAGR of 7.5% during the forecast period.
- Managed Application Services Market Report - The managed application services market size is expected to grow from USD 10.93 billion in 2023 to USD 11.99 billion by 2028, at a CAGR of 1.86% during the forecast period (2023-2028).
Key Highlights from the Managed Application Services Market Report:
IT and Telecom to Propel the Market
- The IT and telecom sector is a noteworthy market for managed application services, owing to the high rate of various technological adoptions, increased frequency of confirmation of the BYOD policy, and an increased need for high-end security due to the rapidly growing data among organizations.
- As per the SD-WAN Managed Services’ recent survey, 64% of the surveyed network and IT managers plan to add an SD-WAN managed service in the upcoming years. This is because the end-users believe it will deliver better security, improved cloud application performance, and flexible management.
North America Expected to Hold Significant Share
- The North American managed application services market is expanding due to the changing IT infrastructure landscape, especially in small and medium enterprises (SMEs), continually focusing on outsourcing cybersecurity solutions. Owing to the speedy acceleration of modern technology and the need for streamlined IT functions, an increasing number of businesses in the region find the best way to keep pace with MSP.
- Likewise, Canada is witnessing a high rise in the application of multi-cloud environments and increased adoption of automation. Cloud, mobile, and social technologies demand that businesses take a proactive approach toward IT security, thereby boosting the demand for deploying robust managed services that would deliver in all security management layers.
What are the Latest Developments in the Managed Application Services Market?
- In June 2022, AWS Managed Services (AMS) launched Accelerate, a new cloud operation offering that assists customers in achieving operational excellence regardless of their cloud journey.
- In February 2022, "Let's Create," IBM's new integrated global platform, was launched. The platform reaffirms the company's commitment to innovation and collaboration to create long-term value for clients and partners while assisting them in addressing their most pressing business issues.
Mordor Intelligence has Segmented the Managed Application Services Market Based on Organization Site, End-user Vertical, and Geography:
- By Organization Site (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Small & Medium-scale Enterprises
- Large Enterprises
- By End-user Vertical (Market Size and Forecast based on Value (USD billion), 2018-2028)
- BFSI
- Retail & E-Commerce
- IT & Telecom
- Manufacturing
- Healthcare
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- France
- Russia
- United Kingdom
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- Rest of Middle East
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Managed Application Services Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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