Pune, India, July 26, 2021 (GLOBE NEWSWIRE) -- According to the report, the global managed services market size is predicted to reach USD 492.15 billion by 2027, exhibiting a CAGR of 12.2% during the forecast period. The growing implementation of IT services in sectors to improve business processes, enhance security and efficiency through automation will significantly promote the growth of the market. The increased efforts of managed service providers (MSPs) towards secure and customized IT solutions for users will propel the market during the forecast period, states Fortune Business Insights in a report, titled “Managed Services Market Size, Share & Covid-19 Impact Analysis, By Services (Voice Services, Non-voice Services and IT Managed Services), By Function (Finance and Accounting (F&A), Marketing, Procurement, Supply Chain, Human Resource (HR) and Information Technology (IT)), By End-user (Medical, Financial, Government, Audit & Consulting, Corporate, Telecommunication, and Insurance & Re-insurance) and Regional Forecast, 2020-2027” the market size stood at USD 200.29 billion in 2019.
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The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
The managed services market report accentuates key points:
- Descriptive analysis of the impact of the COVID-19 pandemic on the market;
- Inferential insights on the latest industry trends;
- All-encompassing assessment of the regions shaping the market; and
- Wide-ranging information of the Competitors and eminent players in the market
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 12.2% |
| 2027 Value Projection | USD 492.15 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 200.29 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 140 |
| Segments covered | By Services, By Function ,By End User, and By Region |
| Growth Drivers | Increasing Adoption of Managed Security Services (MSS) Based on Cloud |
| Growing Adoption of Bring Your Own Device (BYOD) Among Organizations Aid to Market Growth | |
| With the rise in the adoption of BYOD, the market is also expected to develop at a significant CAGR. | |
| Pitfalls & Challenges | Lack of IT security professionals proving to be Inhibiting Factor for Market Growth |
Market Driver:
Growing Cyber Crimes to Enrich Market Potential
The increasing number of cyber threats, involving email viruses, DDOS attacks, man-in-the-middle (MitM) attack, phishing and spear-phishing attacks, password attack, cross-site scripting (XSS) attack, and others will spur demand for the market during the forecast period. Cloud-based MSS provides security against such attacks and enhances the overall workflow in an organization. The growing necessity to upgrade IT infrastructure in organizations to better cater to need of the business will aid the adoption of the IT services, which, in turn, will augur well for the market. Additionally, the upgradation in IT security by companies will have a tremendous impact on the market in the foreseeable future. For instance, in May 2019, Integrated Telecom Company announced to expand its security services portfolio by introducing a new suite of managed security services (MSS). This MSS Service will assist organizations with incident handling, monitoring, management of ongoing cybersecurity risks, and threat detection.
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Market Restraint
Occurrence of Coronavirus to Deaccelerate Market Expansion
The world economy has faced a major distortion due to the outbreak of COVID-19, affecting sectors, industries, and global wealth. The 2020 GDP is likely to diminish by more than 2%. This will subsequently result in cost cuttings, contingencies, and formulations among various enterprises across the globe. The catastrophe caused by the virus will affect the managed services market growth; however, the cloud applications, AI, security solutions, and Big Data are likely to witness high demand owing to the collective loads from various sectors during the crisis. The implementation of several rules and norms by the IT industry, for example working remotely from home and social distancing, will consequently lighten possibilities for the market. Additionally, the surge in online culture will simultaneously improve prospects and create business opportunities for the market amid COVID-19.
Regional Analysis:
Existence of Distinguished Players to Boost Market in North America
North America generated a revenue of USD 79.01 in 2018 and is expected to grow significantly during the forecast period owing to the presence of eminent market players such as IBM Corporation, Accenture, and Cognizant. The shifting focus of leading market players towards telecommunication, finance, medical sectors will enable healthy growth of the market. The rising adoption of these IT services among small and medium-sized enterprises in the US will augur well for the market in the forthcoming years. The surge in IT budgets will amplify the market in the region. Moreover, the increasing acquisitions and mergers among key players will favor the growth of the market in North America. For instance, in October 2018, Cisco Systems, Inc. acquired Duo Security for USD 2.35 billion to prevent cybersecurity breaches, which will enable the company to secure and connect to any application on the network.
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Key Development:
January 2019 – Ericsson announced the launch of “Ericsson Operations Engine”, an artificial intelligence (AI)-based managed service. This service will help to address the complexity and challenges of managed services. Thus, upholding network design & optimization, application development & maintenance, and network & IT operations.
The Report Lists the Main Companies in the Managed Services Market:
- International Business Machines Corporation (IBM) (US)
- Fujitsu Limited (Japan)
- Telefonaktiebolaget LM Ericsson (Sweden)
- DXC Technology Company (US)
- Accenture plc (Ireland)
- Cognizant (US)
- Tata Consultancy Services Limited (TCS) (India)
- Atos SE (France)
- Capgemini SE (France)
- Infosys Limited(India)
- Wipro Limited (India)
- HCL Technologies Limited (India)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Managed Services Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Services
- Voice Services
- Non-voice Services
- IT Managed Services
- Managed Communication Services
- Managed Networks & Infrastructure
- Managed Security
- Managed Wireless & Mobile Computing
- Managed Cloud Infrastructure
- Managed Software as a Service
- Others (Managed Print Services, Managed Support Services, Data Analytics etc.)
- Market Size Estimates and Forecasts – By Function
- Finance and Accounting (F&A)
- Marketing
- Procurement
- Supply Chain
- Human Resource (HR)
- Information Technology (IT)
- Market Size Estimates and Forecasts – By End-user
- Medical
- Financial
- Government
- Audit & Consulting
- Corporate
- Telecommunication
- Insurance & Re-insurance
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America (LATAM)
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