Pune, India, Aug. 16, 2021 (GLOBE NEWSWIRE) -- The global managed services market size is expected to gain momentum by reaching USD 557.10 billion by 2028 while exhibiting an impressive CAGR of 12.6% between 2021 to 2028. In its report titled " Managed Services Market Size, Share & COVID-19 Impact Analysis, By Services (Voice Service, Non-Voice Service, and IT Managed Service), By Function (Finance & Accounting (F & A), Marketing, Procurement, Supply Chain, Human Resource, and Information Technology (IT)), By End-user (Medical, Financial, Government, Audit & Consulting, Corporate, Telecom, and Insurance & Reinsurance), and Regional Forecast, 2021-2028." Fortune Business Insights mentions that the market stood at USD 219.59 billion in 2020.
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The global market is driven by its extensive demand in IT, healthcare, financial, telecommunication, etc. Businesses are adopting these services to upgrade and innovate their infrastructure. In addition, growing demand to meet end-to-hosting software is expected to fuel the market growth. Furthermore, the increasing demand for securing IT infrastructure against cyber threats is expected to fuel the market growth during the forecast period.
COVID-19 Impact
COVID-19 pandemic has led to a severe economic downturn, impacting industries and businesses but demand for MSP solutions surged. Businesses and people are normalizing remote work to curb the virus spread. Besides, the adoption of this technology by government officials and companies to efficiently function during these tough times is expected to positively favor the market's growth amid the pandemic.
Market Segmentation:
By Services, the market is segmented voice service, non-voice service, and IT managed service. Based on the industry, it is divided into finance & accounting (F & A), marketing, procurement, supply chain, human resource, and information technology (IT)). By end-user, it is divided into medical, financial, government, audit & consulting, corporate, telecom, and insurance & re-insurance.
- Based on end-user, the corporate segment held the highest share of 18.1% in 2020. This is attributable to the growing demand for cloud-based and other IoT services by corporates to maintain highly complex infrastructure.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
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Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 12.6 % |
| 2028 Value Projection | USD 577.10 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 219.59 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | By Services, By Function, and By End-User |
| Growth Drivers | Increasing Adoption of Cloud-based Managed Security Services (MSS) to Lead to Growth |
| Growing Adoption of Bring Your Own Device (BYOD) Among Organizations Aid to Market Growth | |
| The BYOD strategy allows workforces to access and manage data through personal devices to improve productivity in the corporate environment. | |
| Pitfalls & Challenges | Lack of IT Security Professionals is Inhibiting Factor for Market Growth |
What does the Report Provide?
The market report for managed services provide the detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
Driving Factor
Popularization of BYOD by Organizations to Fuel Market Growth
The popularization of Bring Your Own Device (BYOD) concept by organizations is expected to drive the managed services market growth. This concept allows employees to access and manage and manage the data through their devices. This, in turn, increases the productivity and efficiency of the organization. For instance, a report by Cisco Systems, Inc. stated that companies that are promoting BYOD save up to USD 350 per year per team member. Furthermore, it promotes work flexibility and increases the accountability of employees towards their organizations. This results in higher productivity. Therefore, organizations are deploying BYOD options for their employees and existing systems to create a workforce-friendly environment.
Regional Insights
North America to Remain at Forefront Backed by Presence of Several Key Players in the Region
North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the presence of several key players in the region. Companies such as IBM, Accenture, Cognizant, and several others are promoting the regional market. Moreover, the adoption of IT infrastructure by small enterprises is promoting the market. The market stood at USD 84.62 billion in 2020.
Asia Pacific is expected to showcase a significant managed services market share. This is attributable to the increasing investment in data and security, and the adoption of cloud-based services by several countries such as China, India, Australia, and New Zealand is promoting the market growth.
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Competitive Landscape
Key Players to Focus on Launching New Products to Strengthen the Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on new launches. For instance, in May 2019, Integrated Telecom Company launched a new suite of managed security services (MSS). The new launch enables several businesses with incident handling, monitoring, management of ongoing cybersecurity risks, and threat detection. Moreover, other key players are adopting proactive strategies such as new partnerships, mergers, and collaborations to favor the market's growth in the upcoming years.
Industry Development
- March 2021 - Amazon Web Services, Inc. launched new operations plan to accelerate AWS Managed Services (AMS). This launch will provide operations assistance for clients. It will help in managing day-to-day operations by providing security, monitoring, and backup services.
List of Key Players Profiled in this Market
- Fujitsu Ltd. (Tokyo, Japan)
- Cisco Systems Inc. (California, United States)
- IBM Corporation (New York, United States)
- AT&T Inc. (Texas, United States)
- Microsoft Corporation (Washington, United States)
- NOKIA Corporation (Espoo, Finland)
- Deutsche Telekom AG (Bonn, Germany)
- Verizon Communications Inc. (New York, United States)
- Rackspace Inc. (Texas, United States)
- Tata Consultancy Services Limited (Mumbai, India)
- Citrix Systems Inc. (Florida, United States)
- Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)
- Accenture plc (Dublin, Ireland)
- Capgemini SE (Paris, France)
- Atos SE (Bezons, France)
- Dimension Data (Johannesburg, South Africa)
- GTT Communications, Inc. (Virginia, United States)
- Cognizant (New Jersey, United States)
- DXC Technology (Virginia, United States)
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Managed Services Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Primary Interviewee’s Key Responses
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Managed Services Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Services (Value)
- Voice Service
- Non Voice Service
- IT Managed Service
- 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.)
- By Function (Value)
- Finance & Accounting (F & A)
- Marketing
- Procurement
- Supply Chain
- Human Resource
- Information Technology (IT)
- By End-User (Value)
- Medical
- Financial
- Government
- Audit & Consulting
- Corporate
- Telecom
- Insurance & Re-insurance
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Services (Value)
- Global Managed Services Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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