New York, USA, Sept. 21, 2022 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global managed services market is anticipated to grow at a stunning CAGR of 11.1%, thereby garnering a revenue of $4,10,707.9 million in the 2019-2027 timeframe. This comprehensive report provides a brief outlook of the current framework of the managed services market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2019-2027. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Managed Services Market
Drivers: Growing adoption of cloud services by various organizations in order to introduce smooth operational flow in business processes is predicted to be the primary growth driver of the managed services market in the forecast period. Additionally, the low cost of managed services is expected to push the market forward.
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Opportunities: Several organizations across the globe have started adopting cloud services so as to control and manage business operations remotely. Such advantages associated with cloud technology are anticipated to offer numerous growth opportunities to the market in the forecast period. Along with this, since cloud managed services reduce the overall maintenance costs, they are increasingly used for cybersecurity needs, backup recovery, etc., which is expected to help the market grow in the forecast period.
Restraints: Lack of skilled labor, however, might prove to be a hindrance in the growth trajectory of the managed services market.
Impact of Covid-19 on the Managed Services Market
The Covid-19 pandemic affected millions of lives, directly or indirectly. The lockdowns ordered by various countries to curb the spread of the disease affected numerous industries by hampering global supply chains. The managed services, however, experienced a positive impact of the pandemic. Since most organizations shifted to remote work culture, they started adopting cloud services to introduce operational workflow. This increased the demand for managed services which, in turn, helped in the growth of the market.
Segments of the Managed Services Market
The report has divided the managed services market into certain segments based on organization size, deployment type, service type, industry vertical, and region.
Organization Size: Large Enterprises Sub-segment to be the Most Dominant
By organization size, the large entertainment sensor sub-segment is expected to be highly dominant and rise with a CAGR of 10.1% in the 2019-2027 timeframe. Since large enterprises deal with heavy data, they need managed services to ensure smooth operational flow in their business processes, which is expected to help in the growth of this sub-segment.
Deployment Type: Cloud Sub-segment to be the Most Profitable
By deployment type, the cloud sub-segment is expected to grow at the fastest rate with a CAGR of 12.5% in the analysis timeframe. Increasing adoption of cloud services by various types of organizations is predicted to propel the growth of this sub-segment in this forecast period.
Service Type: Data Center and IT Infra Services Sub-segment to Have the Highest Market Share
By service type, the data center and IT infra services sub-segment is expected to be the most dominant and grow with a CAGR of 11.8% in the forecast period. The need for organizations to take backups frequently and continuously in order to save important data at more than one location is predicted to drive the growth of this sub-segment.
Industry Vertical: IT Sub-segment to Generate Maximum Revenue
By industry vertical, the IT sub-segment of the managed services market is expected to witness the highest growth and rise with a CAGR of 11.6% in the forecast period. The Increasing use of managed services by IT companies for various in-house and cloud-based operational activities is estimated to push the sub-segment forward.
Region: Market in North America Region to be the Most Lucrative
By regional analysis, the managed services market in the North America region is anticipated to be the most profitable by growing with a CAGR of 10.2% by 2027. The presence of large multinational corporations in this part of the world is anticipated to be the primary growth driver of the market in this region.
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Prominent Managed Services Market Players
Some of the key players in the managed services market are
- IBM Corporation
- Cisco Systems
- Accenture
- HCL Technologies
- Fujitsu
- Dimension Data
- TCS
- AT&T
- Ericsson
- Atos, among others.
These key players are devising new technologies and smart innovations to gain a prominent position in the global market. – Inquire Here to get access to the Key Companies’ Development Strategic Report
For instance, in July 2022, Node4, a cloud-led managed services provider, announced that it is acquiring Risual, another managed service and solutions provider. This acquisition is expected to help Node4 to expand its footprint in the market substantially as it will be able to fulfil the demands of the market more comprehensively.
Finally, the report also summarizes many crucial aspects of the managed services market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
More about Managed Services Market:
- Global Managed Services Market to Grow Exponentially by 2027 Owing to Company Collaborations & Technological Advancements
- 7 Latest Trends to Watch Out for in Managed Services Market
