Dubai, Abu Dhabi, July 31, 2023 (GLOBE NEWSWIRE) -- As per the latest report released by Extrapolate, the Global Managed Services Market size is projected to reach USD 731.08 Billion by 2030 from USD 239.71 Billion in 2021, recording a CAGR of 13.4% during the forecast period of 2022-2030. The market is expanding as a result of factors such as increasing usage of cloud-based technologies, including automation, IoT, blockchain, and cloud computing, as well as operational efficiency improvements made by concentrating more efficiently on core competencies and lowering operating costs.
In order to improve overall profitability and operational performance, managed services offer the greatest resource allocation and utilization. For businesses to adopt new technologies more easily, scalable infrastructure and flexible managed service models are particularly important.
Get Sample Copy of Report @ https://www.extrapolate.com/sample/Information-Technology-Communication-IoT/managed-services-market/26005
Key Insights:
- On the basis of deployment, the on-premises segment dominated the market in 2022
- On the basis of organization size, the large enterprises segment is projected to hold the largest market share throughout the projected period
- North America is anticipated to be the leading market for managed services in the near future
Competitive Landscape
Prominent players are actively focusing on collaborations and acquisitions to automate, digitalize, and streamline their business processes. For instance, Ireland-based IT firm Xperience acquired Riverlite Limited in March 2022. Riverlite Limited is an MSP firm renowned for its cybersecurity and cloud expertise. Such strategic partnerships allow businesses to strengthen their capabilities, improve efficiency, and stay at the forefront of technological advancements in the constantly evolving marketplace.
Leading companies operating in the global managed services market are:
- IBM Corporation
- FUJITSU
- Accenture
- Atos
- Cisco
- DXC Technology Company
- Tata Consultancy Services Limited
- RACKSPACE TECHNOLOGY
- AT&T
- Verizon
- Infosys Limited
- HCL Technologies Limited
- Happiest Minds
- Deloitte Touche Tohmatsu Limited
- Wipro
- Cognizant
- Capgemini
- Others
Enquire About Report @ https://www.extrapolate.com/enquire/Information-Technology-Communication-IoT/managed-services-market/26005
Market Segmentation
By Deployment
- On-premise
- Cloud-based
On-Premise Deployment in Numerous Organizations to Gain Traction
The on-premise segment held the largest share of the global managed services market in 2021 and is anticipated to continue to lead the market through the forecast period. On account of the lack of internet access and ease of software customization to meet client business process requirements, several organizations have opted for on-premise implementation. A control center for effectively coordinating and managing various project management responsibilities and business processes can be established within an organization with on-premise deployment.
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
Surging Adoption of Managed Services in Large Enterprises
The large enterprises segment dominated the global managed services market in 2021 and is expected to retain its position in the upcoming years. The segment’s growth is primarily supported by the substantial volume of data managed by these major corporations, necessitating effective maintenance and accessibility both locally and remotely.
Moreover, large enterprises are increasingly adopting managed security services to protect their company data and ensure its security. Due to the increasing frequency of cyberattacks and the underdeveloped infrastructures to identify breaches, these services are increasing in popularity in the Asia Pacific region. Companies can suffer enormous losses as a result of the potential repercussions of a cyberattack or data breach. Notably, the manufacturing, healthcare, retail, and consumer goods, and telecom & IT sectors are contributing significantly to segment growth.
Purchase This Comprehensive Research Report for Valuable Market Insights @ https://www.extrapolate.com/complete-checkout-buyal/26005
Key Market Trend: Growing Demand for Cloud-Based Managed Security Services (MSS)
The global trend of adoption of cloud-based services is on the rise. Organizations are actively focusing on integrating Managed Security Services (MSSs) into their business models in response to the increased demand for improved IT infrastructure security against cyber threats. Managed Service Providers (MSPs) have been forced to create complex solutions that are able to identify and effectively address these risks due to the growing nature of cyber threats that affect both businesses and government sectors.
In order to strengthen their defenses against a number of threats, including email viruses, Distributed Denial of Service (DDoS) attacks, firewalls, and intrusion detection, numerous businesses are prioritizing the deployment of cloud-based managed security services. Key businesses in the sector are offering cutting-edge cloud-based security services to effectively address these challenges in order to fulfill the rising security demands.
Increased Adoption of Managed Services for securing Smart Devices in the Workplace
Tablets, smartphones, laptops, and other smart gadgets are becoming increasingly prevalent in the workplace as BYOD (Bring Your Own Device) policies are being adopted more frequently. However, when data is transferred between different devices, there may be potential dangers to its security and integrity. Several businesses are using managed services to monitor and control the security of these smart devices in an effort to mitigate the risks associated with them, thereby driving market growth.
Lack of IT Security Professionals to Hamper Market Expansion
One of the major challenges restraining the managed services market growth is the lack of IT and cybersecurity professionals. This limitation can hamper an organization’s ability to fulfill its major IT security needs. Without skilled IT security experts, organizations are vulnerable to cyberattacks, which, in turn, can result in data loss and damage their reputations. As cybersecurity threats continue to grow substantially, the demand for advanced security solutions to prevent these attacks is increasing. Emphasizing the necessity of cybersecurity training to close the skills gap, bring in new employees, and improve organizational security can help address this challenge.
Rapid Adoption of Cloud Services to Create Lucrative Growth Opportunities
The managed services market is witnessing the integration of cloud technology to develop innovative platforms for customer engagement and digital transformation. As nearly 70% of enterprises operate in a multi-cloud environment, there is significant potential for enhancing customer engagement. However, implementing a multi-cloud approach poses challenges for many enterprises, mainly attributed to skill and infrastructure gaps. This situation presents a lucrative opportunity for managed service providers with DevOps expertise and those capable of offering consumption-based pricing models.
There has been an alarming rise in cloud use during the COVID-19 pandemic. Managed service providers have benefited greatly from the shift from on-premise to cloud-based solutions, which has opened up a wide range of opportunities across numerous industries.
Browse Complete Report @ https://www.extrapolate.com/Information-Technology-Communication-IoT/managed-services-market/26005
North America's Dominance to be Fueled by Digitization
North America is projected to dominate the global managed services market propelled by a strong emphasis on digitization. As a result of COVID-19's impact, IT companies in the region, especially the U.S., are actively reducing operational costs by adopting numerous managed services. Businesses in the United States are increasingly depending on Managed Service Providers (MSPs), notably for IT support services, to stay competitive amidst the current digitization trend. For companies in the region seeking to optimize operations and maintain a competitive edge in the rapidly evolving digital market, managed services have become increasingly vital.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data organization sizes
2.3.1. Secondary Organization Sizes
2.3.1.1. Preliminary data mining
2.3.2. Primary Organization Sizes
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Growing Adoption of Cloud Managed Security Services
3.3. Market drivers
3.3.1. Increasing Adoption of BYOD Among Enterprises
3.4. Market restraints
3.4.1. Concerns Pertaining to Lack of Skilled Professionals
3.5. Market opportunities
3.5.1. Advanced Technologies Associated with Big Data
3.6. Market Challenges
3.6.1. Concerns Pertaining to Cyberattacks and Data Loss
3.7. Porter’s Five Forces’ analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On Managed Services Market
Chapter 5. Global Managed Services Market Overview, By Type, 2017 - 2030 (USD Million)
Chapter 6. Global Managed Services Market Overview, By Deployment, 2017 - 2030 (USD Million)
Chapter 7. Global Managed Services Market Overview, By Organization Size, 2017 - 2030 (USD Million)
Chapter 8. Global Managed Services Market Overview, By Vertical, 2017 - 2030 (USD Million)
Chapter 9. Global Managed Services Market Overview, By Geography, 2017 - 2030 (USD Million)
...
Chapter 15. Competitive Landscape
Chapter 16. Key Vendor Analysis
Chapter 17. Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 18. Marketing Strategy Analysis, Distributors/Traders
Chapter 19. Market Effect Factors Analysis
About Us:
Extrapolate is a Global Market Research, Advisory, and Consulting firm that works closely with Industry experts from various industries to bring the latest and most accurate research reports.
In an era of breakneck change and a low tolerance for missed or misread opportunities, businesses need astute guidance to shape markets - not merely respond to them. Extrapolate helps clients develop market perspectives that drive success.
Contact Us
Extrapolate
Phone: (+1) 888 328 2189
E-mail: talk@extrapolate.com
Website: https://www.extrapolate.com
Blog: https://www.extrapolate.com/blog
Follow Us: LinkedIn | Facebook | Twitter
