US & Canada, Sept. 25, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the Global IT Management as a Service (ITMaaS) market is observing significant growth owing to rising demand for remote work culture and increasing complexity of it infrastructure.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the IT management as a service market comprises a vast array of applications that are expected to register strength during the coming years.
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Overview of Report Findings:
1. Market Growth: The IT management as a service market is expected to reach US$ 37.68 billion by 2031 from US 11.13 billion in 2023, at a CAGR of 16.5% during the forecast period. The IT management as a service market is predicted to grow during the forecast period due to the growing trend of working remotely. This has apparently surged the need for setting up new IT infrastructure among organizations. In addition, with the growing software advancements, integration of cloud infrastructure, and growing adoption of automation technology, the complexity of IT infrastructure is increasing in the organization. As having an in-house IT team can be very expensive for organizations, they are moving to ITMaaS service providers to cater to this infrastructure complexity problem.
2. Rising Adoption of ITMaaS in Healthcare Industry: IT for healthcare is more complicated than ever. The majority of healthcare executives wish to give digital transformation top priority; however, it is becoming more and more expensive to hire technical staff to manage hundreds of systems. Because of this healthcare firms are adopting IT management as a service (ITMaaS) as these service providers can help companies to handle their IT operations. These ITMaaS service provider can help healthcare companies to return to treating patients in and increasing access to care. These service providers can assist healthcare firms with IT operations, email, help desk, data security, and cloud hosting. Additionally, they are capable of managing continuous IT services, which facilitate innovation, expansion, and transformation.
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3. Growing Digitization in SMEs: According to the World Economic Forum, SMEs play an important role in the global economy, contributing up to 70% of employment and GDP. However, 67% of SMEs are still fighting for survival. This is due to the fact that SMEs confront significant short-term commercial pressures, insufficient business experiences, and the lack of resources that restrict them from adopting technology. In addition, as per the same source, more than 85% of companies acknowledge that the growing digital access and the use of new technologies are important forces behind transformation. It has been determined that SMEs' ability to adapt and experience long-term financial growth is significantly influenced by their digital infrastructure.
4. Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and APAC. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Market Segmentation:
- Based on application, the IT management as a service market is bifurcated into system and network monitoring, compliance and security management, asset management, infrastructure performance management, configuration and change management, and others. The system and network monitoring segment held a larger share of the IT management as a service market in 2023.
- By enterprise size, the IT management as a service market is segmented into large enterprises and SMEs. The large enterprises segment held the largest share of the IT management as a service market in 2023.
- In terms of end user, the IT management as a service market is divided into IT and telecom, BFSI, healthcare & lifesciences, manufacturing, higher education, retail, energy and utlities, non-profit, and others. The IT and telecom segment held a larger share of the IT management as a service market in 2023.
- The IT management as a service market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development:
- Key Players: A few major companies operating in the IT management as a service market include Cisco Systems Inc., Cognizant Technology Solutions Corp, Wipro Ltd, Amazon Web Services Inc., International Business Machines Corp, Fujitsu Ltd, Persistent Systems Ltd, BMC Software, Inc., HCL Technologies Ltd, and Hewlett Packard Enterprise Co.
- Trending Topics: ITMaaS, AI-Powered Automation, DevOps, Artificial Intelligence.
Global Headlines on IT management as a service:
- "Kyndryl Introduced New Security Edge Services with Cisco"
- "Cognizant Continues Collaboration with Pon IT to Further Manage and Optimize Cloud Services"
- "Wipro acquired US insurtech firm Aggne Global for US$66 million"
- "AWS Introduced Amazon One Enterprise"
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Conclusion:
IT management as a service (ITMaaS) is a comprehensive suite of managed services that enables skilled IT professionals to manage all aspects of a company's IT infrastructure, including servers, networks, security, applications, and data. ITMaaS services help businesses decrease IT expenses by preventing outages, eliminating disruptions, and improving security. It also helps companies to improve end user experience and optimize IT resources by giving them access to state-of-the-art technology, skilled IT specialists, and clear contract formats. Furthermore, ITMaaS helps to shift IT duties from the organization's IT team to an outside service provider, reducing the intangibles involved with hiring and maintaining internal IT workers. The growing adoption of ITMaaS services in the healthcare industry to carry out IT operations is expected to create an opportunity for the growth of the IT management as a service market during the forecast period. Moreover, the rising digitization in SMEs is expected to propel the growth of IT management as a service market.
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The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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