New York, USA, Dec. 07, 2020 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global managed services market valued for $173,850.0 million in 2019 and is expected to garner $410,707.9 million by 2027, exhibiting a CAGR of 11.1% during the forecast period from 2019 to 2027. Our analysts state that the growing adoption of cloud technology by various organizations across the globe is the major factor projected to propel the global managed services market growth by 2027. In addition, managed services are outsourced by third party which requires minimal cost. This is also expected to drive the market growth. However, lack of skilled labor is expected to restrict the market growth in the coming years.
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Impact of COVID-19 on the Industry
The outbreak of COVID-19 around the world has positively impacted the global managed services market. Managed services have played a vital role for organizations during pandemic to carry out smooth operations, as most of the organizations across the globe have focused on work from home to curb the coronavirus spread. Also, managed services help organizations to monitor the workflow in a detailed manner, which is estimated to boost the global market growth.
Large Enterprises Segment to be Most Profitable
By organization size, the large enterprise segment accounted for $102,417.3 million in 2019 and is expected to hold the majority of market share by the end of 2027. This is majorly because managed services help large enterprises to constantly monitoring the workflow in the most effective manner, as these enterprises deal with heavy data.
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Cloud Segment to Witness Exponential Growth
By deployment type, the cloud segment is projected to grow at the maximum growth rate with 12.5% during the forecast period. This growth can be majorly attributed to the growing adoption of cloud technology by most of the organizations and a surge in the number of SMEs creating revenue growth opportunities for cloud vendors.
Data Center & IT Infra Services Segment to Dominate the Industry
By service type, the data center & IT infra services segment is projected to grow at a CAGR of 11.8% and dominate the global industry during the forecast period. This is mainly due to frequent backups that help organizations to access important data or service.
IT Segment to Hold the Highest Market Share
By industry vertical, the IT segment valued for $30,328.8 million in 2019 and is expected to account for the highest market share by 2027.Growing usage of managed services in the IT sector for numerous operational activities in cloud or in house premises are the significant factors expected to drive the segmental market growth over the forecast period.
Asia Pacific Region to Witness Swift Growth
By region, the North America market for managed services is estimated to create enormous growth opportunities and rise at a CAGR of 10.2% from 2019 to 2027. The significant growth of the region is mainly due to the presence of large number of companies in the region.
Major Market Players
• IBM
• HCL
• TCS
• Atos
• AT&T
• Cisco
• Fujitsu
• Ericsson
• Accenture
• Dimension Data
Further, the report presents and outlines several aspects of these key players such as recent strategic moves & developments, business performance, SWOT analysis, and product portfolio.
Collaborations, partnerships, business expansion, and many others are the growth strategies adopted by these key players to obtain a leading position in the global industry. For instance, in March 2020, Omantel expanded managed services partnership with Ericsson. The deal includes deployment of automation of automation platforms and Network Functions Virtualization (NFVi) to allow Omantel to increase their operational network efficiency and enhance customer experiences.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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