Pune, India, Aug. 29, 2022 (GLOBE NEWSWIRE) -- The Managed Services Market Size is expected to grow from USD 243.33 billion in 2021 to USD 557.10 billion by 2028, exhibiting a CAGR of 12.6% during the forecast period, 2021-2028 This vital information is presented by Fortune Business Insights™, in its report, titled, “Managed Services Market, 2022-2028.” As per The global Managed Services Market size was valued at USD 219.59 billion by 2020.
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.
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.
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Report Scope
| Report Coverage | Details |
| Forecast Period | 2022-2028 |
| Forecast Period 2022 to 2028 CAGR | 12.6% |
| 2028 Value Projection | USD 557.10 billion |
| Base Year | 2020 |
| Managed Services Market Size in 2020 | USD 219.59 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 160 |
| Segments covered | By Services; By Function; By End-User |
| Managed Services Market Growth Drivers | Growing Adoption of Bring Your Own Device (BYOD) Among Organizations Aid to Market Growth |
| Lack of IT Security Professionals is Inhibiting Factor for 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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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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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.
Companies Profiled Mentioned in the Report:
- 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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Major Points in TOC:
- 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
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- 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
FAQ:
How big is the Managed Services Market?
The global managed services market is projected to grow from $243.33 billion in 2021 to $557.10 billion in 2028 at a CAGR of 12.6% in forecast period.
How big is Managed Services Market In North America?
The market in North America stood at USD 84.62 billion in 2020 and is expected to gain a huge portion of the market share in the coming years.
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