Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global managed services market size was valued at USD 255.86 billion in 2022 and is projected to grow from USD 283.90 billion in 2023 to USD 671.14 billion by 2030, exhibiting a CAGR of 13.1% during the forecast period. Growing Adoption of BYOD Trend to Accelerate Market Growth. Fortune Business Insights™ displays this information in a report titled, Managed Services Market Forecast, 2023-2030.
Managed services are gaining significant traction across organizations in many sectors such as BFSI, IT & telecom, and healthcare. These companies are trying to incorporate these services into their business operations to accelerate their digital transformation and improve their productivity and scalability. The demand for end-to-end hosting applications is also rising, which will further accelerate the managed services market growth in the coming years.
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Key Industry Development:
April 2023 – Akamai Technologies, Inc. introduced an updated managed security service, offering a premium version that offers companies 24*7 protection from cyberattacks. The firm has collaborated with highly skilled professionals to deal with the everyday cybersecurity challenges.
Key Takeaways
- The global market is driven by the rising adoption of these services among enterprises in various sectors such as IT & telecommunications, BFSI, and healthcare
- Increasing Adoption of Cloud-based Managed Security Services (MSS) will Contribute to Market Growth
- Boosted Demand for Managed Services as Businesses Switched to Cloud Services
- By Service Analysis: Rapid Growth in Technological Infrastructure to Boost Demand for IT Managed Services
- Akamai Technologies Launched Updated Security Service to Offer Robust Protection from Cyberattacks
Discover the Leading Players Featured in the Report:
“Companies leading the managed services market are IBM Corporation (U.S.), Accenture plc (Ireland), Fujitsu Ltd. (Japan), Microsoft Corporation (U.S.), NTT DATA Corporation (Japan), Amazon Inc. (U.S.), DXC Technology (U.S.), Tata Communication Services Limited (India), Capgemini SE (France), Atos SE (France)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13.1% |
| 2030 Value Projection | USD 671.14 Billion |
| Base Year | 2022 |
| Managed Services Market Size in 2022 | USD 255.86 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Service, Function, End User and Geography |
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Drivers and Restraints:
Growing Adoption of BYOD Trend to Accelerate Market Growth
Bring Your Own Device, also known as BYOD, is one of the key components that can help companies adopt advanced technologies seamlessly and enhance their productivity. Adopting the concept of BYOD can enable employees to access and manage their firm’s confidential data by using their own devices. Companies can also save a lot of money and efforts in purchasing and installing new machines and improve flexibility at work and employee accountability. These benefits will drive the adoption of BYOD, thereby fueling the market growth.
However, lack of trained IT professionals can impede the market’s outlook.
SEGMENTATION
By Service
- 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
By Function
- Finance & Accounting (F&A)
- Marketing
- Supply Chain
- Human Resource
- Information Technology (IT)
- Others
By End-user
- BFSI
- IT & Telecom
- Government
- Retail & E-commerce
- Energy & Utility
- Healthcare
- Manufacturing
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Regional Insights:
North America to Dominate Market Due to Strong Presence of MSPs
North America is expected to hold a dominant share in the global market as the region has a vast presence of reputed Managed Service Providers (MSPs), such as Accenture, Cognizant, and IBM Corporation. Managed IT services are being used by small and medium-sized enterprises as well, further fueling the regional market’s growth.
Asia Pacific may register the highest CAGR in the coming years as the regional governments are boosting their investments in data security and adopting cloud-based solutions on a large scale.
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Competitive Landscape:
Key Companies to Focus on Boosting their Market Positions
Leading market players are offering their services to improve customers’ experience. The services provided by these companies are easy to operate and implement, can improve customer satisfaction, boost efficiency, and create next-gen network services. They are also trying to strengthen their market positions by signing partnership and acquisition deals with other market leaders.
FAQ’s
How big is the Managed Services Market?
Managed Services Market size was USD 255.86 billion in 2022.
How fast is the Managed Services Market growing?
The Managed Services Market will exhibit a CAGR of 13.1% during the forecast period, 2023-2030
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