USD 242.9 billion
Report ID: SQMIG45C2069 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: 97 | Figures: 76
Managed Services Market size was valued at USD 242.9 billion in 2021 and is poised to grow from USD 262.09 billion in 2022 to USD 519.57 billion by 2030, growing at a CAGR of 7.9% in the forecast period (2023-2030).
Managed services help businesses to improve operational efficiency and lower the operating expenses while allowing them to concentrate more effectively on core competencies. Moreover, they ensure optimal resource distribution and utilization, which contributes to higher profitability and operational efficiency. Businesses are finding it easier to respond to technological advances thanks to scalable infrastructure and flexible managed services models. Most of these factors are expected to drive Managed Services market growth during the forecast period.
Managed services are able to delegate management functions to a third party to advance the business operations. The adoption of cloud-based technologies as well as their technological proliferation have driven the growth of managed services market.
US Managed Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 242.9 billion
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The global managed services market is segmented by service, function, supply chain, end-user, and region. Based on the services, Managed Services Market is categorized (voice service, non-voice service, and IT managed service). Based on the function, Managed Services Market is categorized into finance & accounting, marketing, procurement, supply chain, human resource, and information technology. Based on the end-user, Managed Services Market is categorized into medical, financial, government, audit & consulting, corporate, telecom, and insurance & re-insurance. By Region, the Managed Services Market is categorized into North America, Europe, Asia-Pacific, America, and MEA.
Managed Services Market Analysis by Service
In 2021, the IT-managed segment dominated the global managed services market by contributing more than 34% to the total market revenue. It has been observed that the most of the IT companies are opting for on-premise mode of deployment since it allows them easy customization of software to meet the needs of clients' business operations and store data in more secure manner. Moreover, the on-premise implementation contributes to increased operational efficiency and the establishment of a control center within an organization for efficiently coordinating and controlling various project management duties and business operations.
Managed Services Market Analysis by Function
In 2021, Finance and accounting segment accounted for the majority of the managed services market share due to the increasing adoption of big data and cloud-based services by various organizations. Big data applications are expanding at a healthy CAGR to analyze the massive amount data generated through online traffic. The big data-based services provide users with a variety of advantages, such as broad certified control, advanced security monitoring, and so on. For instance, Deloitte offers procurement consulting services, outsourcing implementation, and procurement-related technologies such as Coupa and Ariba which are based on the public cloud platform and big data capabilities.
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In 2021, Asia Pacific dominated the global managed services market, accounting for more than 37% of total market revenue. The region is expected to grow at an attractive CAGR in the years to come as a result of increased investments in infrastructure development and manufacturing. However, the pandemic has had a significant impact on manufacturing operations and the supply chain. Except for China, all major Asian countries showed negative GDP growth in the second quarter of 2020.
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Managed Services Market Driver
Managed Services Market Restraint
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The managed services market is one of the fastest growing sectors in the technology industry. It is estimated that the Managed Services Market will grow from USD 173.33 to USD 393.72 billion by 2028 due to increasing demand for automation and artificial intelligence (AI) services, ageing population, and growing popularity of businesses outsourcing their IT functions. The competitive landscape in the managed services market is complicated and competitive. There are a number of large providers such as IBM, Accenture, and Oracle, as well as a number of smaller players. Most of the providers offer different types of services, which makes it difficult for customers to decide which provider to use. In addition, many of the smaller providers are focused on specific geographies or industries, which makes it difficult for them to compete with the larger players.
Managed Services Market Top Players Company Profiles
Managed Services Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
We have identified that the growing use of cloud-based services along with increasing need to safeguard IT infrastructure from cyber threats are driving organizations to integrate managed security services (MSSs) into their business models. Cyber threats are rapidly evolving in both the enterprise and government sectors, requiring MSPs to develop advanced offerings capable of detecting and mitigating cyber risks.
With the managed services market expected to reach 373.72billion by 2028, there is a lot of competition out there. To stay ahead, companies need to find the best managed services providers and make sure that they are getting the most value for their money. In this market analysis, we found that the demand for managed services to continue growing as long as the expansion of e-commerce companies continue.
|Market size value in 2021
|USD 242.9 billion
|Market size value in 2030
|USD 519.57 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Managed Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Managed Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Managed Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Managed Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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