USD 242.9 billion
Global Managed Services Market Size, Share, Growth Analysis, By Services(Voice Service, Non-Voice Service), By Function(Finance & Accounting (F & A), Marketing), By End-User(Medical, Financial) - Industry Forecast 2024-2031
Report ID:
SQMIG45C2069 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
97 |
Figures:
76
Global Managed Services Market Insights
Managed Services Market size was valued at USD 242.9 billion in 2019 and is poised to grow from USD 262.09 billion in 2023 to USD 519.57 billion by 2031, growing at a CAGR of 7.9% in the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Non-Voice Service,
Fastest Growth
Non-Voice Service,
Growth Rate
7.9% CAGR
Global Managed Services Market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global Managed Services Market Size By Services , 2021-2028 ($ Bn)
Global Managed Services Market Size By Services , 2021-2028 (%)
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Global Managed Services Market Segmental Analysis
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.
Global Managed Services Market By Services , 2021(%), 2023 (%)
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Global Managed Services Market Regional Insights
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.
Global Managed Services Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Managed Services Market Dynamics
Managed Services Market Driver
- Increased demand for Bring Your Own Device (BYOD) is projected to drive managed services market. It is a key component of digital technology and productivity across multiple industries in today's technology-driven business environment. The BYOD strategy has enabled employees to access and manage data on personal devices to increase productivity in the workplace. According to a Cisco Systems, Inc. report, companies that encourage BYOD can save up to USD 350 per team member per year. BYOD increases employee work flexibility and accountability, resulting in higher productivity. As a result, organizations have been urged to integrate BYOD solutions with existing systems to create a workforce-friendly environment. Thus, these factors are driving the growth of managed services market.
- Adoption of cutting-edge technologies such as Artificial Intelligence (AI), cloud management, and others is assisting organizations in meeting various functional business requirements while driving business process optimization. Managed services provide effective functionalities at low costs without sacrificing quality. Furthermore, they support and ensure the dependability and consistency of services provided for various business processes.
Managed Services Market Restraint
- In recent years, there has been a shift from private cloud to the public cloud, as well as from on-premises to cloud. This has raised several concerns about corporate privacy and data security. Organizations are constantly confronted with data breaches and privacy issues. Increasing data breaches and cyberattacks, as well as rising data security concerns, are causing organizations to suffer both tangible and intangible losses, particularly with third-party integrations. MSPs must ensure that these concerns are addressed and that they have the most up-to-date tools and technologies to avoid mishaps.
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Global Managed Services Market Competitive Landscape
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
- IBM Corporation
- Cisco Systems Inc.
- Accenture PLC
- Hewlett Packard Enterprise Company
- Fujitsu Ltd.
- AT&T Inc.
- Wipro Limited
- Dell Technologies Inc.
- Tata Consultancy Services Limited
- Infosys Limited
- Ericsson AB
- NOKIA Corporation
- DXC Technology Company
- Huawei Technologies Co., Ltd.
- HCL Technologies Limited
- Dimension Data Holdings PLC
- Unisys Corporation
- NTT DATA Corporation
- Cognizant Technology Solutions Corporation
- Capgemini SE
Managed Services Market Recent Developments
- In May 2022, Microsoft launched a new managed service category called Microsoft Security Experts. The service offers an organization the assistance of external security experts who can perform tasks such as threat hunting and managed detection and response.
- In April 2022, Logicalis, one of the key players in the global managed services market, announced the release of Intelligent Connectivity, a solution designed to enable digital-first customers to improve business performance and user experience by using connectivity as a managed service.
- In May 2021, Catalogic ECX, a copy data management company, was acquired by IBM Corporation, a leading technology company. IBM intends to use this acquisition to provide customers with cloud data protection and data security solutions, such as CloudCasa, a recently launched data protection service on Kubernetes and the cloud.
Global Managed Services Key Market Trends
- The COVID-19 pandemic has had a broad impact on the world. The traditional working model has given way to the work-from-home model. Furthermore, a significant shift from private to the public cloud raises several security concerns is further adding fuel to the growth of managed services market. This change is likely to benefit the managed services market as they can efficiently secure an organization's IT infrastructure and provide various security services such as continuous monitoring, identity, and access management. MSPs have also expanded their security services offerings in the immediate wake of the pandemic to accommodate changes in work style and provide the best services.
Global Managed Services Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 242.9 billion |
| Market size value in 2031 | USD 519.57 billion |
| Growth Rate | 7.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Managed Services Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Managed Services Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
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.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Managed Services Market Report Snapshots
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