Managed Services Market

Managed Services Market Size, Share, Growth Analysis, By Service Type (Network, Security), By Deployment (On-premises, Cloud), By Vertical (BFSI, IT & Telecom), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45C2069 | Region: Global | Published Date: August, 2024
Pages: 165 | Tables: 97 | Figures: 76

Managed Services Market Dynamics

Managed Services Market Drivers 

Growing Use of Cloud-managed Services by Various Providers: 

  • The global managed services market will expand significantly as cloud-managed services become more widely used. As businesses continue to advance their IT infrastructure into such platforms there is an increasing difficulty in effectively managing and optimising cloud-based systems. The increasing popularity of cloud services is an excellent opportunity for managed service providers (MSPs) to step in with their expertise. 

Workplaces are Evolving: 

  • As remote work and diverse groups of employees become more commonplace in companies, they require IT solutions that are both agile and scalable. This gap is filled by managed service providers (MSPs) who provide secure remote access options, cloud-based services, and communication tools. With the technical know-how from MSPs, organisations can quickly adapt to hybrid work methods through customized assistance in managing various IT systems. 

Managed Services Market Restraints 

Lack of Experts in IT Security could Impede Market Expansion: 

  • The global managed services market's expansion is severely limited by the shortage of IT security specialists. As a result of the growing digital world and increasing complexities in cyber threats, organizations are becoming increasingly concerned about safeguarding their vital data and systems. However, this incompetency makes it challenging for firms to effectively manage and protect their infrastructure since there is an acute shortage of trained IT security personnel. 

Competition may Put Pressure on Prices: 

  • A lot of problems confront the managed services sector owing to rising rivalry. The growing number of suppliers may lead to price pressure and necessitate their differentiation, but at the same time, it also stimulates creativeness and enhancement of services provided. Hence, in order to differentiate themselves in an overcrowded marketplace, service providers are compelled to develop unique solutions aimed at certain industries while improving client satisfaction throughout. 
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FAQs

Managed Services Market size was valued at USD 242.9 Billion in 2022 poised to grow from USD 262 Billion in 2023 to USD 519.57 Billion by 2031, growing at a CAGR of 7.9% in the forecast period (2024-2031). 

Key competitors in the fiercely competitive global managed services market are concentrating on service expansion, innovation, and strategic alliances. There are several leading international companies with advanced IT solutions including Atos, Cisco Systems, IBM, and Accenture. These companies compete against one another through offering new age services for various sectors especially in areas such as cloud management, cyber security and information technology infrastructures. The rivalry in the market can be attributed to ever expanding demand for efficient ICT management globally as well as ongoing digital change processes.  'IBM (US) ', 'Fujitsu (Japan) ', 'Accenture (Ireland) ', 'Atos (France) ', 'Cisco (US) ', 'DXC (US) ', 'TCS (India) ', 'Rackspace (US) ', 'AT&T (US) ', 'Verizon (US) ', 'Dimension Data (South Africa) ', 'Infosys (India) ', 'HCL (India) ', 'Ericsson (Sweden) ', 'GTT Communications (US) '

The global managed services market will expand significantly as cloud-managed services become more widely used. As businesses continue to advance their IT infrastructure into such platforms there is an increasing difficulty in effectively managing and optimising cloud-based systems. The increasing popularity of cloud services is an excellent opportunity for managed service providers (MSPs) to step in with their expertise. 

Rise of Automation and AI-Powered Efficiency: The noteworthy improvements that have been witnessed in the managed services business recently are a reflection of both the dynamic character of the technological landscape and the evolving expectations of organisations. This documents an important trend into which more managed cloud services are being used. The rising use of online operations by businesses has created a demand for complementary managed services that enhance these platforms. 

Owing to its sophisticated technological infrastructure, early adoption of cloud computing, and strong presence of major IT service providers, North America leads the global managed services market. The presence of numerous high demands for network services, database administration and cyber security in the region is what shoots this leadership amid the fast digital transformation of telecoms, BFSI as well as health care industries among others. Apart from this outsourcing, it is also one of the key priorities of north American companies allowing them to focus on their main business activities along with innovations which ultimately brings in more income. The governance regulations in North America, like strict data protection acts, form part of the market dominance that intensifies the companies' need for considering managed services. 

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Managed Services Market

Report ID: SQMIG45C2069

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