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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).

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. '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'

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.

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.  

In 2021, Asia Pacific dominated the 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

Product ID: SQMIG45C2069