This research report categorizes the managed services market based on service types: managed security service, network service, IT infrastructure and data center service, communication and collaboration service, mobility service, information service, verticals, deployment types, and regions.
The Managed Services Market size is expected to grow from USD 275.5 billion in 2023 to USD 372.6 billion by 2028 at a compound annual growth rate (CAGR) of 6.2% during the forecast period, according to a new report by MarketsandMarkets™.
Managed service providers (MSPs) actively monitor the client’s systems and infrastructure. Leveraging advanced monitoring tools and technologies can identify and address potential issues before they escalate into major problems, minimizing downtime and disruption. One of the significant advantages of managed services is the round-the-clock support that MSPs offer. MSP ensures that critical issues can be addressed promptly, even outside regular business hours, thus improving service reliability and customer satisfaction. Managed services are designed to be scalable, allowing businesses to adjust the scope and scale of services as their needs evolve. This scalability ensures that the organization can adapt to changes in demand, technology, and market conditions without over-committing resources.
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313 - Tables
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368 - Pages
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Moreover, MSPs specialize in cybersecurity, cloud computing, or network management. This specialization allows them to bring deep expertise and knowledge, ensuring that clients benefit from best practices and the latest industry insights. Organizations can often save costs by outsourcing specific functions to managed service providers. Instead of bearing the expenses associated with hiring, training, and maintaining an internal team for particular tasks, businesses pay a predictable fee to the MSP, often resulting in a more cost-effective arrangement. Delegating operational functions to managed service providers allows companies to focus their resources and energy on their core competencies, such as product development, customer service, and strategic planning, leading to increased innovation and competitiveness.
By Service Type, the services segment is expected to capture the highest CAGR during the forecast period.
The managed services market by service type includes managed security service, network service, IT infrastructure & data center service, communication & collaboration service, mobility service, and information service. The managed mobility service segment is estimated to hold the highest CAGR during the forecasted period. Managed mobility service (MMS) is a comprehensive solution MSPs offer to efficiently manage and optimize an organization’s mobile devices and associated infrastructure. MMS aims to streamline the management, security, and support of mobile devices, applications, and data, ensuring enhanced productivity and data protection for a mobile workforce. MMS includes deploying and managing mobile device management (MDM) solutions, which allow organizations to configure, monitor, and secure mobile devices remotely. MDM ensures consistent policy enforcement, app management, and device tracking. Managed mobility service providers implement mobile application management (MAM) to control access to corporate applications and data on mobile devices. MAM enables organizations to distribute, update, and revoke application access efficiently. Furthermore, MMS focuses on mobile security to protect corporate data and applications from unauthorized access and cyber threats. It includes measures such as encryption, containerization, and multifactor authentication to ensure data privacy and compliance with regulations.
Moreover, MMS offers technical support and a dedicated helpdesk to address mobile device issues, troubleshoot problems, and assist end-users with mobile-related queries. Lastly, mobile content management is implemented to securely manage and share documents and content on mobile devices, ensuring data confidentiality and preventing data leakage.
North America is projected to hold the largest market share during the forecast period.
The managed services market by region has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. As per region, North America is estimated to account for the largest market share in the global managed services market in 2023, and this trend is expected to continue during the forecast period. The managed services market in North America has been studied for countries including the US and Canada. The adoption of the managed services solution is expected to be the highest in North America compared to other regions. Managed services play a crucial role in the North American region, serving as a strategic solution for businesses seeking to optimize their IT operations. These services are typically offered by specialized third-party providers who remotely manage and maintain a company’s IT infrastructure and services. The significance of managed services lies in their ability to enhance efficiency, scalability, and cost-effectiveness for organizations.
By outsourcing tasks such as network monitoring, cybersecurity, cloud management, data storage, and technical support, companies can focus on their core competencies while gaining access to advanced technologies and expertise. This approach ensures consistent and reliable IT performance, reducing downtime and enhancing productivity. Additionally, managed services help businesses stay updated with the rapidly evolving technology landscape, ensuring compliance with industry standards and regulatory requirements. As a result, North American companies can gain a competitive edge, foster innovation, and adapt to market changes more effectively by strategically utilizing managed services.
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Key Market Players
Some of the significant managed services market vendors are 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), and GTT Communications (US).
Regional Analysis for Managed Services Market
- North America: A sizable market for managed services is found in North America, particularly in the United States and Canada. A big number of organisations are looking to optimise their operations and IT infrastructure in the area, which has a highly developed technology landscape. Major factors in this region's growth include managed IT services, cloud services, and cybersecurity options.
- Europe: European nations have demonstrated significant industry-wide use of managed services. Demand for managed cybersecurity and data management services has increased as a result of the region's emphasis on data protection and compliance, such as GDPR. Key players in this industry include nations like the United Kingdom, Germany, France, and the Nordic nations.
- Asia-Pacific: The usage of managed services has been growing quickly in the Asia-Pacific area. Digitalization and technology use are increasing across industries in nations like China, India, Japan, South Korea, and Australia. The demand for Managed Services, including IT outsourcing and cloud services, is growing as firms work to increase efficiency and concentrate on their core capabilities.
- Latin America: Managed services are finding a potential market in Latin America. The need for services like IT support, network management, and cloud solutions is rising as companies in nations like Brazil, Mexico, and Argentina look to improve their operational efficiency and technological infrastructure.
- Middle East and Africa: Managed services are being gradually adopted throughout the Middle East and Africa to enhance corporate operations and IT administration. Managed Services providers are providing solutions to assist organisations in streamlining their operations and managing technology difficulties as digital transformation initiatives gain pace in these regions.
Factors that Drive Managed Services Market
- Focus on Core Competencies: Companies are realising more and more how important it is to concentrate on their strategic goals and core capabilities. Businesses can more effectively deploy their resources and focus on what they do best by outsourcing non-core operations to Managed Services providers.
- Cost Efficiency: By granting access to specialised knowledge without the expense of employing and training internal people, managed services can result in cost savings. Lower operating costs may result from outsourcing work like IT management, customer service, and back-office operations.
- Technological Complexity: Maintaining complicated IT systems and keeping up with the current trends are difficult tasks given how quickly technology is advancing. Access to knowledgeable individuals who can maintain and optimise technological infrastructure is made available to organisations through managed IT services.
- Scalability and Flexibility: Managed Services are easily scaleable to meet shifting company requirements. Businesses that encounter swings in demand, like e-commerce sites during busy seasons, might benefit greatly from this flexibility.
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