DUBLIN--(BUSINESS WIRE)--The "Managed Services Market Report, Forecast by Type, Size of Enterprise, End-User, Deployment, Countries and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Managed Services Market will be worth US$ 520.54 billion by 2032 up from US$ 258.24 billion in 2023 with CAGR of 8.10% from the year 2024 and 2032. The market is growing at a fast pace due to factors such as rising demand for IT outsourcing services, complex management of IT infrastructures, and the trend of business looking for improved, affordable, and efficient solutions.
Managed Services is a growing tendency because it implies a constant monitoring and servicing of corporations' technology in line with overall service level agreements. These services include core operational activities that allow the clients to optimize and become less complicated through improvements in communication and information technology.
There is an increasing need for managed services, which is caused by the globalization of business and the development of a remote workplace. It is important to keep IT equipment running smoothly and communications sufficiently open and available: hence the necessity for managed services. Many organizational functions move to the cloud and remote work increases the vulnerability to cyberattacks, so it is essential to ensure high-quality network protection and management for distant employees. Contract administrators are flexible and can meet clients' needs at various capacities for a business to maintain constant functionality, enhance efficiency, and easily transform in regards to structural environment changes.
Driving Forces of the Managed Services Market
Digital transformation is a major catalyst for the managed services market
The major issue that has emerged from the efforts that different organizations across industries make in their bid to transform their business processes is how they can adopt the new technologies within their organizational infrastructure. This process normally calls for professional service that many businesses normally lack within their establishment. In this regard, Managed Service Providers (MSPs) occupy a rather important position since they provide the right knowledge and tools for implementing and supporting challenging digital solutions.
Being from cloud migration, IoT integration, data analytics/BI to artificial intelligence, MSPs allow organizations to reap the benefits of most advanced technologies even when they do not have large in-house IT teams. The shift to digital sophistication continues and with it the need for MSPs to assist with and augment this digitalization promises a large growth trajectory for the managed services.
For example, in May 2024, Elitery, and Indonesian cloud-solutions company was announced as Google Cloud Managed Services Provider (MSP). Being the MSP for Google Cloud in Indonesia, Elitery will increase the experience in a cloud and provide better services to customers. The company plans to use its position of an MSP to present to city governments innovative generative AI or gen AI solutions.
Escalating threat landscape in cybersecurity
The necessity of powerful cybersecurity measures is rising because the threats have been enhanced. It states the need to show that cybersecurity is not an area that can be left on its own since it is dynamic and needs tools, which many organizations struggling to manage appropriately. MSSPs are suggested as the answer to all of this, as they provide detailed security analysis and cover threats, weaknesses, and compliance issues. The nature of cybersecurity and the unfavorable outcome of a cyber-attack makes outsourcing to MSSPs an attractive model to many companies.
Also, the rising regulation norms for data security is expected to drive a further growth in the Cybersecurity segment for the managed services market in the near future. For example, in the April of 2024, SAS, a data and AI specialist, have broadened the managed services to Amazon Web Service so that clients can have various choices for the implementation and the management of SAS technology.
The widespread adoption of cloud computing
Organizations are adopting Cloud for the ability to achieve flexibility, scalability and reduction of costs. However, managing complex cloud environments have its own issues, organizations may require more skills for the efficient utilization of their structures thus might lead to poor utilization of the infrastructure and some hidden costs. The Managed Service Providers focusing on the cloud services provide services related to cloud integration, cloud fine-tuning, multi-cloud maintenance, and compliance.
Hence, executive decision-makers are seeing the need for managed services to support the more complex hybrid and multi-cloud solutions being adopted. Because emerging cloud technologies are continuing to change and mature, the pressures placed on firms to fully leverage their cloud spend guarantees that associated managed services will continue to grow at a great rate.
Asia Pacific Managed Services Market
The Asia-Pacific managed services market is growing at a robust pace owing to the growing cloud solutions, the shift towards digital solutions, and growing need for outsourcing services among others. All forms of enterprises in the region are finding managed services as a way of optimizing their undertakings, cutting on expenses and discussing on their core competencies. It is supported by the tendencies towards the increased number of SMEs and the need for cybersecurity services.
The major industries which are contributing towards the growth of this market are IT, telecom, BFSI and healthcare industries which are majorly expanding in India, China and Japan. China's State Council recently published an outline for the development of a digital economy in the course of the 14th five-year plan for 2021-2025. Its goals are to raise China's digital industrialisation to another level by 2025, increase the digital Public Services' inclusiveness, and correct the governance structure of the digital economy.
Current rapid developments of technology have impacted the banking sector in India and to address the issues organizations have started adopting the cloud computing services. The managed storage providers are investing in the integrated cloud storage solutions for the BFSI industry. In 2022, KPMG India implemented Qualys solutions to KPMG's Managed Security service making use of the KPMG cybersecurity solutions as well as Qualys technologies to safeguard enterprises' networks, applications, endpoints, and cloud use and compliance.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 230 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $258.24 Billion |
| Forecasted Market Value (USD) by 2032 | $520.54 Billion |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | Global |
Key Players Analysis: Overview, Key Personnel, Product Portfolio, Recent Developments, Revenue Analysis
- Fujitsu Ltd
- Cisco Systems Inc.
- IBM Corporation
- AT&T Inc.
- Microsoft Corporation
- Verizon Communications Inc.
- Dell Technologies Inc.
- Nokia Solutions and Networks
- Rackspace Inc.
- Tata Consultancy Services Limited
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Managed Services Market
6. Market Share Analysis
6.1 By Type
6.2 By Size of Enterprise
6.3 By End User
6.4 By Deployment
6.5 By Countries
7. Type
7.1 Managed Data Center
7.2 Managed Security
7.3 Managed Communications
7.4 Managed Network
7.5 Managed Infrastructure
7.6 Managed Mobility
8. Size of Enterprise
8.1 Small & Medium Size
8.2 Large Enterprise
9. End-User
9.1 BFSI
9.2 IT and Telecommunication
9.3 Healthcare
9.4 Entertainment and Media
9.5 Retail
9.6 Manufacturing
9.7 Government
9.8 Others
10. Deployment
10.1 On-premise
10.2 Cloud
11 Countries
11.1 North America
11.1.1 United States
11.1.2 Canada
11.2 Europe
11.2.1 France
11.2.2 Germany
11.2.3 Italy
11.2.4 Spain
11.2.5 United Kingdom
11.2.6 Belgium
11.2.7 Netherland
11.2.8 Turkey
11.3 Asia Pacific
11.3.1 China
11.3.2 Japan
11.3.3 India
11.3.4 Australia
11.3.5 South Korea
11.3.6 Thailand
11.3.7 Malaysia
11.3.8 Indonesia
11.3.9 New Zealand
11.4 Latin America
11.4.1 Brazil
11.4.2 Mexico
11.4.3 Argentina
11.5 Middle East & Africa
11.5.1 South Africa
11.5.2 Saudi Arabia
11.5.3 UAE
12. Porter's Five Forces Analysis
12.1 Bargaining Power of Buyers
12.2 Bargaining Power of Suppliers
12.3 Degree of Rivalry
12.4 Threat of New Entrants
12.5 Threat of Substitutes
13. SWOT Analysis
13.1 Strength
13.2 Weakness
13.3 Opportunity
13.4 Threat
For more information about this report visit https://www.researchandmarkets.com/r/8rfyph
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