Global Managed Services Market Research Report - Forecast till 2024
Managed services help business enterprises to offload IT operations to third-party service providers also known as managed service providers (MSPs), permitting organizations to emphasis on their core business activities and strategies. Various achieved services offered by the MSPs include support and maintenance services, remediation services, checking services, security services, network management, database management, server management, disaster recovery, managed contact centre services, achieved storage, web hosting, enterprise mobility management, application hosting, and others. The mounting requirement to reduce operational costs for operational infrastructure is projected to push the market during the forecast period. Managed service providers assist the enterprises to offset the early investment in technology by advancing services related to network testing, cloud, managed data centre, security, and mobility. After shifting to MSPs, enterprises only pay for the service on a monthly basis as an alternative of upfront hardware and software costs. As the managed services sustain operational expenses instead of capital expenditure, minimal resources are tied up to manage the advanced technology embraced by businesses. The Global Managed Services Market is projected to expand at 16.2% CAGR to attain USD 417.1 Billion by the year 2024 during the forecast period.
The managed services market has been segmented based on service type, organization size, vertical, and region. Based on service type, the managed services market has been segmented into cloud services, managed data centre services, managed security services, managed collaboration services, managed mobility services, network services and testing, and others. Additional, cloud services have been segmented into cloud migration services, cloud brokerage services, and cloud service orchestration. Managed data centre services have been segmented into monitoring services, change management services, and others. Managed security services have been segmented into identity and access management, vulnerability services, threat detection monitoring services, incident response services, and others. Managed collaboration services have been segmented into integrated contact centre, unified communications, and others. Managed mobility services have been bifurcated into mobile device management, application lifecycle management, and expense management. Network services and testing has been bifurcated into implementation services, operation services, and design services. The others segment has been sub-segmented into BSS/OSS managed service, and Data and Information management. By organization size, the managed services market has been bifurcated into large enterprises and SMEs. Based on Vertical, the managed services market has been segmented into BFSI, IT & telecommunication, retail & e-commerce, healthcare, industrial/manufacturing, energy & utilities, education & research, and others.
Geographically, Global Managed Services Market has been split into regions like North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America is responsible for the major market in the Managed Services market. The region is leading the global managed services market in terms of market share during the forecast period remaining to the existence of many of the key players in the region providing in research and development activities to offer services with improved performance and reliability. The US retains most of the North American market due to the existence of major MSPs such as IBM Corporation, Cisco Systems, Inc., and DXC Technologies. Europe is the next-largest market in the managed services market. Europe includes Germany, France, UK, and the rest of Europe. The growing adoption of cloud platform, IoT technology, and increasing need to managed enterprise data across the UK, Germany, Russia, Denmark, Italy, Norway, and other European countries is one of the main factors providing to the growth of managed services market in this region. The UK takes the biggest market share in the region followed by Germany and France.
Unisys Corporation (US), NTT Data Corporation (Japan), Telefonaktiebolaget LM Ericsson (Sweden), Atos SE (France), Huawei Technologies Co. Ltd (China), DXC Technology Company (US), and Fujitsu (Japan), Amdocs Limited (US), IBM Corporation (US), Accenture (US), Cisco Systems, Inc (US) are some of the major players in the Global Managed Services Market. Some of the key developments took place in July 2019, Accenture Plc., acquired BCT Solutions, a technology consultancy, to strengthen the defense, national security and public safety services in Australia and New Zealand. In February 2019, Verizon Communications Inc. and Cisco Systems, Inc. extended their software-defined networking partnership. Verizon’s virtual network services will support 5G devices on Cisco’s software-defined wide area network (SD-WAN) platform which enables Verizon to manage the network traffic and enhance the performance across the networks. February 2019, Amdocs Limited partnered with PJSC VimpelCom (operating under the Beeline brand) a Russian company to deliver a new digital IT modernization project. The partnership will lead to decrease the time-to-market and enhance business agility and customer experience.