Managed Services Market to Reach USD 271640 Million by 2028 with a CAGR of 9.2% | Valuates Reports
BANGALORE, India, April 11, 2022 /PRNewswire/ -- The Global Managed Services Market is Segmented by Type (Managed Security Services, Managed Network Services, Managed Mobility Services, Managed Information Services, Managed Data Center Services, Managed Communication and Collaboration Services, Managed IT Infrastructure Services), By Application (Telecom and IT, BFSI, Retail Media and Entertainment, Education, Healthcare, Others): Opportunity Analysis and Industry Forecast, 2021–2028. It is published in Valuates Reports under the Software Category.
The global Managed Services market size is projected to reach USD 248750 Million by 2026, from USD 133440 Million in 2019, at a CAGR of 9.2% during 2021-2026.
Major factors driving the growth of managed service market:
The managed service market is expected to grow due to factors such as the need to improve operational efficiency, scalability so that organizations can focus on core business problems. Specifically increasing BYOD adoption among organizations and the increasing adoption of cloud-based managed security services.
In addition, the managed service market is being fueled by an increasing number of SMBs looking to outsource non-core activities.
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TRENDS INFLUENCING THE GROWTH OF MANAGED SERVICES MARKET
Managed services assist businesses in increasing operational efficiency and lowering operating costs while allowing them to concentrate more effectively on their core competencies. Managed services help increase overall profitability and improve operational efficiency by ensuring optimal resource distribution and utilization. Businesses are finding it easier to respond to technological advances thanks to scalable infrastructure and flexible managed services models. These factors are expected to drive the managed service market growth over the forecast period.
Because the cost of maintaining an in-house IT team is high, businesses frequently see teams that are understaffed, overworked, and unable to complete tasks due to a lack of time and resources. That doesn't work on a daily basis, and it doesn't work when the company is trying to grow. Network scaling necessitates a lot of coordination, manpower, and new equipment. It's a significant expense for any business, and it frequently diverts an IT team's attention away from more important tasks like security. Managed services can assist you in expanding or upgrading systems as needed, without the need to hire and train employees who may or may not be required in the future. Thus, this factor is expected to drive the adoption of Managed services, thereby driving the managed service market growth.
Organizations are increasingly incorporating managed security services (MSSs) into their business models in order to secure their IT infrastructure against cyber threats. In both the private and public sectors, cyber threats are rapidly evolving, forcing MSPs to develop advanced offerings that can detect and mitigate cyber risks. Various businesses are focusing on implementing cloud-based managed security services to protect themselves from various email viruses, DDOS attacks, firewalls, and intrusion detection. To meet rising security demands, key players are offering advanced cloud-based security services. As a result, cloud-based managed services will become more popular in the coming years.
Furthermore, as more and more SMBs look to outsource non-core activities, SMBs are expected to be the driving factors that positively impact managed services market growth.
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MANAGED SERVICES MARKET SHARE
Based on type, the Managed mobility segment is expected to be the most lucrative segment. Managed mobility services assist businesses in managing and optimizing the performance of their mobile workforce.
Based on application, the finacial industry is expected to be the most lucrative segment. To preserve and manage data ranging from trading instruments to record-keeping, reporting, computations, and more, FSI businesses require a sophisticated IT infrastructure. IT services are critical to the success of financial transactions that require information exchange with customers or internally.
Based on region, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period. In comparison to other regions, APAC businesses are requesting more managed services to address a growing range of technology and business challenges. Due to the highly competitive market conditions and the need for increased productivity, APAC businesses have been forced to adopt advanced technologies such as cloud, AI, machine learning, and the Internet of Things (IoT). This has fueled the market for managed services even more.
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- The global IoT Device Management market size is projected to reach USD 7668.1 Million by 2028, from USD 1783.2 Million in 2021, at a CAGR of 22.6% during 2022-2028.
- The global Enterprise Mobility Management market size is projected to reach USD 35620 Million by 2027, from USD 9341.3 Million in 2020, at a CAGR of 20.9% during 2021-2027.
- The global Internet of Things (IoT) Managed Services market size is projected to reach USD 99380 Million by 2028, from USD 34570 Million in 2021, at a CAGR of 15.8% during 2022-2028.
- The global Application Management Services (AMS) market size is projected to reach USD 52020 Million by 2028, from USD 18370 Million in 2021, at a CAGR of 15.8% during 2022-2028.
- The global Identity and Access Management market size is projected to reach USD 43190 Million by 2027, from USD 15960 Million in 2020, at a CAGR of 15.3% during 2021-2027.
- The global Managed Data Center Service market size is projected to reach USD 598600 Million by 2028, from USD 218230 Million in 2021, at a CAGR of 15.2% during 2022-2028.
- The global Enterprise Content Management (ECM) market size is projected to reach USD 95840 Million by 2028, from USD 39230 Million in 2021, at a CAGR of 13.1% during 2022-2028.
- The global Managed Cyber Security Services market size is projected to reach USD 36670 Million by 2028, from USD 15940 Million in 2021, at a CAGR of 12.5% during 2022-2028.
- The global Managed Security Services market size is projected to reach USD 47240 Million by 2027, from USD 21030 Million in 2020, at a CAGR of 11.8% during 2021-2027.
- The global fleet management market size was valued at USD 19.47 Billion in 2020 and is projected to reach USD 52.50 Billion by 2030 registering a CAGR of 10.6% from 2021 to 2030.
- The global Electronic Security Managed Services market size is projected to reach USD 47640 Million by 2027, from USD 23580 Million in 2020, at a CAGR of 10.6% during 2021-2027.
- The global IT Managed Services market size is projected to reach US$ 399170 million by 2028, from US$ 224010 million in 2021, at a Compound Annual Growth Rate (CAGR) of 8.5% during 2022-2028.
- The global Cloud Managed Services market size is projected to reach USD 54240 Million by 2027, from USD 30140 Million in 2020, at a CAGR of 8.3% during 2021-2027.
- The global Managed Information Services market size is projected to reach USD 30400 Million by 2028, from USD 17020 Million in 2021, at a CAGR of 8.2% during 2022-2028.
- The global Managed Network Services market size is projected to reach USD 50660 Million by 2028, from USD 33360 Million in 2021, at a CAGR of 5.7% during 2022-2028.
- The global Telecom Managed Services market size is projected to reach USD 42430 Million by 2028, from USD 19600 Million in 2021, at a CAGR of 11.5% during 2022-2028.
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