Managed Services Market worth $372.6 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 18, 2023 /PRNewswire/ -- The flexibility to adapt to new technologies, the emphasis on cybersecurity, sustainability, and industry-specific solutions will define the Managed Services Market's future, making it a crucial partner for businesses looking to optimise their IT and operational processes.
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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Scope of the Report
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.
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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.
Top Key Companies in Managed Services Market:
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).
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Managed Services Market Advantages:
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