According to a report,”Managed Services Market Size, Share & Trends Analysis Report By Solution (Managed Mobility, Managed Security), By MIS, By Deployment, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2019 – 2025″, published by Grand View Research, Inc., The global managed services market size is expected to reach USD 376.13 billion by 2025. It is anticipated to expand at a CAGR of 11.7% during the forecast period. Growing dependence of enterprises on IT assets for driving their business productivity coupled with the need for specialized Managed Service Providers (MSPs) and cloud-based managed services is expected to drive the growth. Growing need to reduce downtime of systems is expected to further fuel the market growth.
The MSPs provide migration assistance to organizations moving their services from private to public cloud. They also offer differentiated cloud managed services which help enterprises in their decision-making processes. Implementation of these services considerably reduces the IT operational costs and helps improve organizational flexibility and efficiency.
Increasing IT expenditure across the globe is anticipated to create growth opportunities for the managed services market over the forecast period. These services transform IT systems, optimize recurrent in-house IT costs, and automate business processes. This in turn, allows organizations to effectively achieve their business objectives.
Emerging trends such as cloud computing, Internet of Things (IoT), big data, Software as a Service (SaaS), Artificial Intelligence (AI), machine learning, and data security applications are expected to fuel the adoption in end use industries, such as manufacturing, healthcare, and retail, among others. Furthermore, enterprises are beginning to make a switch to managed services to streamline their business processes by outsourcing various IT operations.
Key Takeaways from the report:
Adoption of managed security services in end use industries such as IT and telecom, media and entertainment, and retail is expected to witness a significant rise over the forecast period, on account of the various benefits such as security monitoring and management, email threat management, and restoral management and backups, among others
Increasing emphasis on incorporating BPO as a part of business strategies to focus on their core competencies and thereby increase business profitability is expected to drive growth of the BPO segment
A number of organizations are beginning to adopt the on premise deployment as it does not require an internet connection and allows easy customization of software as per the business process requirements of the clients
Small and Medium Enterprises (SMEs) are increasingly using these services to make use of its numerous advantages for instance, controlled IT costs, increased efficiency and competitiveness, and reduced risk, among others
Healthcare sector is anticipated to register increased demand to efficiently manage and organize the large volumes of patient data
North America is expected to maintain its dominance in the managed services market over the forecast period and is anticipated to reach USD 120.44 billion by 2025, owing to the high concentration of Multinational Companies (MNCs) in the region
Key market participants include Accenture PLC; Fujitsu Limited; IBM Corporation; Cisco Systems, Inc.; Ericsson; Lenovo Group Limited; and DXC Technology Company among others
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North America led the global market in terms of revenue with a market size of USD 58.38 billion in 2018. The growth can be attributed to the concentration of a considerable number of MSPs in the region. The regional market is considered as progressive in terms of willingness to adopt new and emerging technologies.
Asia Pacific is estimated to witness substantial growth over the forecast period. Implementation of cloud-based solutions and increasing investments in data security among several companies in the region is expected to notably contribute to the growth. Furthermore, increasing expenditure due to the implementation of latest technologies such as cloud-based technology for their business development is also predicted to contribute to the growth. Increasing investment in SMEs by developing economies such as China and India is expected to further propel the managed services market growth.
Managed Services Market Share Insights
Accenture PLC; Fujitsu Limited; IBM Corporation; Cisco Systems, Inc.; Ericsson; Lenovo Group Limited; DXC Technology Company; and Hewlett Packard Enterprise Development LP are some of the leading incumbents of the market. In May 2018, Fujitsu Limited expanded their Fujitsu Security Solution Global Managed Security Service which defends systems from cyberattacks. Through this, the company provides centralized lifecycle support from system restoration to cyberattack prediction. The company also launched the Global On-Site Operations platform across various countries to provide MIS to the end use industries.
Key market players are focusing on strategic partnerships and acquisitions to maintain and expand their market shares. Moreover, these players collaborate with other organizations willing to automate and streamline their business processes by digitalization for gaining a competitive edge. The market players also invest in new product development, engage in research and development activities, and product portfolio expansion to offer cost-effective and reliable solutions. Various companies are focusing on enhancing their cloud service portfolio to support the digital transformation of end use industries.
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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