The managed services market 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. Managed services refer to outsourcing specific business processes or functions to third-party providers. These providers, known as MSPs, assume responsibility for managing, monitoring, and optimizing these services, allowing organizations to focus on their core competencies. Managed services encompass various domains, including IT infrastructure management, cybersecurity, cloud computing, network monitoring, data storage, system management, and more.
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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.
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.
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Unique Features in the Managed Services Market
The market for managed services has seen a substantial change as a result of the increasing use of cloud technology. Cloud-based managed services are replacing traditional IT infrastructure management in businesses in an increasing number of cases. By taking advantage of the vast resources and experience offered by cloud providers, this change enables businesses to grow more effectively, cut expenses, and improve agility.
Managed security services are becoming an essential part of the managed services market due to the increase in cyber risks and strict regulatory requirements. Specialized cybersecurity solutions, including as threat detection, incident response, and compliance management, are now being offered by providers. In today’s digital environment, protecting sensitive data and upholding regulatory compliance are critical, and this approach helps firms do both.
The integration of artificial intelligence (AI) and automation into managed services is another unique feature driving the market. Managed services providers (MSPs) are utilizing AI-driven tools for predictive maintenance, automated monitoring, and advanced analytics. This not only reduces human error but also improves efficiency, enabling proactive management of IT environments.
The demand for customized and industry-specific managed services is growing. Companies in sectors like healthcare, finance, and manufacturing are seeking managed services tailored to their unique regulatory, operational, and technological needs. MSPs are responding by offering solutions that are specifically designed to meet the challenges and requirements of different industries.
The COVID-19 pandemic has accelerated the shift towards remote and hybrid work environments. This has led to a surge in demand for managed services that support remote work, such as remote desktop management, virtual collaboration tools, and secure remote access solutions. MSPs are increasingly focusing on providing services that enhance the efficiency and security of remote workforces.
Major Highlights of the Managed Services Market
The market for managed services is expanding quickly due to companies’ growing reliance on externalized IT operations. Businesses across a range of industries are choosing managed services to boost productivity, cut expenses, and concentrate on their main business functions. The growing complexity of IT settings and the demand for specialized knowledge are two further factors driving this growth.
Cloud computing’s broad acceptance is one of the managed services market’s main highlights. The need for managed services based on the cloud is increasing as more companies move their activities online. Because of their affordability, scalability, and flexibility, these services are well-liked by businesses wishing to update their IT infrastructure.
With the rise in cyber threats, cybersecurity has become a top priority for businesses, leading to a surge in demand for managed security services. Managed services providers are increasingly offering comprehensive cybersecurity solutions, including threat monitoring, incident response, and compliance management. This focus on security is crucial for businesses to safeguard their data and maintain trust with their customers.
The integration of AI and automation technologies is a significant highlight in the managed services market. These technologies are being used to enhance service delivery through predictive analytics, automated monitoring, and self-healing systems. The result is improved efficiency, reduced operational costs, and the ability to proactively manage IT environments.
There is a notable trend towards the development of industry-specific managed services. Providers are tailoring their offerings to meet the unique needs of different sectors, such as healthcare, finance, and manufacturing. This specialization helps businesses address specific challenges related to their industry, including regulatory compliance, data management, and operational efficiency.
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Top Companies in the 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).
Huawei (China)
Huawei is one of the significant providers of smart devices and Information & Communications Technology (ICT) infrastructure. It is a privately owned company. The company operates through four segments: Consumer Business, Carrier Business, Enterprise Business, and Unallocated items. The Carrier segment includes solutions related to wireless networks, cloud core networks, fixed networks, IT infrastructure carrier software, and professional services. The Enterprise segment covers a digital infrastructure platform built using new ICT technologies. Smartphones, tablets, wearable devices, and converged home devices, among others, are included in the Consumer segment.
Huawei Cloud Managed Network Service helps reduce network OPEX and predict possible faults. Huawei manages end-to-end network infrastructure, including planning, design, deployment, monitoring, and maintenance. They ensure network performance, reliability, and security while assisting with network optimization and capacity planning. Huawei offers management services for IT infrastructure, such as servers, storage, and data centers. Huawei offers managed services, including proactive monitoring, incident management, software updates, and performance optimization to ensure a stable and secure IT environment. Huawei assists businesses in adopting and managing cloud technologies, including private, public, and hybrid cloud solutions. They help with cloud migration, integration, security, and ongoing management to leverage the benefits of cloud computing. Lastly, Huawei offers IT consulting and advisory services to help organizations develop technology strategies aligned with their business goals.
AT&T (US)
AT&T is known as one of the largest communication companies across the globe. The company specializes in providing technology services and telecommunications media services, such as voice and data communications, to businesses, consumers, and providers. It operates through three business segments: AT&T Communications, WarnerMedia, and AT&T Latin America. The AT&T Communications segment provides entertainment and communications services across TV, mobile, and broadband, serving about three million business customers. WarnerMedia delivers multi-platform content and services through brands, including Turner, Home Box Office, and Warner Bros. Latin America segment, which provides mobile services in Mexico and TV services to 11 countries in South America and the Caribbean.
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