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.

Browse in-depth TOC on "Managed Services Market"

313 - Tables
73 - Figures
368 - Pages

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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).

Recent developments:

• In July 2023, Fujitsu launched Managed Security Services (MSS), a suite of security solutions that help organizations protect their data, systems, and applications from cyber threats. Fujitsu's MSS can help organizations detect and respond to cyber threats in real-time. MSS includes using a combination of security tools and human expertise to identify and investigate threats and take appropriate action to mitigate them. Fujitsu's MSS can help organizations monitor their security environment 24/7. MSS also includes monitoring for suspicious activity and compliance with security regulations.
• In March 2022, IBM launched Unified Key Orchestrator, an innovative multi-cloud solution, as a part of IBM Cloud Hyper Protect Crypto Services, which are offered as managed services.
• In June 2021, with Cisco, AT&T Business introduced Webex Calling with AT&T – Enterprise to Cisco's Unified Communications Manager – Cloud (UCMC), helping businesses optimize operations and accelerate digital transformation in nearly any environment.

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Managed Services Market Advantages:

• By removing the requirement for internal IT infrastructure, staffing, and maintenance costs, managed services lower the total cost of ownership.
• With predictable monthly or yearly service charges, businesses can plan their budgets more efficiently and prevent unforeseen IT expenses.
• IT, cybersecurity, and cloud computing are just a few of the areas where managed service providers (MSPs) provide access to a team of specialised professionals.
• Organisations may adjust to growth or changing requirements without experiencing significant disruptions thanks to managed services that can scale up or down based on business demands.
• Organisations can focus on their main business activities, innovation, and strategic objectives by outsourcing IT and non-core functions.
• MSPs offer proactive maintenance and 24/7 monitoring to find problems early and fix them, minimising downtime.
• Managed security services help organisations protect their data and infrastructure by providing cutting-edge cybersecurity protections and threat detection.
• Managed services improve employee productivity by streamlining processes, decreasing downtime, and optimising IT performance.

Report Objectives

• To define, describe, and forecast the Managed Services Market based on service types: managed security service, network service, IT infrastructure and data center service, communication and collaboration service, mobility service, information service, verticals, deployment types, and regions.
• To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
• To strategically analyze the market's subsegments concerning individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to significant factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
• To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for prominent players
• To comprehensively analyze the core competencies of key players
• To track and analyze the impact of the recession and competitive developments, such as mergers and acquisitions, new product developments, and partnerships and collaborations, in the market

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