Managed Services Market Worth $354.8 Billion By 2026 - Exclusive Report By Marketsandmarkets™

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Chicago, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Managed Services Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period, to reach USD 354.8 billion by 2026 from USD 242.9 billion in 2021 according to a new report by MarketsandMarkets™. Enterprises across the globe and verticals are highly investing in their IT infrastructure to maintain their competitive position and attain operational excellence. As enterprises are adopting highly complex technologies regardless of their size, they turn to MSPs to manage their IT infrastructure, thus delivering services faster and more efficiently. These technologies are forcing enterprises to redefine their business strategies and emphasize information security. Managed services help enterprises maintain and manage the IT infrastructure and address risks associated with IT assets in an efficient and cost-effective way. This helps enterprises focus on their core competency without increasing the IT footprint.

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294 - Tables
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323 - Pages

Scope of the Report

Managed service vendors cater to various verticals, including BFSI, retail and consumer goods, government and public sector, manufacturing, healthcare, and life sciences, media and entertainment, IT and telecommunications, energy and utilities, and others. They offer various customizations for industry-specific organizations and helps enterprises comply with industry standards and regulations. The BFSI segment is projected to account for the largest market share during the forecast period, while the healthcare and life sciences segment is projected to grow at the highest CAGR.

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The emergence of technologies, such as AI, ML, and analytics, are fueling the managed services adoption rate in applications, such as managed security, managed network, managed data center and IT infrastructure, managed communication and collaboration, managed mobility, and managed information services. The managed data center and IT infrastructure segment is estimated to account for the largest market share and attain the highest growth during the forecast period. The increasing need to integrate complex IT infrastructure and digitization drives the adoption of managed data centers and IT infrastructure. Managed services cater to various verticals such as BFSI, retail and consumer goods, government and public sector, manufacturing, healthcare, and life sciences, media and entertainment, IT and Telecommunications, energy and utilities, and others.

Digitization across different verticals is creating new opportunities for organizations to adopt different cloud offerings. Organizations are using modern managed services to increase security and productivity. Different verticals where managed services are widely adopted include BFSI, retail and consumer goods, government and public sector, manufacturing, healthcare and life sciences, media and entertainment, IT and telecom, energy and utilities, and others. The BFSI vertical had to comply with stringent regulations failing which can result in huge fines. These increasing compliance regulations contribute to the adoption of managed services in BFSI and other verticals.

APAC is one of the fastest-growing regions in terms of the adoption of managed services. Enterprises across APAC are demanding more managed services as compared to other regions to tackle to address the growing range of technology and business challenges. The highly competitive market conditions and the need for improved productivity have forced APAC enterprises to adopt advanced technologies cloud, AI, ML, and IoT. This has fueled the growth of the managed services market further. Australia, India, Japan, New Zealand, and China are the major contributors to the managed services market in the region. However, MSP business models and technology are now mature in the US, Australia, and across Europe; thus, there is a huge potential in APAC.

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Additionally, the lack of IT skills, high data loss, and downtime cost and budget constraints drive the growth of the market in the region. Managed security services are the most demanded service across the region by enterprises due to a large number of cyberattacks and less developed infrastructures to discover breaches. According to a study, Asian enterprises take 1.7 times longer than the global median to discover a breach. Large enterprises in APAC could incur an economic loss of USD 30 million due to a cyberattack or data breach. Retails and consumer goods, healthcare, manufacturing, and telecom and IT are the top verticals contributing to the managed services market in the region.

The managed services market report includes major vendors, such as 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), Ericssion (Sweden), GTT Communications (US), NTT Data (Japan), Happiest Minds (India), Huawei (China), Nokia Networks (Finland), CenturyLink (US), Wipro (India), Cognizant (US),Capgemini (France), BT (UK), Deloitte (UK), Secureworks (US), Alert Logic(US), BAE Systems (UK), Trustwave (US), Hughes (US), MeTtel (US), Microland (India), Optanix (US), Essintial (US), Intact Tech (US), 1-Net (Singapore), Ascend technologies (US), SecureKloud (India), Aunalytics (US), AC3 (Australia), Cloud Specialists (Australia), Corsica Technologies (US), and Empist(US).

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