(MENAFN- GlobeNewsWire - Nasdaq) The global managed services market was valued at USD 348.12 billion in 2024 and is projected to reach USD 393.02 billion in 2025 and USD 1037.46 billion by 2033, growing at a CAGR of 12.9% during the forecast period (2025-2033).
New York, United States, Nov. 11, 2024 (GLOBE NEWSWIRE) -- Managed services enable businesses to focus more effectively on their core capabilities while improving operational efficiency and reducing operating expenses. Managed services ensure appropriate resource distribution and use, increasing total profitability and enhancing operational effectiveness. Mainly, scalable infrastructure and flexible managed services models make it simpler for firms to adapt to technological advancements. These factors are anticipated to drive market expansion over the forecast period.
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Market Dynamics
Need for Specialized MSPS to Manage Complex IT Infrastructure and Reduce IT Staffing Cost Spurs the Demand for Managed Services
A managed service provider (MSP) is an information technology company that provides end users with servers, networks, and specialized applications. The service providers administer and host the specialized apps. On behalf of businesses utilizing managed services, managed service providers control, monitor, and safeguard application procedures or outsourced networks. MSPs assist businesses in staying current with the newest trends and technologies. In addition, managed services provided by MSPs are viewed as an alternative to the on-demand outsourcing model, assisting businesses in reducing their operating costs. In addition, they contribute to the enhancement of enterprise-related operations by upgrading cloud-based managed services.
Specialized MSPs lower IT staffing costs by offering personnel to address infrastructure-related IT issues. In addition, they aid in limiting network downtime and reducing network operating expenses. MSPs aid businesses deploy the appropriate technology to overcome IT complexity and swiftly adapt to shifting market conditions, such as the digital transformation of services. MSPs assist in enhancing network agility and decreasing cost and complexity across a vast area, local, data center, and hybrid cloud networks. End-use industries demand specialist MSPs handle their complex IT infrastructure, as specialized MSPs adopt new technologies securely and optimize network performance. Over the forecast period, the demand for specialist MSPs to manage complex IT infrastructure and minimize IT staffing costs is anticipated to drive the managed services market.
Growing Adoption of Bring Your Own Device (BYOD) Among Organizations Creates Lucrative Market Opportunities
In today's technology-driven business climate, Bring Your Own Device (BYOD) is one of the essential components of digital technology and productivity across all industries. The Bring Your Own Device (BYOD) concept enables workforces to access and manage data via personal devices, enhancing business productivity. According to a Cisco Systems, Inc. survey, firms that support BYOD can save up to USD 350 per team member annually. BYOD increases work flexibility and employee accountability, resulting in increased production. This, in turn, has prompted businesses to integrate BYOD solutions with their existing systems to create a workforce-friendly workplace.
The rising use of BYOD has increased the number of intelligent devices in the office, such as tablets, smartphones, laptops, and other gadgets. This strategy would increase the importance of data integrity and security across smart devices. As a result, many organizations are turning to managed services to manage and monitor the safety of these smart devices, creating attractive market prospects.
Regional Analysis
North America accounts for the largest market share and is estimated to grow at a CAGR of 12.2% during the forecast period. Numerous IT organizations in North America are driving the managed services market's expansion in the area. The growing number of technology start-ups and the continuous adoption of ERP, CRM, and cloud services in North America are anticipated to drive the market for managed services in the area throughout the forecast period. Numerous managed service providers, such as International Business Machines Corporation, Cisco Systems, Inc., CA Technologies, and DSC Technology Company, are headquartered in the United States, which bodes well for the expansion of the managed services market in North America.
Europe is estimated to reach an expected value of USD 153 billion by 2030, growing at a CAGR of 12.5%. In Europe, managed security services are growing in popularity due to their ability to improve customer experience and data security while managing network operations. Due to several engineering, automotive, and manufacturing industries, Germany has the largest adoption potential for managed services. The United Kingdom is becoming one of Europe's largest marketplaces for managed services. Many small and medium-sized businesses (SMBs) and the ongoing adoption of cloud-based services in the United Kingdom are anticipated to propel the expansion of the managed services market in Europe.
Asia-Pacific is the fastest-growing region. In Asia-Pacific nations, the demand for managed cloud and managed security services has increased with the growing requirement to manage complex workloads and the ongoing transfer of ERP systems to cloud platforms. The rapid increase in the number of small- and medium-sized businesses (SMBs) in India, as well as their strong emphasis on the implementation of next-generation technologies and services as part of their efforts to drive regional and global business, is anticipated to spur the adoption of managed services and eventually drive the growth of the market for managed services in the Asia Pacific.
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Key Highlights
The global managed services market was valued at USD 348.12 billion in 2024 and is projected to reach USD 393.02 billion in 2025 and USD 1037.46 billion by 2033 , growing at a CAGR of 12.9% during the forecast period (2025-2033). By solution, the global managed services market is segmented into Managed Data Centers, Managed Networks, Managed Mobility, Managed Infrastructure, Managed Backup & Recovery, Organized Communication, Managed Information, and Managed Security. Managed Data Center accounts for the largest market share and is estimated to grow at a CAGR of 12% during the forecast period. By managed information service (MIS), the global managed services market is segmented into Business Process Outsourcing (BPO), Business Support Systems, Project & Portfolio Management, and Others. Business Process Outsourcing (BPO) accounts for the largest market share and is estimated to grow at a CAGR of 12.6% during the forecast period. By deployment, the global managed services market is segmented into Hosted and On-premise. On-premise accounts for the largest market share and is estimated to grow at a CAGR of 12.4% during the forecast period. By enterprise size, the global managed services market is segmented into Large Enterprises and Small & Medium Enterprises. Large Enterprises account for the largest market share and are estimated to grow at a CAGR of 12.4% during the forecast period. By end-user, the global managed services market is segmented into Financial Services, Government, Healthcare, IT & Telecom, Manufacturing, Media & Entertainment, Retail, and Others. Financial Services account for the largest market share and are estimated to grow at a CAGR of 12.2% during the forecast period. By region, the global managed services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America surpasses other regions.
Competitive Players
Accenture PLC
Alcatel-Lucent Enterprise
AT&T Inc.
Avaya Inc.
BMC Software Inc.
CA Technologies
Cisco Systems Inc.
DXC Technology Company
Fujitsu Limited
Hewlett Packard Enterprise Development LP
I nternational Business Machines Corporation
Telefonaktiebolaget LM Ericsson.
Recent Developments
July 2024 - To combat breaches with never-before-seen speed and precision across the whole corporate attack surface, CrowdStrike unveiled CrowdStrike Falcon Complete Next-Gen MDR. Incorporating vital third-party data from Falcon Next-Gen SIEM and cutting-edge AI capabilities for rich attack context and quick response, Falcon Complete Next-Gen MDR extends MDR operations beyond native endpoint, identity, and cloud security telemetry. July 2024 - Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a mindful IT company that prides itself on being "Born Digital. Born Agile," announced the debut of Happiest Minds' WATCH360, a comprehensive 360-degree IT managed service offering that is specifically tailored to assist businesses in easily managing their IT environments.
Segmentation
By Solution
Managed Data Center
Managed Network
Managed Mobility
Managed Infrastructure
Managed Backup and Recovery
Managed Communication
Managed Information
Managed Security
By Managed Information Service (MIS)
Business Process Outsourcing (BPO)
Business Support Systems
Project & Portfolio Management
Others
By Deployment
Hosted
On-premise
By Enterprise Size
Large Enterprises
Small & Medium Enterprises
By End-User
Financial Services
Government
Healthcare
IT & Telecom
Manufacturing
Media & Entertainment
Retail
Others
By Managed Security Service
Managed Identify & Access Management
Managed Antivirus/Antimalware
Managed Firewall
Managed Risk And Compliance Management
Managed Vulnerability Management
Managed Security Information & Event Management
Managed Intrusion Detection Systems/ Intrusion Prevention Systems
Managed Unified Threat Management
Managed Encryption
Other Managed Security Services
By Managed Network Service
Managed LAN
Managed Wi-Fi
Managed VPN
Managed WAN
network monitoring
Other Managed Network Security
By Managed IT Infrastructure & Data Center Service
Managed Print Services
Server Management
Storage Management
Other Managed IT Infrastructure & Data Center Services
By Managed Communication & Collaboration Service
Managed VoIP
Managed UCaaS,
Other Managed Communication & Collaboration Services
By Managed Mobility Service
Device Life Cycle Management
Application Management
By Regions
North America
Europe
Asia-Pacific
Latin America
The Middle East and Africa
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About Straits Research Pvt. Ltd.
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