Managed Services Market Size to Surpass USD 757.10 Billion by

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London, May 11, 2022 (GLOBE NEWSWIRE) — Regional overview

While many companies are putting formal strategies in place to support their efforts, digital transformation has become a priority in many countries. The Asia-Pacific region is expected to experience the fastest growth during the forecast. China’s State Council released a proposal in January 2021, to help the digital economy grow through the 14th Five-Year Plan. The digital transformation of industries in China is expected to reach new levels by 2025. Managed service providers are working to reduce security risks and optimize business operations using the latest technologies.

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In the Asia-Pacific countries, the managed services market is mainly offered by the telecommunications companies in the country. Due to a rapid evolution of technology in India, the banking sector is also experiencing a change. The deployment of managed services will see good growth from the large investments of the Indian government towards physical infrastructure like smart cities. Managed services will be used for data storage security and network management. Currently, about 100 cities are being transformed.

Report Highlights

Based on the solution segment, the managed data center segment held the largest market share and is expected to witness growth during the forecast. As there is an integration of advanced technology into new and existing business infrastructure. The segment is expected to grow due to the increase in cyberattacks and usage of managed security services.

Based on the deployment, the on-premises segment is expected to grow as it does not require an internet connection and is easy to use. On-premises deployment allows for easy customization to meet customer business process requirements. On-premises implementation has an established control center within an organization, which improves operational efficiency, coordination and control of various management tasks. The hosted deployment segment is also expected to grow as there is no need to upgrade such software regularly.

Based on enterprise size, the large enterprise segment will increase over the forecast period as there is a need to successfully maintain data and provide access to such data locally and remotely. In the event of a cyberattack against large companies, the loss could be enormous. So, in order to reduce these losses, there is a demand for managed services.

Report scope

Report attributes Details
Market size in 2021 $280 billion
Revenue forecasts by 2028 $606.95 billion
The biggest market North America
Fastest growing market Asia Pacific
Companies covered Accenture PLC, AT&T Inc., Alcatel-Lucent Enterprise, Avaya Inc., Ericsson, Fujitsu Limited, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, BMC Software, Inc., CA Technologies, Cisco Systems, Inc., Lenovo Group Limited , DXC Technology Company

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Market dynamics

Drivers

There is a growing adoption of cloud-based managed security services. It will contribute to the growth of this market. The growing demand for security against cyber threats is driving organizations to adopt managed security services. In order to increase productivity in the corporate environment, the bring your own device (BYOD) strategy is used. In the technology-driven business environment, BYOD is a key to increasing productivity.

Constraints

One of the market limitations to the growth of this market is the unavailability of IT and cybersecurity professionals. The lack of availability of these people will hinder the growth of organizations. Cyberattacks will increase and there will be data loss. If organizations are unable to meet the demand of IT security needs, the reputation of the organization can also be damaged. These are therefore the main obstacles to the growth of this market.

Opportunities

As there is an increasing adoption of managed services, which are based on cloud and big data, the market is expected to witness great success during the forecast. Big data applications are growing in order to support the massive amount of online traffic, which is caused by internet services. Big Data services provide benefits such as advanced security monitoring and extensive certified control.

Challenges

The IT MSP may not be able to provide strategic advice in the event of business expansion. Managed service providers fail to scale with your business. Many MSPs do not specialize in cybersecurity. Hence, this leaves businesses vulnerable to hackers. In addition, the service provided by the MSP can sometimes be delayed. They try to sell even when there is no need for the business. So, all these happen to be the challenges of growing this market.

Recent Developments

Tata Consultancy Services has announced that it has partnered with a new Microsoft Cloud, which is for retail in 2022. TCS will work with retailers to help retail customers accelerate their growth with the help of Microsoft Cloud . This partnership will use the Horizon Cloud multi-transformation framework.

In November 2021, Ericsson announced the release of intelligent Automation Platform, which enables intelligent automation of any mobile network. This platform will help build the networks of the future. Ericsson’s existing products, which are the cloud-native dual-mode 5G core and the cloud-based RAN portfolio, will benefit from an addition of the intelligent automation platform and the rAPPS suite

Wipro has announced that it has signed a multi-year global strategic and digital agreement in October 2021 with a leading multinational electricity and gas utility provider named National Grid, headquartered in London. This will help accelerate National Grid’s digital innovation journey using standardized tools and cloud services.

BT and Rackspace Technology entered into a partnership agreement in January 2022 to transform cloud services for BT’s multinational customers.

Market segmentation

By solutions

  • Managed data center
  • Managed Network
  • Managed Mobility
  • Managed Infrastructure
  • Managed backup and restore
  • Managed Communication
  • Managed Information
  • Managed Security

By business size

  • Small and medium-sized enterprises (SMEs)
  • Large companies

By end use

  • Financial services
  • Government
  • Health care
  • IT & Telecom
  • Manufacturing
  • Media and entertainment
  • Retail
  • Others

By Managed Information Service

  • Business Process Outsourcing (BPO)
  • Business support systems
  • Project and portfolio management
  • Others

Per deployment

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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