U.S. Markets open in 7 hrs 32 mins

The global managed services market was valued at USD 166.8 billion in 2018, and it is expected to reach USD 319.5 billion by 2024, registering a CAGR of 11.5%, during the forecast period of 2019

NEW YORK, Sept. 11, 2019 /PRNewswire/ --

Market Overview
The global managed services market was valued at USD 166.8 billion in 2018, and it is expected to reach USD 319.5 billion by 2024, registering a CAGR of 11.5%, during the forecast period of 2019-2024. The market for managed services is expected to witness a keen interest in information services and managed mobility. There has been a shift in focus towards managed services and their applications for both short and long-term strategic decisions. As managed services enable a company to access enhanced applications and services that could not be possible in-house, it helps them to target their core strategic area, while outsourcing the rest of the tasks to the service providers who possess the operational expertise in that domain.

Read the full report: https://www.reportlinker.com/p05815078/?utm_source=PRN

- Managed services are majorly used to provide additional value for end-users in their respective business processes. Over the past few years, the network-cost model has been changing from an asset and liability-based model to a utility-based model.
- It is estimated that the year on year capital expenditure by small and medium businesses towards these services will increase by 25%. The market for SMBs and cloud services is expected to take a bigger share, despite the slow growth rate of the overall IT expenditure in SMBs.
- Organizations are focusing on cost reduction by cutting down the number of suppliers and are reducing the payment size. Over the past few years, bundled services have gained traction in the market over the discrete ones.
- In 2019, the Blockchain and IoT technologies are set to create better opportunities for the managed services providers, as these organizations require expertise to implement these technologies. To get a hold of this opportunities and to stay relevant and keep up with the competition, the managed services providers are increasingly acquiring essential skillsets for these among other innovative technologies like AR, VR, and AI.

Scope of the Report
Managed services refer to a concept wherein an organization's in-house day-to-day management functions are managed by a third party service provider. Managed services involve outsourcing of services related to infrastructure, security, printing, mobility and other functions, while the ownership rights stay with the end-user.

Key Market Trends
Managed Security is Expected to Hold a Significant Share

- Worldwide spending on security-related hardware, software, and services is forecast to reach USD 120 billion by 2022. Rising security threats, regulatory compliance, and fear of data breaches will continue to drive security investments across various industries. Many major organizations are adopting managed security services to help maintain security within an organization.
- Managed security services (MSSs) with advanced threat detection and remediation capabilities are enjoying high adoption rates. Connected devices are further expected to propel distributed denial of service (DDoS), and advanced persistent threat (APT) attacks. Thus, enterprises are seeking more proactive security measures to maintain security within an organization. According to Cloudflare, the financial cost of a DDoS is significant, as falling victim to a DDoS attack can cost an organization around USD 100,000 for every hour the attack lasts. The above factor is fueling the demand for managed security services.
- In addition to traditional security services, many MSSPs have begun offering other advanced security services, be it managed advanced persistent threats (APT), application, cloud, mobile security, and advanced endpoint detection and response.
- According to the 2018 report by Kaspersky Lab, the three industries most likely to suffer from a DDoS attack are telecoms, financial services, and IT. On average, large enterprises lose USD 417,000 as a result of a denial of service attack and small and medium enterprises lose USD 53,000. In 2018, around 20% of the companies with 50 employees or more reported that they have been the victim of at least one DDoS attack.

Asia-Pacific is Expected to Witness Rapid Growth

- Asia-Pacific is currently experiencing a high adoption of cloud owing to a large number of organizations moving from traditional business models to cloud-based infrastructure to modernize the organizations business process including a multitenant architecture. Digital transformation has become a top priority in Asia-Pacific, and an increasing amount of companies are implementing formal strategies to support their efforts.
- As more Asian enterprises and government agencies migrate their infrastructure to the cloud, MSPs can provide a variety of services to help these organizations address advanced persistent threat (APT), monitoring, and perform scheduled maintenance.
- Most customers in this region prefer MSSPs that have local security operations centres (SOCs) due to the requirements of data sovereignty and other security compliance regulations released by governments.

Competitive Landscape
The managed services market is consolidated and is dominated by major players. Some of the major players in the market are Cisco Systems Inc.?, IBM Corporation?, Microsoft Corporation?, Verizon Communications Inc.?, Fujitsu Ltd., Dell Technologies Inc.?, Wipro Ltd., among others.

- August 2019 - AT&T and Dell Technologies are jointly exploring the development of key open infrastructure technology areas for the next-generation network edge that will be required by service providers to support new use cases and service opportunities in a cloud-oriented 5G world.
- January 2019 - Ericsson launched a new AI-based managed services offering for communications service providers, called the Ericsson Operations Engine. The Ericsson Operations Engine proactively and directly addresses service providers' managed services complexity challenges as the industry moves towards an era of 5G and IoT.
- January 2019 - Fujitsu announced that it had entered into a global systems integrator partnership with Microsoft. Three months later (March 2019), it attained the status of global Microsoft Azure Expert Managed Services Provider (MSP).

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support

Read the full report: https://www.reportlinker.com/p05815078/?utm_source=PRN

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________
Contact Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001

Cision

View original content:http://www.prnewswire.com/news-releases/the-global-managed-services-market-was-valued-at-usd-166-8-billion-in-2018--and-it-is-expected-to-reach-usd-319-5-billion-by-2024--registering-a-cagr-of-11-5-during-the-forecast-period-of-2019--300916125.html