Surge in need for data centre and IT Infrastructure is expected to boost managed services market by 7.4% CAGR by 2032.
United States, Rockville MD, July 25, 2022 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global managed services market stood at US$ 262 Billion in 2022 and is expected to reach US$ 535.7 Billion by the end of 2032. The market is anticipated to grow at a CAGR of 7.4% in the forecast period from 2022 to 2032.
Surge in penetration of big data technologies and cloud computing has been pushing managed service providers to innovate and upgrade their services consistently. Managed services market witnessed a CAGR of 8.0% from 2015 to 2021.
In addition to this, managed services market is driven by high requirement for data security and privacy protection. High risk due to high usage of IT and telecom has pushed many business firms to opt for managed services. Also, high demand for securing strong IT infrastructure against cyber threats is driving organizations to adopt managed services in their businesses.
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In addition to this, managed services are rapidly adopted by large enterprises as it helps them reduce operational costs and enhance their returns on investment. Moreover, changing governance requirements are also expected to widen the scope of managed services market.
Besides this, US is likely to offer attractive opportunities to managed service providers due to presence of big firms like IBM corporation, Accenture and Cognizant in the region.
Managed services market in the US is expected to witness a CAGR of 7.2% by value from 2022-2032. It is also forecasted to yield an opportunity of US $ 95.2 Billion.
In the meanwhile, China is expected to witness a CAGR of 6.9% and a dollar opportunity of US$ 18 Billion from 2022-2032.
By deployment type, on premises segment accounts for the highest CAGR 0f 6.8% during forecast period.
By service category, IT infrastructure services are expected to remain top service category and growing at a CAGR value of 7.2% during forecast period.
US is expected to provide high-revenue opportunities for managed service providers. It is primarily boosted by high use of managed services in IT sector and high focus on enhancing cloud services to support the digital transformation in the US.
Besides this, rapid digitalization in various sectors such as BFSI, manufacturing, telecommunication in various countries in Asia Pacific such as China is expected to boost the growth of managed services market.
Increase in investment in data security and high adoption of cloud-based solutions in different sized enterprises is expected to stimulate the growth of the market.
Data security issue related with managed services act as a restraint to the growth of the market. For instance, many organizations are facing data breaches and privacy challenges. Increase in data security concern push many companies away from using managed services.
Another challenge is high cost of managed services due to high administration and maintenance. This is keeping small-scale industries to not use managed services.
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Managed services market is characterized by multiple large vendors that offer extensive consulting and integration services to clients. Many of these vendors are upgrading their solutions constantly to gain an edge over the competitors.
In January 2022, Tata Consultancy Services announced a partnership with Microsoft cloud. This initative is going to help retail clients accelerate their growth journey using Microsoft cloud.
In October 2021, Wipro announced its deal with National Grid, a multinational electric and gas utility provider. Through this deal, Wipro will use standardized tools and processes to provide cloud services that will further strengthen National Grid’s infrastructure services.
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More Valuable Insights on Managed Services Market
In its recent study, Fact.MR reveals factors influencing the growth in the global Managed Services Market during the assessment period. The study also offers compelling insights into prominent drivers creating growth opportunities in the Managed Services Market through detailed segmentation as follows:
By Service Type:
Managed Security Services
Managed Identity and Access Management (IAM)
Managed Risk and Compliance Management
Managed Vulnerability Management
Managed Security Information and Event Management (SIEM)
Managed Intrusion Detection System (IDS)/ Intrusion Prevention System (IPS)
Managed Unified Threat Management (UTM)
Others (Distributed Denial of Service (DDoS) Mitigation and Managed Data Loss Prevention (DLP))
Managed Network Services
Managed Local Area Network
Managed Wireless Fidelity
Managed Virtual Private Network
Managed Wide Area Network
Managed Network Security
Managed Data Centre and IT infrastructure services
Managed Print Services
Others (Application and Middleware Management, and Database Management)
Managed Communication and Collaboration Services
Managed Voice over Internet Protocol (VoIP)
Managed Unified Communications as a Service (UCaaS)
Others (Managed Email Services)
Managed Mobility Services
Device Life Cycle Management
Managed Information Services
Business Process Management
Managed Operational Support System/Business Support System
By Deployment Type :
Cloud Managed Services
On-premises Managed Services
By Organisation Size :
Managed Services for SMEs
Managed Services for Large Enterprises
By Vertical :
IT and Telecom
Retail and Consumer Goods
Healthcare and Life Sciences
Energy and Utilities
Media and Entertainment
By Region :
Middle East and Africa
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Key Questions Covered in the Managed Services Market Report
What is the valuation for Managed Services Market in 2021?
At what CAGR did the Managed Services Market thrive between 2015-2021?
What is the projected valuation for Managed Services Market by 2032?
By component, which segment will have maximum gains during the forecast period?
What is the projected growth perspective for the U.S. Managed Services Market?
What is the growth perspective for the Japan and Korea Managed Services Market?
What will be the market value of China in global Managed Services Market?
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