The Managed Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Managed Services Global Market Report 2024, The managed services market size has grown strongly in recent years. It will grow from $275.42 billion in 2023 to $297.66 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to cost efficiency, scalability needs, focus on core competencies, complexity of it environments, globalization.
The managed services market size is expected to see rapid growth in the next few years. It will grow to $449.79 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to increasing complexity of it environments, rise in cyber threats, remote workforce management, cloud adoption surge, focus on business continuity. Major trends in the forecast period include service personalization, data analytics and insights, focus on customer experience, compliance management, scalability demands.
The increasing number of small and midsize businesses (SMB) is expected to propel the growth of managed services market going forward. Small businesses are an organizations with fewer than 100 employees. Midsize enterprises are those organizations with 100 to 999 employees. Small and midsize businesses require managed services to efficiently handle their IT infrastructure, cybersecurity, and network management, allowing them to focus on core business functions without the burden of in-house technical expertise. For instance, in August 2022, according to the United States Small Business Administration, a US-based government agency, between March 2020 and March 2021, around 1.1 million new small businesses were established. Therefore, the increasing number of small and midsize businesses (SMB) are driving the growth of managed services market.
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The managed services market covered in this report is segmented –
1) By Service Type: Managed Security Services, Managed Network Services, Managed Data Center And IT Infrastructure Services, Managed Communication And Collaboration Services, Managed Mobility Services, Managed Information Services, Other Service Types
2) By Deployment model: Cloud, On-Premises
3) By Organizational Sizes: Large Enterprises, Small And Medium-sized Enterprises (SMEs)
4) By Application: BFSI, IT And Telecom, Retail And Consumer Goods, Manufacturing, Government, Healthcare And Life Sciences, Energy And Utilities, Media And Entertainment, Other Applications
Major companies operating in the managed services market are adopting strategic partnerships approach to expand service portfolios, access specialized expertise, and offer comprehensive solutions to clients. Strategic partnerships refers to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in January 2022, BT Group plc, a UK-based telecommunications company, partnered with Rackspace Technology Inc., a US-based cloud computing company, to transform cloud services for its multinational customers, utilizing Rackspace’s advanced solutions deployed in BT data centers. This collaboration aims to enhance cloud offerings by combining Rackspace’s cloud management expertise with BT’s robust network and security capabilities. The partnership emphasizes a commitment to a hybrid cloud model, ensuring BT customers access top-tier public and private cloud services, along with traditional hosted environments, all backed by the speed, security, and resilience of BT’s global networks. This collaboration is set to improve customer experiences and drive the evolution of BT’s managed cloud services, with plans for future joint cloud initiatives in the pipeline.
The managed services market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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