Managed services are practices of outsourcing on a pro-active basis certain processes & functions intended to improve operations & cut expenses. It increases user satisfaction, simplifies IT operations, and improves service quality, while reducing operating costs. The services helps business enterprises to off-load IT operations to third-party service (3PS) providers, also recognized as managed service providers (MSPs), allowing organizations to focus on their core business activities & strategies. Various managed services offered by MSPs include support & maintenance services, managed contact center services, network management, enterprise mobility management, monitoring services, database management, server management, disaster recovery, security services, remediation services, managed storage, web hosting, application hosting, and others. The growing IT & Telecom sector drives the market for managed services.
According to study, “Global Managed Services Market to reach USD 357.07 billion by 2026” the key companies operating in the global managed services market are Fujitsu Ltd., IBM Corporation, Cisco Systems Inc., HP Development Company LP, AT&T Inc., Verizon Communications Inc., Microsoft Corporation, Nokia Solutions and Networks, Dell Technologies Inc., Tata Consultancy Services Limited, Deutsche Telekom AG, Citrix Systems Inc., Rackspace Inc., NSC Global Ltd, Wipro Ltd and NSC Global Ltd. Key players are focusing on strategic partnerships & acquisitions to maintain or expand their market shares. Moreover, the players collaborate with other organizations willing to automate as well as streamline their business processes by digitalization for gaining the competitive edge.
Based on services, managed services market is segmented as IT managed services, voice services and non-voice services. IT managed services are further sub-segmented as managed networks & infrastructure, managed communication services, managed security, managed cloud infrastructure, managed wireless & mobile computing, managed software as a service and others (managed support services, managed print services and data analytics). Based on function, market is segmented as marketing, Human Resource (HR), procurement, Information Technology (IT), Finance and Accounting (F&A) and supply chain. In addition, based on end-user, market is segmented as financial, medical, audit & consulting, government, telecommunication, corporate and insurance & re-insurance.
The managed services market is driven by increase in automation in IT environments, followed by rapid cloud adoption, growth in demand for managed services among Small and Medium-sized Enterprises (SMEs, increase in penetration of digital technology into multiple sectors such education, healthcare, and manufacturing sectors. However, increase in pressure from statutory regulations across the globe may impact the market.
Based on geography, the North-American region holds major share in global managed services market owing to growth adoption of the technology such as recurring revenue model coupled with presence of major companies in the region offer easy availability & lower prices in the region. Whereas, the Asian-Pacific and European regions are estimated to witness higher growth rate due to growth in transformation in the region towards digital technology in various sectors for instance banking sector over the forecast period. The global managed services market is valued approximately US $207 billion in 2019 and is expected to grow with a healthy growth rate of more than 8.1 % over the forecast period 2019 to 2026.
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Global Managed Services Market Research Report
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