Managed Services Market Size to Worth USD 393.02 Billion by 2025 | Straits Research

New York, United States, Nov. 11, 2024 (GLOBE NEWSWIRE) -- Managed services enable businesses to focus more effectively on their core capabilities while improving operational efficiency and reducing operating expenses. Managed services ensure appropriate resource distribution and use, increasing total profitability and enhancing operational effectiveness. Mainly, scalable infrastructure and flexible managed services models make it simpler for firms to adapt to technological advancements. These factors are anticipated to drive market expansion over the forecast period.

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Market Dynamics

Need for Specialized MSPS to Manage Complex IT Infrastructure and Reduce IT Staffing Cost Spurs the Demand for Managed Services
A managed service provider (MSP) is an information technology company that provides end users with servers, networks, and specialized applications. The service providers administer and host the specialized apps. On behalf of businesses utilizing managed services, managed service providers control, monitor, and safeguard application procedures or outsourced networks. MSPs assist businesses in staying current with the newest trends and technologies. In addition, managed services provided by MSPs are viewed as an alternative to the on-demand outsourcing model, assisting businesses in reducing their operating costs. In addition, they contribute to the enhancement of enterprise-related operations by upgrading cloud-based managed services.

Specialized MSPs lower IT staffing costs by offering personnel to address infrastructure-related IT issues. In addition, they aid in limiting network downtime and reducing network operating expenses. MSPs aid businesses deploy the appropriate technology to overcome IT complexity and swiftly adapt to shifting market conditions, such as the digital transformation of services. MSPs assist in enhancing network agility and decreasing cost and complexity across a vast area, local, data center, and hybrid cloud networks. End-use industries demand specialist MSPs handle their complex IT infrastructure, as specialized MSPs adopt new technologies securely and optimize network performance. Over the forecast period, the demand for specialist MSPs to manage complex IT infrastructure and minimize IT staffing costs is anticipated to drive the managed services market.

Growing Adoption of Bring Your Own Device (BYOD) Among Organizations Creates Lucrative Market Opportunities
In today's technology-driven business climate, Bring Your Own Device (BYOD) is one of the essential components of digital technology and productivity across all industries. The Bring Your Own Device (BYOD) concept enables workforces to access and manage data via personal devices, enhancing business productivity. According to a Cisco Systems, Inc. survey, firms that support BYOD can save up to USD 350 per team member annually. BYOD increases work flexibility and employee accountability, resulting in increased production. This, in turn, has prompted businesses to integrate BYOD solutions with their existing systems to create a workforce-friendly workplace.

The rising use of BYOD has increased the number of intelligent devices in the office, such as tablets, smartphones, laptops, and other gadgets. This strategy would increase the importance of data integrity and security across smart devices. As a result, many organizations are turning to managed services to manage and monitor the safety of these smart devices, creating attractive market prospects.

Regional Analysis

North America accounts for the largest market share and is estimated to grow at a CAGR of 12.2% during the forecast period. Numerous IT organizations in North America are driving the managed services market's expansion in the area. The growing number of technology start-ups and the continuous adoption of ERP, CRM, and cloud services in North America are anticipated to drive the market for managed services in the area throughout the forecast period. Numerous managed service providers, such as International Business Machines Corporation, Cisco Systems, Inc., CA Technologies, and DSC Technology Company, are headquartered in the United States, which bodes well for the expansion of the managed services market in North America.

Europe is estimated to reach an expected value of USD 153 billion by 2030, growing at a CAGR of 12.5%. In Europe, managed security services are growing in popularity due to their ability to improve customer experience and data security while managing network operations. Due to several engineering, automotive, and manufacturing industries, Germany has the largest adoption potential for managed services. The United Kingdom is becoming one of Europe's largest marketplaces for managed services. Many small and medium-sized businesses (SMBs) and the ongoing adoption of cloud-based services in the United Kingdom are anticipated to propel the expansion of the managed services market in Europe.

Asia-Pacific is the fastest-growing region. In Asia-Pacific nations, the demand for managed cloud and managed security services has increased with the growing requirement to manage complex workloads and the ongoing transfer of ERP systems to cloud platforms. The rapid increase in the number of small- and medium-sized businesses (SMBs) in India, as well as their strong emphasis on the implementation of next-generation technologies and services as part of their efforts to drive regional and global business, is anticipated to spur the adoption of managed services and eventually drive the growth of the market for managed services in the Asia Pacific.

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Key Highlights

• The global managed services market was valued at USD 348.12 billion in 2024 and is projected to reach USD 393.02 billion in 2025 and USD 1037.46 billion by 2033, growing at a CAGR of 12.9% during the forecast period (2025-2033).
• By solution, the global managed services market is segmented into Managed Data Centers, Managed Networks, Managed Mobility, Managed Infrastructure, Managed Backup & Recovery, Organized Communication, Managed Information, and Managed Security. Managed Data Center accounts for the largest market share and is estimated to grow at a CAGR of 12% during the forecast period.
• By managed information service (MIS), the global managed services market is segmented into Business Process Outsourcing (BPO), Business Support Systems, Project & Portfolio Management, and Others. Business Process Outsourcing (BPO) accounts for the largest market share and is estimated to grow at a CAGR of 12.6% during the forecast period.
• By deployment, the global managed services market is segmented into Hosted and On-premise. On-premise accounts for the largest market share and is estimated to grow at a CAGR of 12.4% during the forecast period.
• By enterprise size, the global managed services market is segmented into Large Enterprises and Small & Medium Enterprises. Large Enterprises account for the largest market share and are estimated to grow at a CAGR of 12.4% during the forecast period.
• By end-user, the global managed services market is segmented into Financial Services, Government, Healthcare, IT & Telecom, Manufacturing, Media & Entertainment, Retail, and Others. Financial Services account for the largest market share and are estimated to grow at a CAGR of 12.2% during the forecast period.
• By region, the global managed services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America surpasses other regions.

 Competitive Players

1. Accenture PLC
2. Alcatel-Lucent Enterprise
3. AT&T Inc.
4. Avaya Inc.
5. BMC Software Inc.
6. CA Technologies
7. Cisco Systems Inc.
8. DXC Technology Company
9. Fujitsu Limited
10. Hewlett Packard Enterprise Development LP
11. International Business Machines Corporation
12. Telefonaktiebolaget LM Ericsson.

Recent Developments

• July 2024 - To combat breaches with never-before-seen speed and precision across the whole corporate attack surface, CrowdStrike unveiled CrowdStrike Falcon Complete Next-Gen MDR. Incorporating vital third-party data from Falcon Next-Gen SIEM and cutting-edge AI capabilities for rich attack context and quick response, Falcon Complete Next-Gen MDR extends MDR operations beyond native endpoint, identity, and cloud security telemetry.
• July 2024 - Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a mindful IT company that prides itself on being "Born Digital. Born Agile," announced the debut of Happiest Minds' WATCH360, a comprehensive 360-degree IT managed service offering that is specifically tailored to assist businesses in easily managing their IT environments.

Segmentation

1. By Solution

1. 1. Managed Data Center
   2. Managed Network
   3. Managed Mobility
   4. Managed Infrastructure
   5. Managed Backup and Recovery
   6. Managed Communication
   7. Managed Information
   8. Managed Security

2. By Managed Information Service (MIS)

2. 1. Business Process Outsourcing (BPO)
   2. Business Support Systems
   3. Project & Portfolio Management
   4. Others

3. By Deployment

3. 1. Hosted
   2. On-premise

4. By Enterprise Size
   1. Large Enterprises
   2. Small & Medium Enterprises
5. By End-User

5. 1. Financial Services
   2. Government
   3. Healthcare
   4. IT & Telecom
   5. Manufacturing
   6. Media & Entertainment
   7. Retail
   8. Others

6. By Managed Security Service

6. 1. Managed Identify & Access Management
   2. Managed Antivirus/Antimalware
   3. Managed Firewall
   4. Managed Risk And Compliance Management
   5. Managed Vulnerability Management
   6. Managed Security Information & Event Management
   7. Managed Intrusion Detection Systems/ Intrusion Prevention Systems
   8. Managed Unified Threat Management
   9. Managed Encryption
   10. Other Managed Security Services

7. By Managed Network Service

7. 1. Managed LAN
   2. Managed Wi-Fi
   3. Managed VPN
   4. Managed WAN
   5. network monitoring
   6. Other Managed Network Security

8. By Managed IT Infrastructure & Data Center Service

8. 1. Managed Print Services
   2. Server Management
   3. Storage Management
   4. Other Managed IT Infrastructure & Data Center Services

9. By Managed Communication & Collaboration Service

9. 1. Managed VoIP
   2. Managed UCaaS,
   3. Other Managed Communication & Collaboration Services

10. By Managed Mobility Service

10. 1. Device Life Cycle Management
    2. Application Management

11. By Regions

11. 1. North America
    2. Europe
    3. Asia-Pacific
    4. Latin America
    5. The Middle East and Africa

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11/11/2024 10:00 -0500

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