The managed services market has shown remarkable growth, escalating from $275.42 billion in 2023 to $297.66 billion in 2024, reflecting a CAGR of 8.1%. This increase is fueled by the demand for cost efficiency, scalability, and a focus on core competencies amid complex IT environments. Looking ahead, the market is projected to soar to $449.79 billion by 2028, maintaining a CAGR of 10.9%. Factors such as rising cyber threats, remote workforce management, and a strong emphasis on business continuity are set to drive this growth.
Major Driver In The Managed Services Market
The burgeoning population of small and midsize businesses (SMBs) is poised to propel the growth of the managed services market in the foreseeable future. SMBs typically consist of fewer than 100 employees, while midsize enterprises range from 100 to 999 employees. These entities necessitate managed services to efficiently manage their IT infrastructure, cybersecurity, and network management, enabling them to concentrate on core business operations without the need for in-house technical expertise. Notably, data from the United States Small Business Administration in August 2022 indicates the establishment of approximately 1.1 million new small businesses between March 2020 and March 2021. Consequently, the rising number of SMBs is a key driver for the managed services market. Understanding market sizes for 2023, 2024, and 2028 is crucial for gauging market potential and crafting effective business strategies.
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Managed Services Market Competitive Landscape
Huawei Technologies Co Ltd., Verizon Communications Inc., AT&T Inc., Accenture plc, International Business Machines Corporation (IBM), Deloitte AG, Cisco Systems Inc., Fujitsu Global Limited, Tata Consultancy Services Limited, Ericsson AB, Nokia Corporation, BAE Systems plc, Capgemini SE, NTT DATA Corporation, Cognizant Technology Solutions Corporation, CenturyLink Inc., Infosys Limited, DXC Technology Company, Atos SE (Societe Europeenne de Services Informatiques), Wipro Limited, Rackspace Technology Inc., GTT Communications Inc., HCL Technologies Limited, Microland Limited, Secureworks Inc., Happiest Minds Technologies Limited, Alert Logic Inc., Intact Technology Inc., Business Technology Partners LLP, Dimension Data Holdings Ltd
Key Managed Services Market Trend
The integration of the latest technologies in existing and new business infrastructures has emerged as a key trend in the managed services market. Major companies operating in the managed services sector are focused on integrating new technologies in their businesses to strengthen their position. For instance, in October 2021, Zylo, a US-based SaaS management platform launched Zylo Managed Services. With Zylo Managed Services, businesses can hire skilled consultants to set up best-in-class SaaS management processes rapidly, freeing up IT and procurement employees. Zylo offers two Managed Services packages including Zylo SaaS Manager and Zylo SaaS Negotiator. Zylo SaaS Manager offers skilled SaaS management consultants to aid organizations to establish and manage internal business systems and procedures of record for their SaaS products. Zylo SaaS Negotiator offers a skilled SaaS Negotiator to handle all aspects of the SaaS contract and commercial discussions.
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Managed Services Market Segmentation
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
By Geography:The regions covered in the managed services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the managed services market in 2023.
The Managed Services Global Market Report 2024 furnishes information about the global managed services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
