Managed Services Market will Reach $282.0 billion by 2023

Report define, describe, and forecast the managed services market based on service types, organization size, deployment types, verticals, and regions

(EMAILWIRE.COM, April 09, 2019 ) MarketsandMarkets expects the global managed services market size to grow from USD 180.5 billion in 2018 to USD 282.0 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period. The major growth drivers of the market include the need for cloud-based managed services and the increasing dependence of organizations on IT assets to enhance their business productivity, and the availability of specialized managed service providers who can offer cost-effective managed services and proactively monitor IT resources to eliminate the chances of service downtime.

Major vendors offering managed services across the globe include IBM (US), Fujitsu (Japan), Cisco (US), Accenture (Ireland), Atos (France), DXC (US), AT&T (US), Ericsson (Sweden), Cognizant (US), HCL (India), Infosys (India), Huawei (China), (India), Tech Mahindra (India), Capgemini (France), Dimension Data (South Africa), Wipro (India), Unisys (US), GTT Communications (US), Nokia Networks (Finland), Netmagic (India), Rackspace (US), Dataprise (US), Happiest Minds (India), and Cycops (India).

The adoption of managed services in large enterprises is higher than the Small and Medium-sized Enterprises (SMEs), owing to the affordability and high economies of scale. The increasing competitive landscape and security threats mounting on organizations enforce them to turn to managed service providers and offload their IT pains, such as daily support and maintenance of IT assets. Large enterprises perform high-level business operations that generate huge volumes of information. Managed service providers help large enterprises to effectively manage their information securely.

The rising adoption of the Bring Your Own Device (BYOD) trend to boost employees’ performance and business productivity is expected to drive the growth of the managed mobility service segment. Organizations are in strong need of device and application management services to safeguard their crucial business data and manage their users and devices. The managed service providers help organizations manage their IT assets remotely through a centralized dashboard by ensuring safety of their business.

North America is estimated to account for the largest share of the market in 2018. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting new and emerging technologies. Moreover, the North American region exhibits a wide presence of key industry players offering managed services and its financial position enables it to invest majorly in the leading tools and technologies for effective business operations.

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