Managed Services Market to Record Decent 12.2% CAGR
Pune, India, June 22, 2021 (GLOBE NEWSWIRE) – According to the report, the managed services market the size is expected to reach USD 492.15 billion by 2027, with a CAGR of 12.2% during the forecast period. The increasing implementation of IT services in industries to improve business processes, enhance security and efficiency through automation will drive the market growth significantly. Increased efforts by Managed Service Providers (MSPs) towards secure and customized IT solutions for users will propel the market during the forecast period, says Fortune Business Insights in a report entitled “Managed Services Market Covid-19 size, share and impact analysis, by services (voice services, non-voice services and managed IT services), by function (finance and accounting (F&A), marketing, procurement, supply chain, human resources (HR ) and Information Technology (IT)), by end user (medical, financial, government, audit and consulting, business, telecommunications and insurance and reinsurance) and regional forecast, 2020-2027” the market size was USD 200.29 billion in 2019.
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The emergence of COVID-19 has crippled the world. We understand that this health crisis has had an unprecedented impact on businesses in all sectors. However, that too will pass. Growing support from governments and several companies can help fight this highly contagious disease. Some industries are struggling and others are thriving. Overall, almost all sectors are expected to be affected by the pandemic.
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The Managed Services Market report highlights the key points:
- Descriptive analysis of the impact of the COVID-19 pandemic on the market;
- Inferential information on the latest industry trends;
- Overall assessment of the regions that shape the market; and
- Extensive information on competitors and prominent market players
Growth of cybercrime to enrich market potential
The growing number of cyber threats, involving email viruses, DDOS attacks, man-in-the-middle (MitM) attacks, phishing and spear-phishing attacks, password attacks, script attacks intersite (XSS) and others will drive demand. for the market during the forecast period. Cloud-based MSS provides security against such attacks and improves the overall workflow in an organization. The growing need to upgrade IT infrastructure in organizations to better meet business needs will facilitate adoption of IT services, which in turn will bode well for the market. In addition, the upgrading of IT security by enterprises will have a huge impact on the market for the foreseeable future. For example, in May 2019, Integrated Telecom Company announced the expansion of its security services portfolio by introducing a new Managed Security Services (MSS) suite. This MSS service will help organizations manage incidents, monitor, manage ongoing cybersecurity risks, and detect threats.
Click here to learn about the short and long term impact of COVID-19 on this market.
The appearance of the coronavirus to slow the expansion of the market
The global economy has faced a major distortion due to the COVID-19 outbreak, affecting sectors, industries and global wealth. 2020 GDP is expected to decline by more than 2%. This will eventually lead to cost reductions, contingencies and formulations among various companies around the world. The disaster caused by the virus will affect the growth of the managed services market; However, cloud applications, AI, security solutions and big data are expected to experience high demand due to the collective loads of various industries during the crisis. The implementation of several rules and standards by the IT industry, for example teleworking and social distancing, will therefore lighten the market possibilities. Additionally, the rise of online culture will simultaneously improve prospects and create business opportunities for the market amid COVID-19.
Existence of distinguished players to drive the market in North America
North America generated revenue of $ 79.01 in 2018 and is expected to grow significantly during the forecast period due to the presence of prominent market players such as IBM Corporation, Accenture and Cognizant. The refocusing of the main market players on the telecommunications, finance and medical sectors will allow healthy growth of the market. The increasing adoption of these IT services by small and medium-sized businesses in the United States will bode well for the market in the years to come. Soaring IT budgets will amplify the market in the region. Additionally, increasing acquisitions and mergers among key players will drive market growth in North America. For example, in October 2018, Cisco Systems, Inc. acquired Duo Security for US $ 2.35 billion to prevent cybersecurity breaches, which will allow the company to secure and connect to any application on the network.
January 2019 – Ericsson announced the launch of “Ericsson Operations Engine”, a managed service based on artificial intelligence (AI). This service will help cope with the complexity and challenges of managed services. Thus, maintaining the design and optimization of the network, the development and maintenance of applications and network and IT operations.
The report lists the major companies in the Managed Services Market:
- International Business Machines Corporation (IBM) (United States)
- Fujitsu Limited (Japan)
- Telefonaktiebolaget LM Ericsson (Sweden)
- DXC Technology Company (United States)
- Accenture plc (Ireland)
- Cognizant (United States)
- Tata Consultancy Services Limited (TCS) (India)
- Atos SE (France)
- Capgemini SE (France)
- Infosys Limited (India)
- Wipro Limited (India)
- HCL Technologies Limited (India)
Quick Buy – Managed Services Marketplace Research report:
Detailed Table of Contents
- Definition, by segment
- Research Approach
- Market dynamics
- Factors, constraints and opportunities
- Emerging trends
- Key ideas
- Macro and micro economic indicators
- Consolidated SWOT analysis of the main players
- Porter’s Five Forces Analysis
- Global Filling Machine Market Analysis, Outlook and Forecast, 2016-2027
- Main conclusions / Summary
- Market Size Estimates and Forecasts – By Type (Value)
- Liquid filling
- Solid infill
- Powder filling
- Others (Semi-solid, etc.)
- Market Size Estimates & Forecasts – By Application (Value)
- Chemicals and Pharmaceuticals
- Others (personal care and toiletries, etc.)
- Market Analysis, Information & Forecast – By Region (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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