List of the Companies Profiled in the Market: Fujitsu Ltd. (Tokyo, Japan), Microsoft Corporation (Washington, U.S), NOKIA Corporation (Espoo, Finland), Deutsche Telekom AG (Bonn, Germany), Verizon Communications Inc. (New York, U.S), Rackspace Inc. (Texas, U.S.), Citrix Systems Inc. (Florida, U.S.), Telefonaktiebolaget LM Ericsson (Stockholm, Sweden), Capgemini SE (Paris, France), Atos SE (Bezons, France)
Pune, India, Sept. 28, 2021 (GLOBE NEWSWIRE) -- The global managed services market size is expected to gain momentum by reaching USD 557.10 billion by 2028 while exhibiting an impressive CAGR of 12.6% between 2021 to 2028. In its report titled " Managed Services Market Size, Share & COVID-19 Impact Analysis, By Services (Voice Service, Non-Voice Service, and IT Managed Service), By Fucntion (Finance & Accounting (F & A), Marketing, Procurement, Supply Chain, Human Resource, and Information Technology (IT)), By End-user (Medical, Financial, Government, Audit & Consulting, Corporate, Telecom, and Insurance & Re-insurance), and Regional Forecast, 2021-2028" Fortune Business Insights mentions that the market stood at USD 219.59 billion in 2020.
The global market of managed services is driven by its extensive demand in IT, healthcare, financial, telecommunication, etc. Businesses are adopting these services to upgrade and innovate their infrastructure. In addition, growing demand to meet end-to-hosting software is expected to fuel the market growth. Furthermore, the increasing demand for securing IT infrastructure against cyber threats is expected to fuel the market growth during the forecast period.
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List of Key Players Profiled in Market for Managed Services
Fujitsu Ltd. (Tokyo, Japan)
Microsoft Corporation (Washington, U.S)
NOKIA Corporation (Espoo, Finland)
Deutsche Telekom AG (Bonn, Germany)
Verizon Communications Inc. (New York, U.S)
Rackspace Inc. (Texas, U.S.)
Citrix Systems Inc. (Florida, U.S.)
Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)
Capgemini SE (Paris, France)
Atos SE (Bezons, France)
COVID-19 pandemic has led to a severe economic downturn, impacting industries and businesses but demand for MSP solutions surged. Businesses and people are normalizing remote work to curb the virus spread. Besides, government officials and companies' adoption of this technology to efficiently function during these tough times is expected to positively favor the market's growth amid the pandemic.
Report Scope and Segmentation:
2021 to 2028
Forecast Period 2021 to 2028 CAGR
2028 Value Projection
USD 557.10 Billion
Market Size in 2020
USD 219.59 Billion
Historical Data for
2017 to 2019
No. of Pages
By Services, By Function, By End User, By Region.
Covid-19 to Boost the Demand for Managed Services as Businesses Switch to Cloud Services
Increasing Adoption of Cloud-based Managed Security Services (MSS) will Contribute to Growth
Growing Adoption of Bring Your Own Device (BYOD) Among Organizations Aid to Market Growth
Pitfalls & Challenges
Lack of IT Security Professionals is Inhibiting Factor for Market Growth
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By Services, the market is segmented voice service, non-voice service, and IT managed service. Based on the industry, it is divided into finance & accounting (F & A), marketing, procurement, supply chain, human resource, and information technology (IT)). By end-user, it is divided into medical, financial, government, audit & consulting, corporate, telecom, and insurance & re-insurance.
Based on end-user, the corporate segment held the highest share of 18.1% in 2020. This is attributable to the growing demand for cloud-based and other IoT services by corporates to maintain highly complex infrastructure.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
What does the Report Provide?
The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
Popularization of BYOD by Organizations to Fuel Market Growth
The popularization of Bring Your Own Device (BYOD) concept by organizations is expected to drive the managed services market growth. This concept allows employees to access and manage and manage the data through their devices. This, in turn, increases the productivity and efficiency of the organization. For instance, a report by Cisco Systems, Inc. stated that companies that are promoting BYOD save up to USD 350 per year per team member. Furthermore, it promotes work flexibility and increases the accountability of employees towards their organizations. This results in higher productivity. Therefore, organizations are deploying BYOD options for their employees and existing systems to create a workforce-friendly environment.
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North America to Remain at Forefront Backed by Presence of Several Key Players in the Region
North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the presence of several key players in the region. Companies such as IBM, Accenture, Cognizant, and several others are promoting the regional market. Moreover, the adoption of IT infrastructure by small enterprises is promoting the market. The market stood at USD 84.62 billion in 2020.
Asia Pacific is expected to showcase a significant managed services market share. This is attributable to the increasing investment in data and security, and the adoption of cloud-based services by several countries such as China, India, Australia, and New Zealand is promoting the market growth.
Key Players to Focus on Launching New Products to Strengthen the Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on new launches. For instance, in May 2019, Integrated Telecom Company launched a new suite of Managed Security Services (MSS). The new launch enables several businesses with incident handling, monitoring, management of ongoing cybersecurity risks, and threat detection. Moreover, other key players are adopting proactive strategies such as new partnerships, mergers, and collaborations to favor the market's growth in the upcoming years.
May 2021: Vodafone Limited U.K. entered into a strategic partnership with Accenture to fortify its existing product portfolio and enable SMEs to recover from complex cyberattacks. The company will offer Penetration Testing/Vulnerability Assessment and Cyber Exposure Diagnostic services to its customers.
March 2021 - Amazon Web Services, Inc. launched new operations plan to accelerate AWS Managed Services (AMS). This launch will provide operations assistance for clients. It will help in managing day-to-day operations by providing security, monitoring, and backup services.
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Table of Content:
Definition, By Segment
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Global Managed Services Key Players Market Share Insights and Analysis, 2020
Key Market Insights and Strategic Recommendations
Companies Profiled (Covered for key 10 players only)
Key Details (Subjected to data availability in public domain and/or on paid databases)
Past and Current Revenue
Business Segment Share
Annexure / Appendix
Global Managed Services Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
By Services (USD)
IT Managed Service
Managed Communication Services
Managed Networks & Infrastructure
Managed Wireless & Mobile Computing
Managed Cloud Infrastructure
Managed Software as a Service
Others (Managed Print Services, Managed Support Services, Data Analytics etc.)
By Function (USD)
Finance & Accounting (F & A)
Information Technology (IT)
By End-user (USD)
Audit & Consulting
Insurance & Re-insurance
By Region (USD)
Middle East & Africa
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