Northbrook, IL 60062 -- (SBWIRE) -- 09/25/2023 -- The global Managed Services Market size is expected to grow from USD 275.5 billion in 2023 to USD 372.6 billion by 2028 at a compound annual growth rate (CAGR) of 6.2% during the forecast period, according to research report by MarketsandMarkets™.

Managed service providers (MSPs) actively monitor the client's systems and infrastructure. Leveraging advanced monitoring tools and technologies can identify and address potential issues before they escalate into major problems, minimizing downtime and disruption. One of the significant advantages of managed services is the round-the-clock support that MSPs offer.

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MSP ensures that critical issues can be addressed promptly, even outside regular business hours, thus improving service reliability and customer satisfaction. Managed services are designed to be scalable, allowing businesses to adjust the scope and scale of services as their needs evolve. This scalability ensures that the organization can adapt to changes in demand, technology, and market conditions without over-committing resources.

Moreover, MSPs specialize in cybersecurity, cloud computing, or network management. This specialization allows them to bring deep expertise and knowledge, ensuring that clients benefit from best practices and the latest industry insights. Organizations can often save costs by outsourcing specific functions to managed service providers. Instead of bearing the expenses associated with hiring, training, and maintaining an internal team for particular tasks, businesses pay a predictable fee to the MSP, often resulting in a more cost-effective arrangement. Delegating operational functions to managed service providers allows companies to focus their resources and energy on their core competencies, such as product development, customer service, and strategic planning, leading to increased innovation and competitiveness.

By Service Type, the services segment is expected to capture the highest CAGR during the forecast period.

The managed services market by service type includes managed security service, network service, IT infrastructure & data center service, communication & collaboration service, mobility service, and information service. The managed mobility service segment is estimated to hold the highest CAGR during the forecasted period. Managed mobility service (MMS) is a comprehensive solution MSPs offer to efficiently manage and optimize an organization's mobile devices and associated infrastructure. MMS aims to streamline the management, security, and support of mobile devices, applications, and data, ensuring enhanced productivity and data protection for a mobile workforce. MMS includes deploying and managing mobile device management (MDM) solutions, which allow organizations to configure, monitor, and secure mobile devices remotely. MDM ensures consistent policy enforcement, app management, and device tracking. Managed mobility service providers implement mobile application management (MAM) to control access to corporate applications and data on mobile devices. MAM enables organizations to distribute, update, and revoke application access efficiently. Furthermore, MMS focuses on mobile security to protect corporate data and applications from unauthorized access and cyber threats. It includes measures such as encryption, containerization, and multifactor authentication to ensure data privacy and compliance with regulations.

Moreover, MMS offers technical support and a dedicated helpdesk to address mobile device issues, troubleshoot problems, and assist end-users with mobile-related queries. Lastly, mobile content management is implemented to securely manage and share documents and content on mobile devices, ensuring data confidentiality and preventing data leakage.

North America is projected to hold the largest market share during the forecast period.

The managed services market by region has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. As per region, North America is estimated to account for the largest market share in the global managed services market in 2023, and this trend is expected to continue during the forecast period. The managed services market in North America has been studied for countries including the US and Canada. The adoption of the managed services solution is expected to be the highest in North America compared to other regions. Managed services play a crucial role in the North American region, serving as a strategic solution for businesses seeking to optimize their IT operations. These services are typically offered by specialized third-party providers who remotely manage and maintain a company's IT infrastructure and services. The significance of managed services lies in their ability to enhance efficiency, scalability, and cost-effectiveness for organizations.

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By outsourcing tasks such as network monitoring, cybersecurity, cloud management, data storage, and technical support, companies can focus on their core competencies while gaining access to advanced technologies and expertise. This approach ensures consistent and reliable IT performance, reducing downtime and enhancing productivity. Additionally, managed services help businesses stay updated with the rapidly evolving technology landscape, ensuring compliance with industry standards and regulatory requirements. As a result, North American companies can gain a competitive edge, foster innovation, and adapt to market changes more effectively by strategically utilizing managed services.

Some of the significant managed services market vendors are IBM (US), Fujitsu (Japan), Accenture (Ireland), Atos (France), Cisco (US), DXC (US), TCS (India), Rackspace (US), AT&T (US), Verizon (US), Dimension Data (South Africa), Infosys (India), HCL (India), Ericsson (Sweden), and GTT Communications (US).

Key Dynamic Factors For Managed Services Market:

Technology Innovation and Advancements: To properly use and safeguard these technologies, specialised managed services are required. Examples include cloud computing, artificial intelligence (AI), the Internet of Things (IoT), and cybersecurity.

Concerns about cybersecurity and requirements for compliance:

Organisations are being compelled to prioritise cybersecurity due to the frequency and sophistication of cyberattacks that are growing. In order to manage and secure IT infrastructure, ensure regulatory compliance, and protect sensitive data, managed services providers are essential.

Cost effectiveness and operational excellence:

Businesses are looking for efficient ways to manage their IT operations and infrastructure. Managed services allow businesses to concentrate on their core capabilities while outsourcing non-essential operations because they have predictable pricing, scalability, and operational efficiency.

Demand for Scalable and Flexible Solutions: Businesses must be scalable and flexible in order to grow and adapt to shifting market conditions. Managed services give organisations the ability to scale resources up or down in accordance with business needs, allowing them to remain flexible.

Digital Transformation and Remote Work: The use of remote work and the accelerated digital transformation projects have boosted the demand for managed services to provide secure connectivity, remote workforce management, and remote collaboration.

Concentrate on main Competencies: In order to concentrate on their main business goals and strategies, many organisations choose to outsource non-core activities, such as IT management, to specialised managed services providers.

Adoption of Hybrid and Multi-Cloud Environments: As organisations adopt hybrid and multi-cloud environments, managed services providers play a critical role in overseeing and enhancing these intricate, varied infrastructures to guarantee efficient operations and low costs.

Data Privacy and Sovereignty Issues: The decision to use managed services is heavily influenced by compliance with data privacy rules and regulations, particularly in different geographical areas. Providers must protect customer data and adhere to applicable laws, which has an impact on their service plans and business practises.

Customer Experience and Satisfaction: The success of managed services companies depends heavily on customer satisfaction and experience. Client retention and client attraction depend on meeting and exceeding client expectations for service quality, responsiveness, and problem solving.

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Competitive and Segmentation Analysis:

The managed services market is very competitive and is made up of a wide variety of service providers, from major multinational organisations to niche regional firms. Competitors among the major companies frequently compare their strengths in areas like service portfolio breadth and depth, regional reach, technical innovation, pricing tactics, customer service, and strategic alliances. The forefront is frequently occupied by large companies like IBM, Accenture, Hewlett Packard Enterprise (HPE), Cisco Systems, and Fujitsu, who are always inventing to satisfy the changing needs of organisations in many industries. Emerging players contribute agility and specialised knowledge to cater to particular market segments or technology niches. They are frequently niche-focused or regionally dominant.

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