Managed Services Market Extrapolated to Reach $354.8 Billion by 2026
This research report categorizes the Managed Services Market to forecast revenue and analyze trends by Service Type, Deployment Model, Organization Size, Verticals, and Region.
Northbrook, IL -- (SBWire) -- 02/24/2022 --According to a research report "Managed Services Market with COVID-19 Impact Analysis, by Service Type (Managed Security, Managed Network, and Managed Data Center and IT Infrastructure), Vertical, Organization Size, Deployment Type, and Region - Global Forecast to 2026" published by MarketsandMarkets,
The global Managed Services market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period, to reach USD 354.8 billion by 2026 from USD 242.9 billion in 2021. Enterprises across the globe and verticals are highly investing in their IT infrastructure to maintain their competitive position and attain operational excellence. As enterprises are adopting highly complex technologies regardless of their size, they turn to MSPs to manage their IT infrastructure, thus delivering services faster and more efficiently. These technologies are forcing enterprises to redefine their business strategies and emphasize information security. Managed services help enterprises maintain and manage the IT infrastructure and address risks associated with IT assets in an efficient and cost-effective way. This helps enterprises focus on their core competency without increasing the IT footprint.
Managed service vendors around the globe have increased their offerings in the managed services segment. The emergence of new technologies such as blockchain, AI, ML, and data analytics is helping MSPs to enhance their offerings and empower organizations. Enterprises require experts to guide them with their complex IT infrastructure. MSPs around the globe are helping organizations with different managed services such as managed security and managed networks. The objective of these managed services is to enhance and bolster different business verticals so that productivity can be improved and organizations can focus on their core businesses.
Browse 294 market data Tables and 62 Figures spread through 323 Pages and in-depth TOC on "Managed Services Market with COVID-19 Impact Analysis"
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Managed data center and IT infrastructure Services to hold largest market share during the forecast period
Enterprises are adopting digital technologies, such as cloud computing, mobility, IoT, Big data, and predictive analytics, at a high rate across the world. These disruptive technologies are driving the digital revolution by breaking the barriers between the physical and digital worlds. These advancements empower almost all the verticals, including IT and telecom, healthcare and life sciences, retail and consumer goods, BFSI, manufacturing, among others, in terms of improved performance, faster time to market, and increased customer experience. However, managing an IT environment is a major concern for CIOs. Most IT enterprises are dedicating most of their time in the cycles of a plan, building, running, and maintaining IT with untrained IT employees. The lack of IT skilled professionals is the major challenge faced by CIOs. MSPs can address this issue and provide cost-effective solutions while also keeping the security aspect in mind. Managed data center and IT infrastructure services are further divided into managed print services, managed disaster recovery, server management, storage and backup, technical support and maintenance, and others (application & middleware management and database management.).
Managed intrusion detection systems/intrusion prevention systems to grow at the highest rate during the forecast period
IDS/IPS plays a crucial role in preventing harmful traffic from entering trusted areas of the network and system. Deploying an in-house security team for ceaseless monitoring as well as employing security professionals turn out to be costly for organizations. Hence, enterprises are adopting managed IDS/IPS, which is cost-effective as well as enterprises can use outsourced security expertise. With advancements in technology, several companies have started incorporating them into managed IDS/IPS. For example, Sourcefire is working on Next-Generation IPS (NGIPS), which is projected toward advanced threat protection by integrating real-time contextual information and providing low-cost, automated security effectiveness. Some companies, such as SecureWorks, have started implementing new technologies, including ML, in their managed IDS/IPS offerings. Some of the major vendors of managed IDS/IPS are AT&T, SecureWorks, and Verizon.
Managed network security is expected to grow at the highest rate during the forecast period
In a complex network architecture and constantly changing threat environment, it is challenging for the IT team to maintain an effective security posture. These threats to systems and data impede business innovation, limit productivity, and damage compliance efforts. To confront these challenges, network security becomes a fundamental requirement for all businesses that require a highly skilled team of security experts, along with a layered defense system. Managed network security services to protect enterprise perimeter from all manner of security threats. MSPs employ strong security controls and safeguards to protect enterprise network services and customer information from external exploits and continuously verify technologies and security operational processes through internal and external compliance audits.
Healthcare and life sciences vertical is expected to grow at the highest growth rate
The healthcare and life sciences vertical includes hospitals, pharmaceuticals, medical devices, biotechnology, and life sciences. Healthcare is a highly regulated industry, and it needs to protect patient data in the wake of increased security threats. Any breach or violation of regulations or compliance could cost USD 6.5 million or USD 429 per patient record, over 60% more than all other sectors, according to a study. Additionally, according to a study, ~56% of the healthcare providers still rely on legacy systems creating higher chances of data breaches or cyberattacks. Healthcare providers have increased the adoption of digital technology and connectivity solutions, and thus, the exposure to cyberattacks has increased that can impact patient care delivery, safety, and privacy. As healthcare providers can be vulnerable through vast channels and can be attacked, security is the major challenge among healthcare providers.
North America to dominate the global managed services market in 2021
North America is one of the most technologically advanced regions in the world. It holds the highest share in the global managed services market. It consists of countries such as the US and Canada. These countries are the early adopters of managed services in the region as North American countries have sustainable and well-established economies, which empower them to invest in R&D activities, thereby contributing to the development of new technologies strongly. The leading managed service vendors in the region include IBM, Cisco, Cognizant, Rackspace, and DXC Technologies. These vendors are investing heavily toward the adoption of managed services by various organic and inorganic strategies. Managed services played a crucial role in the North American channel. Value-added resellers (VAR) are transforming their business by adopting remotely delivered services to their portfolios. These services drive the growth and profitability of channel partners. Network security, cloud-based application, and endpoint security are the majorly used managed services in the region. As the report of Barracuda MSP prepared by 2112 Group ", 21% to 30% of revenue is generated from managed services by channel partners." Governments are working closely with cloud providers to fight the COVID-19 pandemic; for instance, the White House has announced the launch of the COVID-19 High-Performance Computing Consortium to provide worldwide COVID-19 researchers with access to the world's most powerful high-performance computing resources that can significantly advance the pace of scientific discovery to stop the virus.
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The managed services market is dominated by companies such as 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), Ericssion (Sweden), GTT Communications (US), NTT Data (Japan), Happiest Minds (India), Huawei (China), Nokia Networks (Finland), CenturyLink (US), Wipro (India), Cognizant (US), Capgemini (France), BT (UK), Deloitte (UK), Secureworks (US), Alert Logic(US), BAE Systems (UK), Trustwave (US), Hughes (US), MeTtel (US), Microland (India), Optanix (US), Essintial (US), Intact Tech (US), 1-Net (Singapore), Ascend technologies (US), SecureKloud (India), Aunalytics (US), AC3 (Australia), Cloud Specialists (Australia), Corsica Technologies (US), and Empist (US).
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