The major factors driving the Managed Services Market include the increasing dependence of organizations on IT assets to boost their business productivity and growing demands for cloud-based managed services.
According to a new market research report "Managed Services Market by Service Type (Managed Security Services, Managed Network Services, Managed It Infrastructure and Data Center Services), Vertical, Organization Size, Deployment Type, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the Managed Services
Market expected to grow from USD 180.5 billion in 2018 to USD 282.0 billion by 2023, at a CAGR of 9.3% during the forecast period.
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The on-premises deployment type is expected to hold a larger market size in the global Managed Services Market during the forecast period
Enterprises across the globe rely heavily on their IT infrastructure to perform their business operations. It required businesses to make significant investments in finding right servers, storage devices, and communication infrastructure.
Many organizations from different industry verticals fear to contract out the control of their crucial business data and IT infrastructure. However, organization have started considering cloud-based managed service as these services can be easily scaled up and down to fit the need of an organization.
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The managed mobility service segment is expected to grow at the fastest CAGR during the forecast period.
Managed mobility services have become the essence of global competitiveness in today’s world. They help organizations manage and optimize their mobile workforce performance.
The driving factor contributing which are expected to drive the growth of the managed mobility service segment are growing adoption of the Bring Your Own Device (BYOD) initiatives to increase employees’ performance and organizational productivity. 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 have the largest market size during the forecast period
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 as the trailblazer with the most advanced IT infrastructure region.
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.
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).
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