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(India.CityRegions.Com, July 07, 2021 ) Global Managed Services Market was valued at USD 221.4 billion in 2020 and expected to reach USD 328.8billion by 2027 at a CAGR 8.2% from 2020 to 2027.
The increase in demand to reduce administration & maintenance costs across organizations is expected to boost the global managed services market over the forecast period. Growing need to minimize the total cost of ownership by lowering administration & maintenance costs across organizations is one of the major driving factors supporting the global managed services market growth. The management & maintenance of additional components further increase the associated costs, resulting in high financial expenditure. In response, organizations are outsourcing their enterprise infrastructure to certified managed service providers to ensure reduced financial expenses.
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Some of the prominent players operating in the market are: IBM, T-SYSTEMS, FUJITSU, ERICSSON, CISCO, VERIZON, COMARCH, BT GROUP, AT&T, HUAWEI, etc.
Impact of COVID-19 on Market
The spread of COVID-19 has triggered the need for business automation as businesses are aggressively resorting to remote working. For instance, as per the NTT Ltd. commissioned report by IDG, around 55% of the businesses are approaching managed service providers to opt for their value-added services & reduce security risks, which have increased multifold since the outbreak of the pandemic as employees are working remotely & business partners and customers are relying totally on electronic communication.
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• Managed LAN
• Managed Wi-Fi
• Managed VPN
• Managed WAN
• Network Monitoring
• Managed Network Security
By Organization Size
• Large Enterprises
By Industry Vertical
• Consumer Goods
• Energy & Utilities
• Healthcare & Life sciences
• Media & Entertainment
• North America
• Latin America
• Asia Pacific
• Middle East & Africa
The Global Managed Services Market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The North America region dominated the global managed services market in 2020, due to the strong emphasis IT companies based in the United States are putting on reducing operational costs, especially in the wake of the outbreak of the pandemic, is expected to propel the market growth in the region. Also, the Asia Pacific region was valued at USD 36.54 billion in 2020 and it is estimated to witness substantial growth throughout the forecast period. The increase in implementation of cloud-based solutions & growing investments in data security among several organizations in the APAC region is anticipated to notably contribute to the growth of the managed services market during this forecast period.
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