CHICAGO, April 8, 2020 /PRNewswire/ -- According to the new market research report "Managed Services Market by Service Type (Managed Security, Managed Network, Managed Data Center and IT Infrastructure, and Managed Communication and Collaboration), Vertical, Organization Size, Deployment Type and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Managed Services Market is expected to grow from USD 223.0 billion in 2020 to USD 329.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 8.1 % during the forecast period. Factors that drive the market growth of the Managed Services Market are lack of IT skilled professionals, and cost reduction and lower IT budgets to force enterprises to leverage managed services.
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Managed data center and IT infrastructure services segment to hold the largest market size 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 are empowering almost all the verticals, including IT, healthcare, retail, banking, manufacturing, and education, 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 of the IT enterprises are dedicating most of their time in the cycles of a plan, build, run, and maintain IT with untrained IT employees.
Large enterprises segment to hold a larger market size during the forecast period
The adoption of managed services in large enterprises is said to be higher as compared to SMEs. Large enterprises might have the necessary resources, but face issues when it comes to the deployment type, due to the variety of solutions and applications available. Managed services can help companies of all size reduce the overhead and boost productivity. Large enterprises can benefit from improved reliability and efficiency, enhanced security compliance, and increased capacity for projects.
On-premises segment to hold the largest market size during the forecast period
Managed services on-premises allow enterprises to hand over the complete system management to experts, ensuring maximum performance and availability of the existing data center investments. A managed service, physically installed onsite in a company's infrastructure, is termed as on-premises managed services. Several enterprises that have traditional legacy tools are better suited to traditional on-premises-based services.
North America to account for the largest market size during the forecast period
North America is estimated to dominate global managed services. The US and Canada are expected to be the major revenue contributors in the North American Managed Services Market. The adoption of managed services offers benefits, such as improved reliability and efficiency, enhanced security compliance, and increased capacity. The developed economies in North America have been witnessing more adoption of managed services as compared to other countries across the globe.
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The Managed Services Market comprises major providers, such as IBM (US), Cisco (US), Fujitsu (Japan), Accenture (Ireland), Atos (France), DXC Technology (US), AT&T (US), Ericsson (Sweden), Cognizant US), HCL (India), TCS (India), Infosys (India), Dimension Data (South Africa), NTT (Japan), GTT Communications (US), Happiest Minds Technologies (India), Rackspace (US), Huawei (China), Nokia (Finland), and CenturyLink (US). The study includes the in-depth competitive analysis of these key players in the Managed Services Market with their company profiles, recent developments, and key market strategies.
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