According to a new market research report "Multi-Vendor Support Services Market by Service Type (Hardware and Software Support Services), Business Application (Sales and Marketing, Financial and Accounting, Supply Chain, and IT Operations), Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market size is expected to grow from USD 53.09 billion in 2018 to USD 60.14 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 2.52% during the forecast period.
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The major growth drivers for the Multi-Vendor Support Services Market include rapidly increasing changes in the IT infrastructure, rising maintenance costs of Original Equipment Manufacturer (OEM) services, reducing IT support and maintenance complexities, and regaining control of infrastructure support from OEMs. In addition to this, the increased use of centralized support services and need for new levels of support services are some of the other growth factors for the market.
The financial and accounting segment to grow at the highest CAGR during the forecast period
The financial and accounting business application helps manage revenues and costs organizations. The finance application helps raise the money required for business operations, treasury management, budgeting, taxation, inventory management and control, and cash flows and liquidity, among others. IT has helped companies track and use a computerized system to record transactions. Furthermore, it has reduced the time required to prepare financial information for the corporate management. Organizations are increasingly using advanced computing to manage and simplify the finance and accounting application. Multi-Vendor Support Services Market providers help maintain and manage the hardware and software required by this business application and assist in improving the efficiency of systems by offering patches and upgrades, and end-of-warranty and life services.
The large enterprises segment to hold a larger market size during the forecast period
Large enterprises focus on the adoption of IT support services to reduce their infrastructure maintenance and support costs. They cater to different industry verticals which leads to a complex IT and network infrastructure management. Additionally, these organizations have a huge amount of capital and large IT forces which they utilize for managing their everyday operations. MVSS simplifies IT support management for large multi-vendor data centers to offer a simplified technology support for enhancing the business operations of large organizations. Furthermore, MVSS providers help these large organizations maintain business continuity and improve the operational efficiency by reducing downtime, providing system updates and patches, and extending the life of equipment.
North America to hold the largest market share during the forecast period
North America is the largest contributor to the Multi-Vendor Support Services Market in terms of regions. The market in North America is poised for growth, due to the need for a new level of support services for evolving IT infrastructure, reduced maintenance and support costs, and dissatisfaction with maintenance services from OEM. For instance, as quoted by Curvature in their recently published article, more than 75% of IT managers are driven to the new level of services of third-party maintenance providers. The North American market provides a suitable environment for new entrants and SMEs to adhere to government regulations and compliances. Moreover, the venture capitalists are significantly investing in new entrants as well as existing players in the MVSS market. Owing to this factor, the enterprises are growing rapidly and have a massive demand for MVSS. Companies such as Curvature and CXtec have acquired several IT support service operators, such as Systems Maintenance Services (SMS) and Atlantix Global Systems, in the US and are expanding significantly in North America and adjacent geographical areas. This region includes major MVSS providers, such as IBM, HP, Dell, and Oracle. These service providers have tremendous expertise in managing and providing support for the advanced IT infrastructure and maintaining operations, ranging from small businesses to multinational companies. As a result of this expertise, North America has a suitable environment for the growth of the Multi-Vendor Support Services Market.
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