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Redding, California - October 15, 2024

Managed Services Market to Reach $576.7 Billion by 2031

Managed Services Market Size, Share, Forecast, & Trends Analysis by Type (Security, Network, Communication & Collaboration, Others), Deployment Mode (Cloud, On-premises), Organization Size, End-use Industry (BFSI, IT & Telecom, Healthcare, Others)—Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled ‘Managed Services Market—Global Opportunity Analysis and Industry Forecasts (2024-2031).’ According to this latest publication from Meticulous Research^®, the managed services market is expected to reach $576.7 billion by 2031, at a CAGR of 9.4% from 2024 to 2031.

The growing focus of organizations on cost optimization, the rising inclination of enterprises toward outsourced IT operations, the lack of skilled IT personnel, the rise in cyber threats & ransomware attacks on businesses, and businesses’ increasing investments in digital transformation are factors driving the growth of the managed services market. However, market growth is restrained by the lack of trust among enterprises in giving control of their systems to third-party organizations.

In addition, the rising utilization of advanced technologies and the rising adoption of cloud-based solutions are expected to generate considerable opportunities for market stakeholders. However, the market faces substantial challenges, including the low adoption of managed services by SMEs. Additionally, the proliferation of 5G technologies is a key trend in this market.

Key Players:

The managed services market is moderately competitive due to the presence of many large and small-sized global, regional, and local players. The key players operating in the managed services market include Accenture (Ireland), Tata Consultancy Services Limited (India), HCL Technologies (India), Cognizant (U.S.), IBM Corporation (U.S.), Fujitsu Limited (Japan), Kyndryl Holdings, Inc. (U.S.), Verizon Communications Inc. (U.S.), Google LLC (U.S.), Hughes Network Systems, LLC (U.S.), AT&T Inc. (U.S.), Microsoft Corporation (U.S), Cloudflare, Inc. (U.S.), Wipro Limited (India), HP Inc. (U.S.), SecureWorks Corp. (U.S.), Hitachi Vantara LLC (U.S.), Cisco Systems, Inc. (U.S.), DXC Technology Company (U.S.), and Infosys Limited (India).

The managed services market is segmented based on type, deployment mode, organization size, and end-use industry. The report also evaluates industry competitors and analyzes the managed services market at the regional and country levels.

Among the managed service types studied in this report, in 2024, the managed security services segment is anticipated to dominate the managed services market, with a share of over 39.0%. Building and maintaining an in-house security team is expensive; however, managed security services provide cost-effective access to skilled professionals, which is driving the adoption of managed security services. Managed security services provide round-the-clock monitoring and management of tools such as firewalls, intrusion detection systems, and endpoint detection & response. These benefits contribute to the segment’s large share in the managed services market.

Among the deployment modes studied in this report, in 2024, the cloud-based segment is anticipated to dominate the managed services market, with a share of over 62%. The substantial benefits of cloud-based services, including on-demand access to experienced and qualified resources, high levels of business agility and resilience, automatic upgrades, and cybersecurity, contribute to the segment’s dominant position in the managed services market.

Among the organization sizes studied in this report, in 2024, the large enterprises segment is anticipated to dominate the managed services market, with a share of over 67%. Large organizations’ rising need to manage complex IT infrastructures, their constantly changing IT needs, and increased emphasis on risk mitigation and compliance contribute to the segment’s dominant position in the managed services market.

Among the end-use industries studied in this report, in 2024, the BFSI segment is anticipated to dominate the managed services market, with a share of over 34%. The sector's increased focus on uninterpreted and enhanced customer service and the high adoption of AI/ML technology for process automation and fraud detection in the BFSI sector contribute to the segment’s dominant position in the managed services market.

Among the geographies studied in this report, in 2024, North America is anticipated to dominate the managed services market, with a share of over 40%. The presence of recognized Managed Service Providers (MSPs) in the region, the growing use of managed security services for privileged access management, the increased need to protect network infrastructure, and increased spending on IT capabilities are factors contributing to the region’s dominant position in the managed services market.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=6025

Key Questions Answered in the Report:

What is the revenue generated from the sale of managed services globally?
At what rate is the global demand for managed services projected to grow for the next five to seven years?
What is the historical market size and growth rate for the managed services market?
What are the major factors impacting the growth of this market at the global and regional levels?
What are the major opportunities for existing players and new entrants in this market?
Which type, deployment mode, organization size, and end-use industry segments are expected to create major traction for the players in this market?
What are the key geographic trends in this market? Which regions/countries are expected to offer significant growth opportunities for the organizations operating in the managed services market?
Who are the major players in the managed services market? What are their specific service offerings in this market?
What are the recent key developments in the managed services market? What are the impacts of these strategic developments?

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Redding, California - October 15, 2024

Managed Services Market to Reach $576.7 Billion by 2031

Managed Services Market Size, Share, Forecast, & Trends Analysis by Type (Security, Network, Communication & Collaboration, Others), Deployment Mode (Cloud, On-premises), Organization Size, End-use Industry (BFSI, IT & Telecom, Healthcare, Others)—Global Forecast to 2031

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