Global Managed Services Market to 2023 - The Need for Cloud-Based Managed Services and the Increasing Dependence of Organizations on IT Assets

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Nov 06, 2018, 12:15 ET

DUBLIN, Nov. 6, 2018 /PRNewswire/ --

The "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" report has been added to ResearchAndMarkets.com's offering.

The global managed services market size to grow from USD 180.5 billion in 2018 to USD 282.0 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period.

The major growth drivers of the market include the need for cloud-based managed services and the increasing dependence of organizations on IT assets to enhance their business productivity, and the availability of specialized managed service providers who can offer cost-effective managed services and proactively monitor IT resources to eliminate the chances of service downtime.

By service type, the managed IT infrastructure and data center services segment is expected to hold the largest share during the forecast period

The growing need of organizations to manage complex IT infrastructures and upkeep system performance is contributing to the growth of the managed IT infrastructure and data center services segment. Every organization, regardless of its size and nature of business, relies heavily on its IT assets to perform business activities. Unwanted downtime or IT infrastructure failure may lead to loss of crucial business information. Hence, enterprises are taking the help of managed service providers who can handle their day-to-day operations and securely backup their data in case of IT infrastructure failure.

The healthcare and life sciences vertical is expected to grow at the fastest CAGR rate during the forecast period

The healthcare and life sciences vertical include large hospitals, rural medical centers, blood and tissue processing organizations, and multi-location clinics. These healthcare institutions perform multifaceted healthcare operations, which generate large volumes of critical data about their patients. Any IT infrastructure failure or security breach can interrupt the workflow and cause critical damage to the organization and its patients. Hence, the healthcare and life sciences organizations are investing in solutions that help them in managing their IT infrastructure and security network needs, thereby increasing the service quality offered to patients.

The large enterprise segment is estimated to account for a larger Managed Services Market size during the forecast period

The adoption of managed services in large enterprises is higher than the Small and Medium-sized Enterprises (SMEs), owing to the affordability and high economies of scale. The increasingly competitive landscape and security threats mounting on organizations enforce them to turn to managed service providers and offload their IT pains, such as daily support and maintenance of IT assets. Large enterprises perform high-level business operations that generate huge volumes of information. Managed service providers help large enterprises to effectively manage their information securely.

North America is expected to account for the largest Managed Services Market size during the forecast period

North America is expected to hold the largest market size and dominate the managed services market from 2018 to 2023. The region has a high concentration of large multinational companies, which largely contribute to the growth of the market. However, APAC is expected to provide lucrative opportunities for the managed services providers, owing to the increasing security investments and implementation of cloud-based solutions among several companies in the region. The increasing number of government regulations and compliances in various regions could affect the adoption of managed services.

IBM, a leader in offering an extensive set of services under its managed services portfolio, caters to the needs of different verticals across the globe. Considering the rising demand for IT infrastructure services within enterprises, IBM offers its customers a range of managed services, namely, integrated managed infrastructure, managed Platform-as-a-Service (MPaaS), managed hosting and application, and cloud-managed services. The company strongly emphasizes strengthening its IT infrastructure globally. For instance, its 50 cloud data centers across the globe help extend its cloud service quality and offerings. Furthermore, IBM constantly focuses on growth strategies to enhance its offerings and increase its market reach with the help of strategic partnerships, mergers and acquisitions, business expansions, and product and service developments.

Recent developments

In August 2018, Cisco acquired Duo Security, one of the leading providers of unified access security and multi-factor authentication delivered through the cloud. Following this acquisition, Cisco users could connect any application on any networked device with more ease and security.
In August 2018, AT&T acquired AlienVault, one of the leading providers of unified security management solutions, to strengthen its business division of cybersecurity solutions.
In June 2018, Rackspace and HPE launched the industry's first Private Cloud-as-a-Service (PCaaS) solution. The launch of this solution enabled Rackspace to strengthen its managed private cloud portfolio.

Key Questions Addressed

What are the major challenges faced by enterprises while deploying various managed services?
Where and to what extent organizations need to outsource their services?
What is the level of preparedness of enterprises to deal with unforeseen business risks?
Which of the talent and technology gaps of organizations can affect business operations?
What are the challenges faced by managed service providers while integrating new technologies with a client's existing IT infrastructure

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Managed Services Market Overview and Industry Trends

6 Managed Services Market, By Service Type

7 Managed Services Market, By Managed Security Service

8 Managed Services Market, By Managed Network Service

9 Managed Services Market, By Managed IT Infrastructure and Data Center Service

10 Managed Services Market, By Managed Communication and Collaboration Service

11 Managed Services Market, By Managed Mobility Service

12 Managed Services Market, By Managed Information Service

13 Managed Services Market, By Vertical

14 Managed Services Market, By Organization Size

15 Managed Services Market, By Deployment Type

16 Managed Services Market, By Region

17 Competitive Landscape

18 Company Profiles

Accenture
AT&T
ATOS SE
Capgemini
Cisco
Cognizant
Cycops
Dataprise
Dimension Data
DXC Technology
Ericsson
Fujitsu
GTT Communications
Happiest Minds
HCL
Huawei
IBM
Infosys
Netmagic
Nokia Networks
Rackspace
TCS
Tech Mahindra
Unisys
Wipro

For more information about this report visit https://www.researchandmarkets.com/research/nhnkfq/global_managed?w=5

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SOURCE Research and Markets