Nov 24, 2020 (Heraldkeepers) -- Managed ServicesMarket Scope:
The managed services market 2020 can expand to a size of USD 417.1 billion by 2024, confirms Market Research Future (MRFR). It is also anticipated that the market can progress at a rate of 16.2% between 2017 and 2024 (evaluation period). We will provide COVID-19 impact analysis with the report, providing an in-depth analysis of the global market post the coronavirus disease outbreak.
The business impact of SARS-CoV-2 has been felt across diverse sections of the information technology industry, albeit at different levels. Companies in the technology sector that supply services for verticals like travel, retail, hospitality and entertainment have noted a dramatic decrease in sales, while the firms that provide services related to remote worker solutions have observed the opposite. Managed services market's fate post pandemic has been relatively less grim compared to Education Services (ES) and Professional Services (PS) that are mostly dependent on components that are generally on-site.
Novel coronavirus has actually Managed ServicesMarket to open new avenues for those firms that are on the lookout for solutions that are reliable, efficiently managed, scalable, and are subscription-based, to remain more focused on the core business. The managed services market is bearing lesser impact of the COVID-19 outbreak compared to most other segments of the tech world.
In a nutshell, COVID-19 impact on managed services has been fruitful, with the market growth enhanced than before. Given the prevalent lockdown situation, managed services vendors are now investing heavily in remote-centric worker solutions, which can make the market highly resilient in the coming years, even as the world is currently rushing to achieve a COVID-19 breakthrough.
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Leading firms in the market for Managed Services include NTT Data Corporation (Japan), Amdocs Limited (US), Unisys Corporation (US), IBM Corporation (US), Accenture (US), Cisco Systems, Inc (US), Huawei Technologies Co. Ltd (China), Telefonaktiebolaget LM Ericsson (Sweden), DXC Technology Company (US), Atos SE (France), Fujitsu (Japan), to mention a few.
Primary Boosters and Key Restraints:
Frequent innovations in cloud technologies along with the technological prevalence in general have led the managed services market to greater heights in recent years. Banks and various financial institutions are increasingly opting for managed services to tackle various issues like regulatory and technological changes, talent scarcity, and more. Managed services help businesses efficiently run their operations and processes to boost the overall quality in the long run. More and more companies of various industries now realize these benefits and are progressively adopting these services to gain an advantage in the market.The aggravating scene with regard to the increasing security issues and the ability to handle IT functions by controlling the whole IT infrastructure among enterprises also induces major business growth. The integrated, long-term properties of managed service partnerships offer significant strategic advantages as well as cost reduction, which also boost their demand across enterprises.
Some of the well-known industry contenders are highly focused on customizing and upgrading their services to not only sustain but also boost their profits, which is expected to be a great opportunity in terms of market advancement in the coming years. Many of the companies are also concentrating on providing advisory expertise services that help tackle complex problems in business. Such features are bound to create more demand for managed services in the approaching years, reveals MRFR.
The managed services market has been segmented based on service type, organization size, vertical, and region.
The services types described in the study are managed collaboration services, managed mobility services, cloud services, network services and testing, managed security services, managed data center services, and more.
The size ranges of organizations that use managed services include large enterprises as well as small & medium enterprises/SMEs.
Verticals that make widespread use of managed services are energy & utilities, education & research, industrial/manufacturing, BFSI, healthcare, IT & telecommunication, retail & e-commerce, and others.
The managed services market size and the recent trends have been carefully evaluated with respect to certain regions, namely South America, Europe, North America, the Middle East and Africa/MEA as well as Asia Pacific/APAC.
MRFR confirms that the North American market growth has been the most commendable till now, and can continue to be so even during the review period. The highly lucrative market for managed services in the region is backed by the high concentration of illustrious companies that are focused on research and development activities to come up with more advanced and reliable services that give better performance. The North American market is led by the US, as a result of the massive number of managed services providers such as Cisco Systems Inc., DXC Technologies and IBM Corporation, present in the country.
Europe has procured the second lead in the global market, and is primarily dominated by Germany, France and the UK. The increasing uptake of IoT technology, cloud platform, and the mounting need to manage the voluminous data across enterprises in Germany, Norway, Denmark, Italy, the UK, and Russia add to the market momentum in the region. However, the UK is the most successful market in the region, trialed by Germany and France.
Red Hat Inc. has appointed Ingram Micro Inc. as a distributor in the Red Hat Certified Cloud and Service Provider program that backs several ASEAN countries such as Singapore, Indonesia, Thailand, Hong Kong and Malaysia. A majority of the managed service providers in APAC are coming together with hardware manufacturers and software developers to offer managed services and also set up public as well as private cloud environments.
Table of Contents
1 Market Introduction