Managed Services Market to Exhibit 11.3% CAGR and Generate $594.8 Billion by 2031

The managed services market is expected to register a revenue of $594.8 billion by 2031 at a CAGR of 11.3% during the forecast period, 2022–2031.

Dynamics of the Market

Drivers: The growing demand for IT services across the globe is expected to make the managed services market a highly profitable one in the forecast period. Additionally, rising adoption of cloud computing services is predicted to propel the market forward.

Opportunities: Growing digitalization and adoption of advanced technologies is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the ability of managed service providers to offer services such as security, data backup and recovery, network monitoring, and help desk support has increased their popularity, which is expected to propel the market forward in the coming years.

Restraints: According to market analysts, data security concerns might become a restraint in the growth of the market.

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COVID-19 Impact on the Global Managed Services Market

The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The managed services market, however, has been an exception. The pandemic saw an increase in demand for managed services due a shift to remote work culture. Additionally, an increase in use of cloud computing led to growing use of managed services, which further pushed the growth rate of the market.

Segments of the Managed Services Market

The report has divided the managed services market into various segments based on organization size, deployment type, service type, industry vertical, and region.

• Based on organization size, the large sub-segment is projected to be highly dominant by 2031. The ability of managed services to offer end-to-end services that cover planning, designing, implementation, and administration of IT systems make them a necessary service for large organizations, which is expected to make the sub-segment a highly dominant one in the forecast period.
• Based on deployment type, the cloud sub-segment is predicted to witness fastest growth by 2031. Cloud-based managed services make it easier for businesses to access data and apps from any device or location without the need for on-premises infrastructure. This utility of cloud-based managed services is expected to augment the growth rate of the market in the 2022–2031 timeframe.
• Based on service type, the security services sub-segment garnered largest revenue in 2021. This is mainly because Managed Security Service Providers (MSSPs) offer a variety of services, such as intrusion detection, vulnerability scanning, managed firewalls, anti-viral services, and other similar services, which is expected to augment the growth rate of the market in the 2022–2031 timeframe.
• Based on industry vertical, the BFSI sub-segment held the largest market share in 2021. The growing usage of managed services by banks to improve their capabilities and business operations is predicted to push the sub-segment forward.
• Based on Region, the North America managed services market accounted for the major market share in 2021. The growing expanse of IT companies and rising cloud technology use are anticipated to be the two major factors behind the growth of the market in this region.

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Major Market Players

The key players of the managed services market include IBM, AT&T, Ericsson, HCL, Cisco, Accenture, TCS, Fujitsu, Dimension Data, and Atos. These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.

For instance, in November 2022, 11:11 Systems, an IT services management company, announced the acquisition of Sungard Availability Services, a disaster recovery company. This acquisition is expected to push the market share of the acquiring company, i.e., 11:11 Systems significantly.

The report also summarizes several crucial aspects, such as the financial performance of key market players, SWOT analysis, product portfolio, and the latest strategic advancements.