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Managed Services Market size projected to reach USD 354.8 Billion by 2026, Growing at 7.9% CAGR – MarketsandMarkets™

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Managed Services Market size projected to reach USD 354.8 Billion by 2026, Growing at 7.9% CAGR – MarketsandMarkets™

December 09
21:32 2022
Managed Services Market size projected to reach USD 354.8 Billion by 2026, Growing at 7.9% CAGR - MarketsandMarkets™
IBM (US), Fujitsu (Japan), Accenture (Ireland), Atos (France), Cisco (US), DXC (US), TCS (India), Rackspace (US), AT&T (US), Verizon (US), Dimension Data (South Africa), Infosys (India), HCL (India), Ericssion (Sweden), GTT Communications (US), NTT Data (Japan), Happiest Minds (India), Huawei (China), Nokia Networks (Finland), CenturyLink (US), Wipro (India).
Managed Services Market by Service Type (Managed Security, Managed Network, and Managed Data Center and IT Infrastructure), Vertical, Organization Size, Deployment Type, and Region – Global Forecast to 2026

The global Managed Services market is projected to grow from USD 242.9 billion in 2021 to USD 354.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period. The growth of the managed services market can be attributed to the growing need among organizations to maintain and manage the IT infrastructure and address risks associated with IT assets in an efficient and cost-effective way. Further, small and medium-sized enterprises (SMEs) require access to the latest technology in order to maintain a competitive edge in their respective markets and to sustain their continued growth but lack the IT budget to meet those goals. Managed services enable organizations to shift from a capital expense model to an operating expense model. Moreover, the surge in cloud adoption during the COVID-19 pandemic fuels the growth of the managed services market.

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By service type, the managed data center and IT infrastructure services segment is expected to account for the largest market size during the forecast period

The managed data center and IT infrastructure services segment is expected to account for the largest market share among service types. Most IT enterprises are dedicating most of their time in the cycles of a plan, building, running, and maintaining IT with untrained IT employees. The lack of IT skilled professionals is the major challenge faced by CIOs. MSPs can address this issue and provide cost-effective solutions while also keeping the security aspect in mind. Moreover, MSPs takes over compliance and auditing to keep organizations on top of data security regulations. As a result, IT team can redirect their time and attention to other important issues. These factors are expected to fuel the demand for managed data center and IT infrastructure services globally.

By vertical, the healthcare and life sciences segment is expected to grow at a higher CAGR during the forecast period

The healthcare and life sciences segment is expected to account for a higher CAGR growth during the forecast period. Several healthcare providers’ primary focus is keeping systems operating at optimum performance, consuming most of their IT department’s resources. The lack of budget and time and the dearth of technology and security expertise to maintain and manage data security create challenges in front of several healthcare providers. Hence, several healthcare providers are turning to MSPs due to the growing threats, tight budgets, increased regulatory pressure, and the need for premium security expertise. MSPs can act as a trusted partner to tackle the above challenges, augment IT teams, and provide ceaseless security system monitoring and management to enhance patient care delivery, privacy, and safety. These factors are expected to boost the demand for managed services across the healthcare and life sciences vertical.

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By region, Asia Pacific is expected to exhibit the highest growth rate during the forecast period

Asia Pacific (APAC) is one of the fastest-growing regions in terms of the adoption of managed services. Enterprises across APAC are demanding more managed services as compared to other regions to tackle to address the growing range of technology and business challenges. The highly competitive market conditions and the need for improved productivity have forced APAC enterprises to adopt advanced technologies cloud, AI, ML, and IoT. This has fueled the growth of the managed services market further across the region. Australia, India, Japan, New Zealand, and China are the major contributors to the managed services market in the region. Additionally, the lack of IT skills, high data loss, and downtime cost and budget constraints drive the growth of the market in the region. The key growth driver of the APAC managed services market is the presence of most top market vendors, such as Fujitsu, TCS, Infosys, HCL, NTT DATA, and Huawei.

Market Players

The major vendors in the managed services market include IBM (US), Fujitsu (Japan), Accenture (Ireland), Atos (France), Cisco (US), DXC (US), TCS (India), Rackspace (US), AT&T (US), and Verizon (US).

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