Rising demand for IT services, increasing adoption of cloud computing services by businesses, and the growing need for cost-effective managed services solutions are the major factors predicted to boost the growth of the global managed services market during the forecast period. However, the rising data security concerns and less on-site availability of managed services may hamper the managed services market growth in the coming future. On the contrary, the increasing digitalization and the rising adoption of advanced technologies are expected to create massive growth opportunities for the global managed services market by 2031.

According to the report, the global managed services market generated $205.5 billion in 2021, and is anticipated to generate $594.8 billion by 2031, witnessing a CAGR of 11.3% from 2022 to 2031.

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Covid-19 Scenario:

• The outbreak of the Covid-19 pandemic had a mixed impact on the global managed services market, owing to temporary closure of several firms during the lockdown.

• The demand for managed services increased in cloud computing and security related areas. Also, several organizations opted to outsource services and focus on core business operations during the pandemic.

• Moreover, growing digitalization boosted the demand for managed services. All these factors fueled the managed services market growth during the pandemic period.

The provisioning and de-provisioning of cloud-based managed services may be done rapidly and according to the needs of the customer. As a result, firms may scale up or down more easily and without a lot of expense. Managed services delivered via the cloud relieve companies of the need to spend money on expensive hardware and software. The need for cloud-based managed services is being driven by the growing trend of remote work since organizations must give their remote workers safe access to their data and apps.

The North America region offers businesses a wide range of services, such as IT infrastructure management, network monitoring, cloud services, security management, and more. The significant growth of the region is fueled by a number of reasons, such as the need for cost-effective solutions, the complexity of IT systems, and the rising demand for outsourcing IT services. Besides, to maintain the availability and security of their systems, an increasing number of organizations are moving their apps and data to the cloud. All these factors are fueling the growth of the North America managed services market.

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Leading Market Players

• IBM

• HCL

• TCS

• Atos

• AT&T

• Cisco

• Fujitsu

• Ericsson

• Accenture

• Dimension Data

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