Managed Services Market
The emergence of the global pandemic, COVID-19 has spurred the demand for automation of business as firms actively turn to the system of remote working. In accordance with an IDG report commissioned by NTT Ltd., nearly 55 % of the businesses are getting in touch with managed service providers to take advantage of their value-added services and lessen potential security threats, which have multiplied ever since employees started working from home or remotely following Covid-19 outbreak. As such, both customers and business partners depending entirely on electronic mode of communication, the global managed services market is likely to observe high growth in the years to come.
In the near future, the global managed services market is expected to increase due to the rising demand for outsourced management functions to providers of cloud services and managed services. Organizations and businesses have been actively going for managed services to manage essential IT operations and maintain IT systems in recent years. Concerns about data privacy protection and security are likely to drive demand for managed security services amongst businesses in a variety of industry ver ticals. Long-term, managed service partnerships’ integrated nature delivers significant strategic gains in the form of lower costs connected with essential infrastructure.
Business Intelligence or BI in general refers to the various technologies, applications and practices that are used for collecting, integrating, analyzing and presenting various business information further helping in the decision making process. Certain common functions of these technologies include online analytical processing, reporting, analytics, process mining, complex event processing, data mining, business performance management and benchmarking among others. BI incorporates a variety of tools, applications as well as methodologies for enabling organizations to collect data from both internal and external sources. Managed services involves the practice of outsourcing management responsibilities as well as functions following a strategic method for improvement in operations further curtailing expenses.
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Global business intelligence (BI) managed services market geographically has been segmented into Europe, Asia Pacific, North America, Latin America and Middle East and Africa.
BI technologies can handle huge amounts of structured and unstructured data for identification, development as well as creation of new strategic business opportunities that has formed a major driver for this market. All these technologies provides easy interpretation of big data that further provide a competitive advantage along with long-term stability to the businesses. BI as a managed service has been used by different enterprises for supporting various operational to strategic business decisions. Moreover, handling of the crucial data by the managed service providers for a specified period of time gives company a creative leverage by getting access to the information as and when required that has further positively impacted the growth of this market.
Geographically, North America holds a substantial market for business intelligence managed services globally. Besides easier access and better efficiency, it is the growth of the big data market that has been some of the leading causes to have a positive impact on this market. Asia Pacific forms another major region for this market along with accounting one of the fastest growth globally among other regions. Japan, China and India has been some of the countries contributing to the growth of this market. Rise in application of businesses using managed service providers for timely access to the business information along with growth of the big data market has been some of the major reasons that has boosted this market in APAC region.
