The mounting volume of IT operations that needs to be offloaded to an external agency to enable businesses to focus on core business competencies is providing ample opportunities to the managed services market, and is predicted to continue to do so over the forecast period of 2024 – 2030.
Managed service providers feature capabilities of an IT department with the expertise of seasoned professionals to deliver targeted application operations. Broadly, managed services take over ongoing responsibilities of monitoring, managing, and problem resolution of selected IT systems and functions on behalf of the business owner.
Key segments of the managed services market based on service type are managed security services, managed data center and IT infrastructure services, managed information services, managed network services, and managed communication and collaboration services.
The report on the managed services market provides a succinct analysis of the said market for the forecast period between 2024 and 2030. Analysts delve into demand drivers, challenges, and opportunities, along with regional outlook to ascertain prospects in the managed services market over the forecast period. Analysis of competitive strategies of key players and how competition will shape in the managed services market over the forecast period is a highlight of this report.
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Managed Services Market: Competitive Landscape
The managed services market is competitive with the presence of several large players that operate globally. Innovative services and expansion of portfolio is the focus of top-notch players in the managed services market.
Some large players to name in the managed services market are IBM, Fujitsu, Atos, AT&T, Cognizant, TCS, Dimension Data, GTT Communications, Rackspace, Huawei, Cisco, Accenture, DXC Technology, Ericsson, HCL, Infosys, NTT, Happiest Minds Technologies, Nokia, and CenturyLink.
Managed Services Market: Growth Dynamics
Key factor of growth in the managed services market is ease of managing an IT environment – a major concern for CIOs. In the normal course, most IT companies dedicate most of their time in the planning, building, running, and maintaining IT cycles with untrained employees. However, lack of skilled IT professionals is a major challenge of CIOs. For such scenarios, managed service providers come in the picture and provide cost-effective solutions while maintaining the security aspect intact.
Increasing number of cyber-attacks and natural calamities resulting in loss of massive amount of critical data for businesses is driving the demand for managed services among large enterprises. Therefore, managed services are employed to tackle such challenges and to prevent loss of downtime.
Banking, Financial Services, and Insurance sector provides tremendous growth opportunities for managed services market. BFSI enterprises require highly complex IT infrastructure to maintain and manage data from record keeping to trading instruments to reporting and calculations, and more. This is opening opportunities for managed services market. For example, IT services are essential for financial transactions that either involves exchange of information between financial institutions and customers, or internally within the institution. Hence, BFSI enterprises require managed service providers to help provide services for low latency trading, hosting, market data, and infrastructure connectivity, and risk management solutions.
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Managed Services Market: Regional Assessment
The managed services market report covers key five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among them, North America is at the fore in the managed services market due to the increasing adoption of recurring growth model in the region.
Asia Pacific is another significant region in the managed services market. The region being home to some veteran IT companies that have operations expanding multiple geographies has led to the need for managed services. Insufficiencies of IT systems and complexities of processes that need to be managed by third-party is paving way for growth of managed services market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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