According to a report available on Radiant Insights, Inc.; the global managed services market is anticipated to grow at a steady CAGR by 2022. Rapid development of IT infrastructure in enterprises and growing number of compliances are some of the major market drivers. Rising adoption of cloud-based applications among small and medium-sized enterprises (SMEs) can further propel the market over the forecast period (2018 to 2022).
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In addition, rising need to secure the ever increasing digital information can boost the global market for managed services. Growing trend of Bring Your Own Devices (BYOD) and need for flexibility to match custom requirements can also support the market growth over the forecast period. The enterprises outsource their IT requirements including IT infrastructure, network, mobility, security, and communication needs from managed service providers to concentrate on their core capabilities and boost their efficiency and productivity. This factor is expected to positively influence market expansion during the forecast period.
Increasing adoption of internet of things (IoT) is likely to boost demand for these services in the coming years. Managing data obtained from the IoT devices is very crucial. The managed security service providers provide protection to sensitive information of organizations by offering effective, affordable, and reliable security solutions. The demand for advanced threat protection is increasing due to increasing cyber security attacks and high requirement for the organization to outsource their security service providers at affordable costs is likely to boost the market growth over the forecast period.
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However, high complexity in network infrastructure and difficulties in data management can restrain the market growth.
The worldwide managed services market can be segmented on the basis of deployment, type, and regions. Based on type, the market can be split into Managed Document Services (MDS), Managed Network Services (MNS), Managed Security Services (MSS), Mobility Managed Services (MMS), and others. Geographically, the market can be divided into Americas, Asia Pacific, Europe, and Middle East and Africa.
North America is anticipated to continue dominating the global market in near future. Factors such as strong growth in IT sector, advancement in IT infrastructure and resources, and rising concerns about business compliance can drive the regional market in the future. The U.S. and Canada are the major market contributors. The region offers appropriate environment for small and medium-sized businesses (SMBs) and startups in terms of regulatory framework and compliance. This factor is likely to boost the demand for advanced it managed services in the forthcoming years. These services provide assurance for managing and monitoring IT infrastructure, network security, and disaster recovery to the SMBs.
Asia-Pacific managed services market is expected to be the fastest growing market for managed services during the forecast period. Expanding IT sector is the primary regional driver. Rising complexity in business operations of the IT sector can further boost the demand for managed services during the forecast period.
Prominent players operating in the managed services market include Accenture, Cisco Systems, Dell Technologies, HCL Technologies, and Hewlett Packard Enterprise. The market is fragmented with the presence of a high number of SMBs and large enterprises. Most top companies are focused on offering innovative services at affordable prices to gain greater market share in the years to come.
For instance, Microsoft has recently developed Azure Service Fabric to help its partners in business-critical applications that scale to fulfill customer requirements. The managed service providers may use this platform for creating multi-tenant environments that assist numerous clienteles efficiently. The company has also announced the news about availability of Service Fabric runtime v6.2 and SDK and updates for tools. It includes upgraded monitoring and backup/restore competences, general accessibility of Java and .NET Core Reliable Services and Actors on Linux, improved container support, and public preview of Red Hat Enterprise clusters.
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