Managed services facilitate organizations across different industry verticals in improving their complex business process and be industry-ready. To attain operational excellence, organizations need to have the latest technologies and a well-versed IT infrastructure, with which they can perform high-level business activities without any interruption. Outsourcing services to specialized manage service providers empowers organizations to run their businesses smoothly. Managed services provide a proactive IT environment to organizations and ensure uptime of a client’s computer systems, storage units, and networking devices. MarketsandMarkets expects the global Managed Services Market size to grow from USD 180.5 billion in 2018 to USD 282.0 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period.
Businesses around the globe are finding it hard to meet the growing compliances and draconian government regulations. Moreover, the growing threat landscape, owing to the increasing number of cybercrimes and cyberespionage has made it tough for enterprises to manage their security by themselves. Organizations are in need of robust, cost-effective technological solutions that can help them keep in pace with the changing business requirements, and also reduce the burden of compliance. Hence, organizations have started adopting managed services to lessen their daily IT pains, such as system monitoring and maintenance, so that they do not have to hire skilled IT personnel. Managed service providers can perform remote monitoring and maintenance activities, such as software installation and updating, from a centralized platform.
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The managed mobility services segment is expected to grow at the highest CAGR during the forecast period. Most of the times, enterprises struggle to manage their IT infrastructure and hence lose focus on their business. With digitalization and global competitiveness in today’s technological era, every organization, regardless of their its and size of business, is redefining its business goals and adopting advanced technologies. The rising Bring You Own Device (BYOD) initiatives are facilitating organizations to manage the entire life cycle of managing devices and related accessories without compromising on the safety of their business information.
The business process management segment is expected to grow at the highest CAGR during the forecast period. Over the past decade, organizations have witnessed radical changes in technology to cater to the growing demands of their customers for optimizing their business processes. Moreover, the organizations are striving toward enhancing their competitive advantage, as the current business market has become highly competitive. Business process management solutions enable organizations from different industry verticals to automate their business processes and improve the employees’ performance by reducing the effort involved in tedious manual tasks. Organizations can take help from managed service providers to deploy business process management services and achieve operational excellence.
Enterprises are investing strategically by implementing cloud-based managed services to enhance their business performance and reduce their operating costs. Managed service providers help organizations to pre-emptively identify threats that could affect their business process functionalities. The managed service providers also offer industry-ready managed services, which enterprises can imbibe to become more productive and technologically advanced.
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The major managed services vendors include IBM (US), Fujitsu (Japan), Cisco (US), Accenture (Ireland), Atos (France), DXC (US), AT&T (US), Ericsson (Sweden), Cognizant (US), HCL (India), Infosys (India), Huawei (China), (India), Tech Mahindra (India), Capgemini (France), Dimension Data (South Africa), Wipro (India), Unisys (US), GTT Communications (US), Nokia Networks (Finland), Netmagic (India), Rackspace (US), Dataprise (US), Happiest Minds (India), and Cycops (India). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches, to further expand their presence in the global managed services market. Partnerships and new product launches have been the most dominating strategies adopted by the major players from 2015 to 2018, which have helped them innovate their offerings and broaden their customer base.
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