• John Watson

Global Managed Services Market Size to grow by US$ 731.08 Bn in 2030.

The global managed services market was valued at USD 239.71 Bn in 2021. The market is projected to grow USD 731.08 Bn in 2030, at a CAGR of 13.4%.


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With several technical changes in work culture, such as working remotely and maintaining the organization's IT infrastructure, the COVID-19 pandemic also sparked the demand for digital transformation, which is fueling the expansion of the IT managed services. To improve business operations, managed services involve outsourcing managerial tasks to a third party. Managed services have emerged as a result of the introduction of cloud-based technologies and their rapid technological development. Managed services help firms save operating costs and increase operational effectiveness. Over the course of the forecast period, the market is expected to develop as a result of consumers' growing preference for outsourcing management tasks to cloud service providers and managed service providers.


By ensuring that their IT infrastructure is always operating at peak performance and automating business processes, managed services assist cut ongoing internal IT expenses. As a result, businesses are able to successfully accomplish their goals, particularly those related to strengthening their cash flow and boosting profitability. Over the projection period, it is predicted that initiatives being aggressively pushed by various governments toward digital transformation, focused on modernizing their IT infrastructure, bolstering governance, and improving citizen services, will increase demand for managed services. For instance, the new edition of the Government of Canada's digital strategy, which was announced in May 2021, contains a renewed commitment to give people safe digital identities. Shared Services Canada (SSC) is working to consolidate ministry networks and transition them all to cloud-first networks in order to fulfil the expectation that perhaps the Canadian government will create a single digital identity for all Canadians.


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The development of 5G technology will probably make it possible for businesses to install networks on their property. The digital transformation is anticipated to make it possible to either upgrade current networks to LTE or implementation of the latest networks using local frequencies. To enable the autonomy and automation of complex systems, real-time IT locations must be established. Moreover, IoT, AI, and machine learning are gaining traction across the world.


The on-premise segment is expected to dominate the market share of global managed services market owing to several features including as it does not need an internet connection and makes it simple to tailor software to a client's specific needs for business processes. The large enterprises segment is expected to dominate the market share of global managed services market owing to massive amount of data is handled by major enterprises, and this data needs to be properly maintained and available both locally and remotely. The bfsi segment is expected to dominate the market share of global managed services market owing due to the various factors such as preservation and management of data, including trading instruments, record-keeping, reporting, and computations, financial firms need a sophisticated IT infrastructure.


North America region is expected to dominate the market share of global managed services market owing to heavy emphasis on digitization, IT companies in the U.S. are reducing operational costs, especially in the wake of the pandemic. To do this, they are using a variety of managed services. To stay competitive in the face of ongoing digitization, businesses in the U.S. increasingly rely on managed service providers (MSPs), particularly for IT support services.


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KEY INDUSTRY DEVELOPMENTS:


July 2021- Accenture acquired Cloudworks which would grow customer base in Canada by offering Oracle solutions.


November 2019- DXC Managed Multi-Cloud Services is a brand-new cloud service offered by DXC Technology Company which is powered by VMware, which offers consistent service management and allows users to make the most of their VMware investments to gain a competitive advantage across multiple clouds.


Read More Details On This Report: https://www.extrapolate.com/Information-Technology-Communication-IoT/managed-services-market/26005

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