Managed Services Market Size is Projected to Reach $611.17 Billion by 2034 With a CAGR of 7.3%

Growing Complexity of IT Infrastructure with Rapid Technological Innovations Driving Need for Managed Services: Fact.MR Report

The global managed services market is expected to reach a size of US$ 302.11 billion in 2024 and further climb to US$ 611.17 billion by the end of 2034, according to a recently updated research report published by Fact.MR.

As organizations increasingly adopt advanced technologies such as cloud computing, the Internet of Things (IoT), and artificial intelligence (AI), their IT systems grow more complex. Demand for managed switches is driven by the need for specialized expertise and continuous oversight to ensure seamless integration, high performance, and security of these technologies.

Businesses are turning to managed service providers (MSPs) to handle their IT management tasks, allowing them to focus on core business operations and strategic goals. This partnership supports their growth and enhances overall productivity.

Over the next ten years, the North American region is expected to maintain its leading market position, driven by high adoption rates of cutting-edge technologies and the presence of established IT firms, especially in the United States.

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Key Takeaways from Market Study:

• The global managed services market is forecasted to expand at 7.3% CAGR from 2024 to 2034.
• North America is expected to hold 33% of the market share in 2024.
• Worldwide sales of cloud-managed services are analyzed to reach US$ 397.26 billion by 2034.
• The East Asia market is projected to generate revenue worth US$ 158.9 billion by 2034.
• The market in South Korea is forecasted to expand at a CAGR of 8.8% from 2024 to 2034.
• The United States is expected to lead the North American market with 44.5% revenue share in 2024.
• Demand for managed data center & IT infrastructure services is projected to reach a market value of US$ 244.47 billion by 2034.

“Global managed services market exhibiting significant growth with key providers focusing on offering various solutions such as cloud computing, data analytics, cybersecurity, and others. These solutions are meant to enhance organizational operations and improve business efficiency,” says a Fact.MR analyst

Leading Players Driving Innovation in the Managed Services Market

IBM; Fujitsu; Accenture; Atos; Cisco Systems, Inc.; Lenovo; BMC Software, Inc.; Atera Networks Ltd.; DXC Technology Company; HCL Technologies Limited; Cloud5 Communications; Wipro Limited

Cloud-Based Managed Services Gaining Popularity

Cloud-based managed services are in high demand compared to on-premise due to their scalability, affordability, and minimal administrative overhead. The ability to pay for only the resources they use and quickly modify resources to meet their needs makes cloud services popular among businesses. This removes the need for high initial hardware expenditures and ongoing upkeep associated with on-premise infrastructure. In addition, since cloud providers handle security, upgrades, and technical support, internal IT staff may focus on important business objectives.

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Managed Services Industry News:

• In July 2023, Managed Security Services (MSS) is a security framework that Fujitsu launched to aid companies in protecting their systems, applications, and data against cyber attacks. Companies can detect and respond to cyber risks in real-time using Fujitsu's MSS. With Fujitsu's MSS, companies are able to monitor their security landscape round the clock.
• In September 2023, Cloud5 Communications, a communication and technology solutions company, launched its new managed services division. This division aims to address the IT needs and challenges of numerous businesses, including senior living, student housing, and hospitality. This division will help customers effectively streamline business processes by offering support for managing technology infrastructures, security, and IT operations.
• In January 2022, Microsoft Cloud for Retail and Tata Consultancy Services (TCS) entered into a partnership.

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the managed services market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on service type (managed security services, managed network services, managed data center & IT infrastructure services, managed communication & collaboration services, managed mobility services, managed information services), deployment (cloud, on-premise), organization size (SMEs, large enterprises), and vertical (BFSI, IT & telecom, retail & consumer goods, manufacturing, government, healthcare & life sciences, energy & utilities, media & entertainment), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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