Managed Services Market projected to reach $354.8 billion by 2026, with a remarkable CAGR of 7.9%

According to a research report “Managed Services Market  by Service Type (Managed Security, Managed Network, and Managed Data Center and IT Infrastructure), Vertical, Organization Size, Deployment Type, and Region – Global Forecast to 2026″ published by MarketsandMarkets, the global Managed Services market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period, to reach USD 354.8 billion by 2026 from USD 242.9 billion in 2021. Enterprises across the globe and verticals are highly investing in their IT infrastructure to maintain their competitive position and attain operational excellence. As enterprises are adopting highly complex technologies regardless of their size, they turn to MSPs to manage their IT infrastructure, thus delivering services faster and more efficiently. These technologies are forcing enterprises to redefine their business strategies and emphasize information security. Managed services help enterprises maintain and manage the IT infrastructure and address risks associated with IT assets in an efficient and cost-effective way. This helps enterprises focus on their core competency without increasing the IT footprint.

Browse and in-depth TOC on “Managed Services Market”

294 – Tables

62 – Figures

323 – Pages 

Download PDF Brochure:  https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1141

MANAGED SERVICE PROVIDER (MSP)—A BOON TO BUSINESSES

NEED FOR MSPS

In March 2020, Nuspire, a managed security service provider, identified a nearly 100% increase in malicious emails since the coronavirus. In order to combat the ever-evolving cyber threats, the demand for managed services will likely increase. As per industry experts, unplanned downtime costs enterprises around USD 58,000 for every 100 users. An average employee loses 12.4 and 6.2 hours per year due to a server and network downtime, respectively. However, the implementation of managed IT infrastructure services can reduce server and network downtime by over 85%. According to an industry expert, enterprises have experienced a 42% savings in IT budget by bypassing the need for additional staffing costs. A managed service provider (MSP) maintains the network infrastructure at a meager price. It moves costs from CapEx to OpEx with greater flexibility. Big telecom managed services giants such as Ericsson, Huawei, Nokia, and Cisco claim that an average cost reduction of 15–30% is achievable using managed services. The cost reduction in OpEx could help enterprises address customers’ need for new business models, creating an additional revenue stream.

MSPS MEET REGULATORY COMPLIANCES AND MITIGATE CYBERATTACKS

Colocation center providers must meet several compliance standards to provide assurance to data centers. These include the Payment Card Industry (PCI), International Organization for Standardization (ISO) 27001, ISO 20000, Statement on Standards for Attestation Engagements (SSAE), Health Insurance Portability and Accountability Act (HIPAA), International Standard on Assurance Engagements (ISAE) 3402, Service Organization Control 2 (SOC2), and ISAE 340. Managed colocation services comprise shared rack; dedicated rack; caged space; deploying, maintaining, and troubleshooting the equipment; and hardware maintenance. As per the CompTIA survey, 38% of organizations adopt managed services for security and compliance purposes. In the global scenario, 82% of the organizations stated they face a cybersecurity skills shortage.

Request Sample Pages:  https://www.marketsandmarkets.com/requestsampleNew.asp?id=1141

INCREASED RELIANCE BY SMALL AND MEDIUM-SIZED ENTERPRISES ON MSPS

Small and medium-sized enterprises (SMEs) seek to adopt more managed services as their IT spending increases. According to a research study by Barracuda MSP, a survey of 1,007 IT decision makers at SMEs in the US and UK suggests that MSPs are now being viewed as more essential than ever before. SMEs rely most heavily on MSPs for cloud storage (51%), security management (48%), and system monitoring (43%). The increased IT spending by SMEs is expected to fuel the demand for MSPs as they adopt the cloud, automate services, and explore advanced digital technologies. These technologies have made the provision of managed services to smaller businesses more cost-effective and efficient. The Datto study suggests that 3 out of 10 SMEs in the UK, the Netherlands, Germany, France, and Australia outsource their IT needs. This hints at the enormous untapped potential in the SME segment. Furthermore, SMEs are more prone to cyberattacks than large enterprises. According to the Verizon 2019 Data Breach Investigations Report (DBIR), 43% of cyberattacks target small businesses. SMEs face significant budget constraints and must maintain compliance and data protection laws; thereby, they are reaching out to MSPs to tackle these challenges.

Organizations’ existing IT staff may be incapable of keeping up with new technological trends. A lack of skilled IT security services makes businesses prone to cyberattacks, hindering their brand equity. Hiring skilled professionals can lead to budgetary misbalance for SMEs. Therefore, managed service providers can bridge the gap by providing their expertise to organizations to focus on their core businesses.

The managed services market report includes major vendors, such as IBM (US), Fujitsu (Japan), Accenture (Ireland), Atos (France), Cisco (US), DXC (US), TCS (India), Rackspace (US), AT&T (US), Verizon (US), Dimension Data (South Africa), Infosys (India), HCL (India), Ericssion (Sweden), GTT Communications (US), NTT Data (Japan), Happiest Minds (India), Huawei (China), Nokia Networks (Finland), CenturyLink (US), Wipro (India), Cognizant (US),Capgemini (France), BT (UK), Deloitte (UK), Secureworks (US), Alert Logic(US), BAE Systems (UK), Trustwave (US), Hughes (US), MeTtel (US), Microland (India), Optanix (US), Essintial (US), Intact Tech (US), 1-Net (Singapore), Ascend technologies (US), SecureKloud (India), Aunalytics (US), AC3 (Australia), Cloud Specialists (Australia), Corsica Technologies (US), and Empist(US).

Browse Adjacent Markets: Software and Services Market Research Reports & Consulting

About MarketsandMarkets™:

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441

Email: [email protected]

MnM Blog: https://mnmblog.org/

Visit Our Website: https://www.marketsandmarkets.com

Content Source: https://www.marketsandmarkets.com/PressReleases/managed-services.asp

Tags: Managed Services Market Forecast, Managed Services Market, Managed Services Market Size, Managed Services Market Growth, Managed Services Market Share, Managed Services