IT Managed Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The IT managed services market size has grown strongly in recent years. It will grow from $253.80 billion in 2023 to $278.40 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to focus on core business, increasing complexity of IT infrastructure, scalability and flexibility, service integration and management (SIAM).
The IT managed services market size is expected to see strong growth in the next few years. It will grow to $398.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to cybersecurity concerns, cloud migration and optimization, remote work support, AI and automation, edge computing. Major trends in the forecast period include zero trust security models, advanced threat detection and response, edge ai and edge computing expansion, containers and kubernetes management, AI-driven IT operations (AIOps).
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Scope Of IT Managed Services Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
IT Managed Services Market Overview
Market Drivers –
Increasing cybersecurity concerns are expected to propel the growth of the IT managed services market going forward. Cybersecurity refers to protecting computer systems, networks, programs, and data from digital attacks, unauthorized access, damage, or theft. The increasing reliance on digital technologies and interconnected systems amplifies the importance of cybersecurity to safeguard against evolving cyber threats. IT-managed services enhance cybersecurity by providing continuous monitoring, threat detection, and rapid response, ensuring proactive defense against evolving cyber threats. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the cybercrime reports received in 2022 were 76,000, up from 13% from the previous year. Furthermore, in June 2022, according to the Anti-Phishing Working Group, a US-based organization, in the first quarter of 2022, the APWG recorded a total of 1,025,968 phishing attacks, a 15% rise from the fourth quarter of 2021, when 888,585 attacks were reported. Therefore, increasing cybersecurity concerns are driving the growth of the IT managed services market.
Market Trends –
Major companies operating in IT managed services are increasing their focus on developing advanced solutions such as artificial intelligence (AI) and automation integration, to gain a competitive edge in the market. AI and automation integration involves blending AI technologies and automated processes to enhance efficiency and decision-making in various systems or workflows. AI and automation in IT-managed services enhance efficiency, and empower organizations for improved performance and reliability in infrastructure management. For instance, in January 2023, Pia Trading Co., a US-based AI-led automation company, introduced Pia aiDesk, a genuine automation platform designed to seamlessly integrate with existing IT service management (ITSM) tools. This innovation aims to streamline processes, release resources, and enhance operational efficiencies, specifically for managed service providers (MSPs). Pia aiDesk combines various technologies, such as artificial intelligence, machine learning, natural language processing, robotic process automation, and the Pia chatbot, to enhance service delivery for MSPs.
The IT managed services market covered in this report is segmented –
1) By Type: Cloud-based, On-premise
2) By Enterprise Size: Medium And Small-sized Enterprises, Large Enterprises
3) By Application: Banking, Financial Services, And Insurance, Retail, Logistics, Healthcare And Lifesciences, Government, Information Technology (IT) And Telecommunication, Other Applications
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Regional Insights –
North America was the largest region in the IT managed services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IT managed services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the IT managed services market are AT&T Inc., Dell Technologies Inc., Lenovo Group Limited, Accenture PLC, International Business Machines Corporation, Cisco Systems Inc., Hewlett Packard Enterprise Development, Fujitsu Limited, Telefonaktiebolaget LM Ericsson, Cognizant Technology Solutions Corporation, Infosys Limited, Lumen Technologies Inc., DXC Technology, Rackspace Technology Global Inc., SAS Institute Inc., Presidio Holdings Inc., Wipro Limited, BMC Software Inc., Unisys Corporation, CA Technologies, Alcatel-Lucent Enterprise SAS, Sapiens International Corporation N.V., Avaya Inc., Jade Global Inc., Marco Technologies LLC
Table of Contents
- Executive Summary
- IT Managed Services Market Report Structure
- IT Managed Services Market Trends And Strategies
- IT Managed Services Market – Macro Economic Scenario
- IT Managed Services Market Size And Growth
…..
- IT Managed Services Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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