Managed Services Market to Grow at 7.9% CAGR by 2031 | SkyQuest Technology

Westford USA, July 25, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that Managed Services Market will attain a value of USD 519.57 billion by 2031, with a CAGR of 7.9% during the forecast period (2024-2031). The market is expected to grow, aimed at strengthening the profit margins and therefore increasing operational capacity to enhance performance under volatile conditions. Managed business benefits through reduced IT operational costs and increased organizational efficiency driving market growth. This role helps companies create value by managing quality IT systems, processes operate automatically especially in the face of shrinking profitability. Also, organizations enabling the shift to digital and encouraging the use of cloud solutions meet the needs of various end users such as public sector agencies. Apart from some of the key factors, increasing rate in adoption of cloud technology, internet of things, growth in 5G connectivity.

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Browse in-depth TOC on ” Managed Services Market ”  

• Pages – 165
• Tables – 97
• Figures – 76

Managed Services Market Overview:

On-premises Segment to Dominate Due to the Rising Needs of Specific Business Processes

The on-premises segment was dominant in terms of deployment rules with a market share of over 63.8% by 2023. Software to meet the needs of specific business processes. Activities at the university level also increase operational efficiency and contribute to the establishment of a control centre within the organization, which is more efficient and manages various management functions and operational functions.

IT & Telecom Segment to Drive Market Due to Growing Need for Advanced Digital Solutions

Various growth trends are predicted in the managed services market, especially in the IT & Telecom industry due to the need for advanced digital solutions and connectivity. Globally, the overall IT & Telecom industry is predicted will have a CAGR of 8 percent in the coming years. Through outsourcing, businesses continue to invest heavily in cybersecurity and data management services to improve their operational efficiency and increase reliability Based on our research, all the money spent on cloud infrastructure about 2023 is $150 billion, up 12% compared to 2022 spending.

North America is Dominating Due to Increasing Popularity of Employing IT Specialists

Beyond the year 2023, North America, especially the United States, is expected to continue to lead the revenue management market as new forecasts show that the United States will contribute the largest market share in the region. Such a leadership position has several supporting factors. First and foremost, indicative of the increasing popularity of employing IT specialists across industries of every diversity and size, the reliance on technology drives the demand for IT professionals who qualifications are high. Managed projects offer an affordable, cost-effective system, eliminating the need for large start-up investments in organizational and IT personnel.

Asia Pacific seems to be registering the biggest growth in the managed services market and contributes more than 37% to the total market revenue. This is easily explained by the promise of a reasonably high future CAGR due to increased investment in infrastructure and manufacturing.

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Drivers

• Rising Adoption of Digitalization in Various Sectors
• Growing Cyber Threats

Restraints

• High Costs of Technologies
• High Cost of Equipment

Prominent Players in Managed Services Market  

The following are the Top  Managed Services Companies

• Wipro Limited
• Dell Technologies Inc.
• Tata Consultancy Services Limited
• Infosys Limited
• Ericsson AB
• NOKIA Corporation
• DXC Technology Company
• Huawei Technologies Co., Ltd.
• HCL Technologies Limited
• Dimension Data Holdings PLC
• Unisys Corporation
• NTT DATA Corporation
• Cognizant Technology Solutions Corporation
• Capgemini SE

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Key Questions Answered in Managed Services Market Report

• What are the drivers of Global Managed Services Market?
• What are the key factors for Global Managed Services Market growth?
• Which is the fastest growing region in the Global Managed Services Market?
   

This report provides the following insights:

• Analysis of key drivers (rising adoption of digitalization in various sectors), opportunities (innovative technologies revolutionizing managed services), restraints (lack of IT security professionals) influencing the growth of Managed Services Market.
• Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Managed Services Market.
• Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Managed Services Market. 
• Market Growth: Detailed information on profitable growing industries. 
• Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
• Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.

Related Reports:
5G Services Market
Managed Security Services Market
Managed Network Services Market
Cloud services
Cyber security market

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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