London, May 11, 2022 (GLOBE NEWSWIRE) — Regional snapshot
As many companies are implementing formal strategies in order to support their efforts, digital transformation has become a priority in various countries. The Asia Pacific region is expected to grow the fastest during the forecast. China State Council released a proposal in January 2021, in order to help the digital economy grow through the 14th 5-year plan. It is expected that the China digital transformation of industries will reach new levels by the year 2025. The managed service providers are working on reducing the security risk and optimizing the operations of the companies by using latest technologies.
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In the Asia Pacific countries, the managed services market is majorly offered by the telecommunication companies in the country. Due to a rapid evolution of technology in India, the banking sector is also experiencing a change. The deployment of managed services will have good growth extensive investments by the Indian government towards physical infrastructures like smart cities. Managed services will be used for data storage security and network management. Currently, about 100 cities are undergoing transformation.
Report highlights
On the basis of the solution segment, the managed data Center segment had the largest market share and is expected to witness growth during the forecast. As there is an integration of cutting edge technology into the new and existing corporate infrastructure. The segment is expected to grow as there is a rise in cyberattacks, the usage of managed security services.
On the basis of deployment, the on premise segment is expected to grow as it does not require an Internet connection and it is easy to use. The on premise deployment allows easy customization in order to suit the business process requirements of the clients. The on premise implementation has an established Control Center within an organization, so there is an increased operational efficiency, coordination and controlling in various management duties. The hosted deployment segment is also expected to grow as there is no requirement for upgrading these softwares regularly.
On the basis of the size of enterprises, the large enterprises segment will grow during the forecast period as there is a need for successful maintaining of data and providing an access to this data locally and remotely. In case there is a cyber attack on large firms, the loss could be enormous. So in order to curtail these losses there is a demand for managed services.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 280 Billion |
| Revenue Forecast by 2028 | USD 606.95 Billion |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Companies Covered | Accenture PLC, AT&T Inc., Alcatel-Lucent Enterprise, Avaya Inc., Ericsson, Fujitsu Limited, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, BMC Software, Inc., CA Technologies, Cisco Systems, Inc., Lenovo Group Limited, DXC Technology Company |
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Market dynamics
Drivers
There is an increasing adoptionof the cloud based managed security services. It will contribute to the growth of this market. The increasing demand for security against cyber threats is making the organisations adopt managed security services. In order to increase the productivity in the corporate environment, the bring your own device strategy (BYOD) is used. In the technology driven business environment, the BYOD stands as a component for increasing productivity.
Restraints
One of the market limitations for the growth of this market is inavailability of IT and cybersecurity professionals. The lack of availability of these persons will hinder the growth of the organisations. Cyber attacks will increase and there shall be data loss. If the organisations are not able to meet the demand of the IT security needs the reputation of the organization can also be damaged. So these happen to be the largest restraints in the growth of this market.
Opportunities
As there is an increased adoption of managed services, which are based on cloud and big data, the market is expected to see a great during the forecast. Big data applications are growing in order to support the massive amount of online traffic, which is caused by the Internet services. Big data services offer benefits like advanced security monitoring and broad certified control.
Challenges
There are possibilities that the IT MSP is unable to provide the strategic guidance in case the business expands. The managed service providers fail to scale with your business. Many MSP do not specialize in cybersecurity. Therefore, it leaves the businesses vulnerable to hackers. Also, the service provided by the MSP maybe delayed sometimes. They try upselling even when there are no needs for the business. So, all of these happen to be the challenges in the growth of this market.
Recent Developments
Tata Consultancy Services announced that it has become a partner with a newly launched Microsoft Cloud, which is for the retail in 2022. TCS will work with retailers to help the retail clients accelerate their growth with the help of Microsoft Cloud. This partnership will use the multi Horizon Cloud transformation framework.
In November 2021, Ericsson announced the release of intelligent Automation Platform, which allows any mobile network to be automated intelligently. This platform will help in building the networks for the future. The existing products of Ericsson, which are cloud native dual mode 5G core and cloud RAN portfolio will have an addition of the intelligent automation Platform and suite of rAPPS
Wipro announced that it has signed a multiyear global strategic and digital deal in October 2021 with a leading multinational electric and gas utility provider named National Grid which is headquartered in London. It will help in accelerating the digital innovation journey of National Grid With the help of standardized tools and cloud services.
BT and Rackspace Technology entered into a partnership agreement in January 2022 to transform the BT’s multinational customers cloud services.
Market Segmentation
By Solution
- Managed Data Center
- Managed Network
- Managed Mobility
- Managed Infrastructure
- Managed Backup and Recovery
- Managed Communication
- Managed Information
- Managed Security
By Enterprise Size
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By End-use
- Financial Services
- Government
- Healthcare
- IT & Telecom
- Manufacturing
- Media & Entertainment
- Retail
- Others
By Managed Information Service
- Business Process Outsourcing (BPO)
- Business Support Systems
- Project & Portfolio Management
- Others
By Deployment
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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