The growing demand for IoT platforms and other IT related managed services are booming on the back of the spiked adoption of smart and connectivity devices for the transfer and collection of the information. With the rising need of advanced connected devices, the IT industry has been growing tremendously in recent years. Further, the demand for IT managed services is believed to supplement the expansion of the global IT managed services market with a CAGR of 8.38% between the years 2016 and 2023. The global IT managed services market accounted for USD 149.41 Billion in 2016 and is expected to reach USD 262.5 Billion by the end of 2023.
Market Segmentation By End -Use
The market is segmented by the end-use applications into large enterprises and small & medium-sized enterprises, out of which, the large enterprises segment accounted for the highest market share in terms of revenue in 2016 owing to growing need for IT resources in them. The ease of operating business processes with less time consuming methods through IT managed services is one of the major factors which are increasing the significance of the IT managed services in large enterprises. Further, the large enterprises segment is believed to observe Y-O-Y growth rate of 8.59% in 2023, whereas the small & medium-sized enterprises are predicted to witness highest CAGR in overall IT Managed Services Market during the forecast period.
Growing Need for Security & Management of Customers’ Data to Escalate the Demand for IT Managed Services in Future
The global IT managed services market is thriving on the back of increasing popularity of IT managed services in BFSI, IT & ITeS, education sector, manufacturing sector, healthcare sector and retail industry among others.
Enhanced Connectivity Infrastructure – There is a rapid adoption of smart infrastructure in corporates, transportation and other sectors to enhance the employee productivity.
Growth in IT Industry – The private and government agencies are taking initiatives towards the adoption of cloud computing along with raising funds in IT sector to enhance the operations of various business and industries.
Rapid Pace in Digitalization – Growing digitalization across the globe and adoption of IT-based services are believed to enhance the customer experience along with increasing the operational efficiency.
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Industry Players’ are Progressing towards Minimizing the Barriers faced by the Global IT Managed Services Market
According to Research Nester, the increasing rate of cybercrime is envisioned to impact the growth of the global IT managed services market across the globe.
Privacy and Security – There is a rising concern regarding privacy and security as hackers are looking for more ways to hack in to different systems.
High Expenditure Cost – The complexity and cost related to the IT managed services is very high.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the Global IT Managed Services Market which includes company profiling of Siemens Corporation, Dell Technologies, IBM Corporation, Alcatel Lucent, Microsoft Corporation, Cisco Systems Inc., Hewlett Packard Enterprise and Accenture.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global IT managed services market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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