Managed Services Market Expected to Reach $372.6 Billion by 2028, Driven by Efficiency, Expertise, and Scalability
The global managed services market is anticipated to reach USD 372.6 billion by 2028, reflecting a compound annual growth rate (CAGR) of 6.2% during the forecast period, according to a new report by MarketsandMarkets™. This growth is attributed to various factors, including:
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Proactive Problem Management: Managed service providers (MSPs) actively monitor client systems and infrastructure, leveraging advanced tools to identify and address potential issues before they escalate into major problems, minimizing downtime and disruption.
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24/7 Support: Round-the-clock support offered by MSPs ensures prompt resolution of critical issues, even outside regular business hours, leading to improved service reliability and customer satisfaction.
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Scalability: Managed services are designed to be scalable, allowing businesses to adjust the scope and scale of services as their needs evolve, adapting to changes in demand, technology, and market conditions without over-committing resources.
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Deep Expertise: MSPs specialize in areas like cybersecurity, cloud computing, or network management, offering clients access to deep expertise and industry insights, ensuring implementation of best practices.
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Cost Savings: Outsourcing specific functions to MSPs can be cost-effective compared to hiring, training, and maintaining an internal team for those tasks. Businesses pay a predictable fee to the MSP, often resulting in a cost advantage.
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Focus on Core Competencies: Delegating operational functions to MSPs allows companies to focus their resources and energy on their core competencies, such as product development, customer service, and strategic planning, leading to increased innovation and competitiveness.
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Managed Mobility Service Segment Poised for Highest Growth
The report segments the managed services market by service type, with the managed mobility service (MMS) segment projected to capture the highest CAGR during the forecast period. MMS offerings from MSPs are comprehensive solutions designed to efficiently manage and optimize an organization's mobile devices and associated infrastructure. Key benefits of MMS include:
- Streamlined Management, Security, and Support of Mobile Devices, Applications, and Data
- Enhanced Productivity and Data Protection for a Mobile Workforce
- Deployment and Management of Mobile Device Management (MDM) Solutions for Remote Configuration, Monitoring, and Security of Mobile Devices
- Implementation of Mobile Application Management (MAM) to Control Access to Corporate Applications and Data on Mobile Devices
- Mobile Security Measures Including Encryption, Containerization, and Multi-factor Authentication to Ensure Data Privacy and Compliance
North America to Hold Largest Market Share, Led by Strategic Adoption
North America is projected to hold the largest market share throughout the forecast period. The widespread adoption of managed services in this region is driven by their strategic value for businesses seeking to optimize IT operations. Key benefits of managed services in North America include:
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Enhanced Efficiency, Scalability, and Cost-Effectiveness: Outsourcing tasks like network monitoring, cybersecurity, cloud management, data storage, and technical support allows companies to focus on core competencies while gaining access to advanced technologies and expertise.
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Consistent and Reliable IT Performance: Managed services ensure consistent and reliable IT performance, reducing downtime and enhancing productivity.
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Staying Updated with Evolving Technology: Utilizing managed services helps businesses stay updated with the rapidly evolving technology landscape, ensuring compliance with industry standards and regulatory requirements.
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Competitive Edge and Fostering Innovation: By strategically utilizing managed services, North American companies can gain a competitive edge, foster innovation, and adapt to market changes more effectively.
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