Managed Services Market to hit USD 350 Bn by 2026: Global Market Insights, Inc.
Global Market Insights, Inc
6 min read
Europe managed services market is estimated to capture more than 20% share by 2026 driven by the growing adoption by enterprises due to extensive digitization and growing cyber incidents across the region.
Global Market Insights, Inc. has recently added a new report on managed services market which estimates the global market valuation for managed services will cross US$ 350 billion by 2026. The growing emphasis on outsourcing of network monitoring, cybersecurity, and network maintenance by major industry players is expected to contribute significantly to market growth.
The growing demand to improve business efficiencies and manage business infrastructure is expected to support the managed services market growth. The managed services help companies in shifting the overall business processes and operations to partner companies to bolster business efficiency and enhance operational quality. The enterprises are transitioning to modern enterprise infrastructure to enable processing of critical work processes. With the adoption of big data analytics, cloud, and IoT devices, managed service providers are focusing on managing and monitoring infrastructural changes.
The managed backup and recovery service segment in the market is expected to grow significantly over the forecast period. The demand for these managed services across well-established enterprises has increased exponentially. The growing technology development and evolution is driving enterprises to deploy additional tools & services to safeguard the business. The managed backup and recovery services allow businesses to analyze the entire business environment and let businesses to ensure that the operations are hassle-free.
The large enterprise segment in the managed services market held the highest market share in 2019. In response to COVID-19 crisis, large enterprises have instructed their employees to work remotely from home. Traditionally, the IT teams monitor & maintain the overall infrastructure and make necessary changes in accordance with business requirements. However, due to pandemic situation, the enterprises are adopting diverse managed services and contributing to the market growth.
The demand for managed services from energy and utility enterprises is increasing significantly due to additional flexibility and business efficiency. The extensive adoption of IoT devices and smart grid technology solutions is driving the demand for managed services. Moreover, the utility sector is witnessing increased vulnerabilities affecting control systems and infrastructure processes; thus, the enterprises are majorly adopting managed security, network, and infrastructure services to ensure their focus on core business operations.
Europe is expected to hold above 20% share of the global managed services market by 2026. The extensive digitization and growing cyber incidents across the region are driving enterprises to adopt managed security services. For instance, according to the Hiscox Cyber Readiness Report 2019, the number of cyberattacks on organizations in the UK increased to 55% from 40% in 2018. In addition, the companies, such as Atos SE and Thales Group, offer managed security services. These companies are expanding their partner network to serve customers from unserved regions.
Browse key industry insights spread across 270 pages with 259 market data tables and 26 figures & charts from the report, “Managed Services Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The companies operating in the market are focusing on unveiling innovative managed services for their customers. For instance, in October 2020, Lightstream Managed Services, LLC. launched Managed Security Services for its prospective customers. The launched services include multiple security modules including access defense, edge defense, endpoint defense, and cloud defense. These services help enterprises in managing diverse risks associated with the enterprise infrastructure. This launch helped the company to expand its managed service offering.
Some major findings of the managed services market report include:
The rising internet penetration coupled with the proliferation of smart devices and supportive government initiatives for rapid adoption of cloud computing services is driving the managed services market growth.
North America is expected to hold a major share of the managed services market due to the extensive presence of managed service vendors and adoption of cloud infrastructure.
Major players operating in the managed services market are Accenture Plc, Cisco Systems Inc., DXC Technology, Infosys Limited, Tech Mahindra, etc.
Companies operating in the market are focusing on the development of innovative managed services for security and monitoring.
Partial chapters of report table of contents (TOC):
Chapter 3 Managed Services Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.3.1 Impact by region
3.3.1.1 North America
3.3.1.2 Europe
3.3.1.3 Asia Pacific
3.3.1.4 Latin America
3.3.1.5 Middle East & Africa
3.3.2 Impact by value chain
3.3.3 Impact by competitive landscape
3.4 Technological evolution
3.5 Industry ecosystem analysis
3.6 Technology & innovation landscape
3.6.1 Managed Software as a Service
3.6.2 Security as a Service
3.6.3 Managed Software as a Service
3.7 Regulatory landscape
3.7.1 MEF 3 0 SD-WAN Service Attributes and Service Definition Standard
3.7.2 The National Institute of Standards and Technology (NIST), U
3.7.3 European Telecommunications Standards Institute (ETSI) GS NFV -IFA 008
3.7.4 The Open Compute Project and OPNFV
3.7.5 ISO/IEC 270001
3.7.6 IEEE SDN/NFV Standardization
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Rising penetration of cloud computing services
3.8.1.2 Growing demand to reduce administration and maintenance costs
3.8.1.3 Surging need for improved network connectivity
3.8.1.4 Lack of IT resources and in-house expertise
3.8.1.5 Growing government spending on ICT sector
3.8.2 Industry pitfalls & challenges
3.8.2.1 Dependency on in-house workforce across the SMEs
3.8.2.2 Data privacy and security concerns
3.9 Porter’s analysis
3.10 PESTEL analysis
3.11 Growth potential analysis
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