The global managed services market size is projected to reach USD 557,100.76 Million by 2027 from USD 243,330.45 Million in 2021, at a CAGR of 6.9% during the forecast period (2020 - 2027).
Managed services help businesses to improve operational efficiency and lower operating expenses while allowing them to concentrate more effectively on core competencies. Managed services ensure optimal resource distribution and utilization, which contributes to increased overall profitability and operational efficiency. Businesses are finding it easier to respond to technological advances thanks to scalable infrastructure and flexible managed services models. Most of these factors are expected to drive market growth during the forecast period.
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Managed Services Market Segmental Analysis
The global managed services market is segmented based on Service, Function, Supply Chain, End-user, and region. Based on the Services it is categorized (Voice Service, Non-Voice Service, and IT Managed Service), Based on the Function it is categorized (Finance & Accounting (F & A), Marketing, Procurement, Supply Chain, Human Resource, and Information Technology (IT)), Based on the End-user it is categorized (Medical, Financial, Government, Audit & Consulting, Corporate, Telecom, and Insurance & Re-insurance), Based on Region it is categorized into North America, Europe, Asia-Pacific, America, and MEA.
Analysis by Service
In 2021, the IT-managed segment dominated the market share by more than 34%. Different organizations have selected the on-premise mode of deployment because it wouldn't require an internet connection and allows for easy customization of software to meet the needs of clients' business operations. The on-premise implementation also contributes to increased operational efficiency and the establishment of a control center within an organization for efficiently coordinating and controlling various project management duties and business operations.
Analysis by Function
In 2021, Finance and accounting accounted for the majority of the market share. The rise is due to the increasing adoption of big data and cloud-based services by various organizations. Big data applications are expanding to support the massive amount of online traffic caused by internet services. The big data-based services provide users with a variety of advantages, such as broad certified control, advanced security monitoring, and so on. For instance, Deloitte offers procurement consulting services, outsourcing implementation, and procurement-related technologies such as Coupa and Ariba which are based on the public cloud platform and big data capabilities.
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Managed Services Market Regional Insights
In 2020, Asia Pacific dominated the global market, accounting for more than 37% of total revenue. The region is expected to grow at a consistent CAGR from 2020 to 2027 as a result of increased investments in infrastructure development and manufacturing. However, the pandemic has had a significant impact on manufacturing operations and the supply chain. Except for China, all major Asian countries showed negative GDP growth in the second quarter of 2020.
Managed Services Key Market Trends
- The COVID-19 pandemic has had a broad impact on the world. The traditional working model has given way to the work-from-home model. Furthermore, a significant shift from private to the public cloud raises several security concerns.
- This change will benefit the managed services market because they have the expertise to secure an organization's IT infrastructure and provide various security services such as continuous monitoring, identity, and access management. MSPs have also expanded their security services offerings in the immediate wake of the pandemic to accommodate changes in work style and provide the best services.
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