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The managed services market is driven by several key factors, including organizations' growing focus on cost optimization, the increasing preference for outsourced IT operations, the shortage of skilled IT professionals, rising cyber threats such as ransomware attacks, and the growing investment in digital transformation. However, market growth is constrained by a lack of trust among enterprises in transferring control of their systems to third-party providers.
Despite these challenges, the increasing adoption of cloud-based solutions and advanced technologies is expected to create significant opportunities for market stakeholders. However, the market also faces challenges, including the low adoption rate of managed services by small and medium-sized enterprises (SMEs). Additionally, the proliferation of 5G technology is emerging as a key trend in this market.
Key Players:
The managed services market is moderately competitive, with a mix of large and small global, regional, and local players. Leading companies include Accenture (Ireland), Tata Consultancy Services (India), HCL Technologies (India), Cognizant (U.S.), IBM Corporation (U.S.), Fujitsu Limited (Japan), Kyndryl Holdings (U.S.), Verizon Communications (U.S.), Google (U.S.), Hughes Network Systems (U.S.), AT&T Inc. (U.S.), Microsoft Corporation (U.S.), Cloudflare, Inc. (U.S.), Wipro Limited (India), HP Inc. (U.S.), SecureWorks Corp. (U.S.), Hitachi Vantara LLC (U.S.), Cisco Systems, Inc. (U.S.), DXC Technology (U.S.), and Infosys Limited (India).
Market Segmentation:
The managed services market is segmented by type, deployment mode, organization size, and end-use industry. This report also offers a competitive analysis at both regional and country levels.
- By Service Type: In 2024, the managed security services segment is expected to lead the market, accounting for over 39% of the market share. Managed security services offer cost-effective access to skilled professionals, along with round-the-clock management and monitoring of firewalls, intrusion detection systems, and endpoint security tools.
- By Deployment Mode: The cloud-based segment is projected to dominate in 2024, with a market share of over 62%. This dominance is due to the numerous advantages of cloud-based services, including on-demand access to experienced professionals, business agility, automatic upgrades, and robust cybersecurity features.
- By Organization Size: In 2024, large enterprises are expected to hold over 67% of the market share. The complexity of IT infrastructures, evolving IT needs, and the emphasis on risk mitigation and regulatory compliance in large organizations contribute to this segment's leadership position.
- By End-Use Industry: The BFSI (banking, financial services, and insurance) sector is anticipated to lead the market in 2024, with a share exceeding 34%. This is driven by the sector's focus on continuous, high-quality customer service and the growing use of AI and machine learning for process automation and fraud detection.
- By Region: North America is expected to dominate the market in 2024, with over 40% of the market share. The region's dominance is attributed to the presence of established Managed Service Providers (MSPs), the increasing use of managed security services, and rising investments in IT capabilities and network infrastructure protection.
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