Managed Services Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Managed Services Market in 2021?

The managed services market had a significant growth rate in 2021, with a CAGR of 10.5%. The market size reached USD 182.4 billion by the end of the year, showing a promising outlook for the industry.

COVID-19 Impact on the Managed Services Market

The COVID-19 pandemic had a mixed impact on the managed services market. On one hand, the increased need for digital transformation and remote work led to a surge in demand for managed services. On the other hand, the economic slowdown caused by the pandemic led to budget cuts for many organizations, affecting the adoption of managed services.

Managed Services Dynamics

The dynamics of the managed services market are driven by various factors such as increasing complexity of IT infrastructure, growing cybersecurity threats, and the need for cost-effective solutions. Managed services providers are focusing on offering a wide range of services, including cloud management, security management, and network monitoring, to meet the diverse needs of their customers.

Segments and Related Analysis

The managed services market can be segmented based on service type, organization size, and vertical. The key segments include infrastructure management, cybersecurity, and network monitoring. Small and medium-sized enterprises (SMEs) are increasingly adopting managed services to enhance their IT capabilities and improve operational efficiency.

By Region Analysis

The managed services market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominates the market due to the presence of key players and advanced IT infrastructure. Europe and Asia Pacific are also experiencing significant growth in the adoption of managed services.

Key Market Players and Competitive Landscape

Some of the key players in the managed services market include IBM, Accenture, Cisco Systems, and Hewlett Packard Enterprise. These companies are focusing on strategic partnerships and acquisitions to expand their market presence and offer innovative solutions to their customers.

Recent Happenings in the Managed Services Market

In recent years, the managed services market has witnessed several key developments, such as the launch of new services, partnerships between providers, and mergers and acquisitions. For example, IBM announced the acquisition of a cloud consulting firm to strengthen its cloud management services. These developments indicate the dynamic nature of the industry and the continuous innovation in the market.