Managed Services Market Growing at a CAGR 7.9% | Key Player Accenture, Atos, Cisco, TCS, Rackspace
The global Managed Services Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period, to reach USD 354.8 billion by 2026 from USD 242.9 billion in 2021. Major factors that are expected to drive the growth of the managed services market include lack of skilled IT professionals, rise in demand for secure IT infrastructure during the COVID-19 pandemic, cost and risk reduction, and requirements for regulatory compliance and security.
The market is expected to be driven by lack of skilled IT professionals
Organizations existing IT staff may not be adequately capable of keeping up with new technological trends. Hiring skilled professionals for SMEs and small businesses in their growing stage might not be a good idea as it will misbalance the budget for organizations. A lack of skilled IT security services has made organizations vulnerable to cyber-attacks hindering their brand equity. Managed services can help in bridging the gap by providing their expertise to organizations so that they can focus on their core businesses. Lack of IT skilled professionals can boost managed services market, as it can support growing enterprises that cannot afford to hire additional permanent staff for their IT systems. These technologies are complex in nature, thus required IT experts to deliver maximum output. However, enterprises are finding it difficult to find such talents and thus are reaching out to MSPs.
According to a survey, 60% of enterprises reported that the IT challenges are becoming more acute, and IT is getting harder to manage, while ~90% of the IT enterprises report that their cloud skills gaps have nearly doubled in the past three years (2016–2019), in one or more cloud disciplines, compared with just 50% in 2016.
Nearly 70% of the enterprises are reaching out to MSPs to fill cloud IT skill gaps.
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Cost and risk reduction
Organizations always look for third parties with experts who can provide them managed services in cost-effective and reduced risks. Managed services help to control and reduce various costs and risks. MSP can provide cost-effective and risk-aversion solutions to organizations where they mitigate risk for organizations with their team of experts. Also, with the dynamic nature of work, various risks have been identified and addressed. This can boost managed services market. Low IT budgets and the adoption of the Operation Expenditure (OPEX) model put tremendous pressure on enterprises. IT downtime affects enterprises’ revenue severely. Managed services reduce Total Cost of Ownership (TCO), increase IT uptime, and cut additional staffing costs. Hence, to tackle the above challenges and inherent benefits, enterprises are leveraging managed IT services.
According to a study, unplanned downtime costs enterprises USD 58,000 for every 100 users. Owing to a server and network downtime, the average employee loses 12.4 hours and 6.2 hours per year, respectively. However, by implementing managed IT infrastructure services, it is possible to reduce server and network downtime by more than 85%.
The managed services market report includes major vendors, such as are IBM (US), Fujitsu (Japan), Accenture (Ireland), Atos (France), Cisco (US), DXC (US), TCS (India), Rackspace (US), AT&T (US), Verizon (US), Dimension Data (South Africa), Infosys (India), HCL (India), Ericssion (Sweden), GTT Communications (US), NTT Data (Japan), Happiest Minds (India), Huawei (China), Nokia Networks (Finland), CenturyLink (US), Wipro (India), Cognizant (US), Capgemini (France), BT (UK), Deloitte (UK), Secureworks (US), Alert Logic(US), BAE Systems (UK), Trustwave (US), Hughes (US), MeTtel (US), Microland (India), Optanix (US), Essintial (US), Intact Tech (US), 1-Net (Singapore), Ascend technologies (US), SecureKloud (India), Aunalytics (US), AC3 (Australia), Cloud Specialists (Australia), Corsica Technologies (US), and Empist (US). The major players in the managed services market have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Accenture, IBM, Fujitsu, Atos, and Cisco have majorly adopted many growth strategies, such as new services and product launches, acquisitions, and partnerships, to expand their service portfolios and grow further in the managed services market.
Atos is a global leader in secure and decarbonized digital with a range of market-leading digital solutions along with consultancy services, digital security and decarbonization offerings; an end-to-end partnership approach. It offers managed services and BPO, cloud operations, big data and cybersecurity solutions, and transactional services. It is the worldwide IT partner for the Olympic & Paralympic Games. SAP, Microsoft, Cisco, Oracle, and AWS are some of the leading partners of Atos. It offers various managed services which includes security services, public cloud, workplace services, infrastructure services, and digital video surveillance. The company offers its solutions and services through three business segments: infrastructure and data management, business and platform solutions, and big data and cybersecurity. Products and solutions offered by Atos include enterprise servers, data centers, and integrated systems, application development, big data, and analytics and consulting.
Atos has a strong presence around the globe with more than 105,000 employees and a presence in more than 70 countries. The company caters to various verticals such as manufacturing, BFSI, healthcare and life sciences, public sector and defense, telecommunications and media, and resources and services.
Cisco invests in R&D activities to offer its customers new and technologically advanced products and solutions, which would deliver maximum results with minimum spending. This tradition of innovation continues with industry-leading products and solutions in the company’s core development areas of routing and switching, as well as in advanced technologies such as home networking, IP telephony, optical networking, security, storage area networking, and wireless technology. In addition to its products, Cisco provides a broad range of service offerings, including technical support and advanced services. The company offers various technological assistance in the blockchain, security, and cloud. It also offers services, such as advisory, implementation, training, optimization, management, and technical, to enable customers to efficiently manage their businesses. These services are categorized into technical support services and advanced services. Technical support services aim at ensuring the operating efficiency of the products by keeping the system up to date with the latest application software. Advance services are offered for cloud, security, and analytics, which provide responsive, preventive, and consultative support to technologies related to networking. Cisco offers various managed services such as managed security services, managed data center services, managed network services, managed collaboration services, and managed workplace services.
Cisco has a worldwide presence with more than 77,000 employees and caters to clients operating in government, financial services, health, utility, communication, oil & gas, manufacturing, retail & consumer service, and transportation & logistics sectors.
IBM is a leading cloud platform and cognitive solutions company. It. The company’s major operating sector consists of five business segments, namely, cognitive solutions (AI), global business services, technology services and cloud platforms, systems, and global financing. IBM focuses on strengthening its product portfolio by launching new and advanced solutions in these sectors. It helps customers streamline business processes and enhance data-driven decision-making capabilities. It offers a broad product portfolio that includes Analytics, Intelligent Automation, Cloud Computing, Blockchain, Business Operations, IT Infrastructure, Mobile Technology, Security, Software Development, and Supply Chain Management. As of December 2020, the company has 345,000 employees.
IBM offers an array of services, including infrastructure services, outsourcing, application management services, Global Process Services (GPS), maintenance and support, consulting, and other managed services. It offers managed services such as enterprise application services, managed mobility services, workplace services, backup and recovery services, network services, security services, and storage services. IBM has expanded its managed services in the cloud services such as Infrastructure-as-a-service (IaaS), Platform-as-a-service (PaaS), and Software-as-a-service (SaaS).
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IBM caters to various verticals, including automotive, telecommunications, financial services, health, aerospace & defense, insurance, life sciences, and retail. It nurtures an ecosystem of global business partners operating in more than 170 countries. IBM research constitutes the largest industrial research organization globally, with 12 labs across six continents spread across the Americas, Europe, MEA, and APAC.
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