Managed Services Market

The managed services market is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period, from USD 365.33 billion in 2024 to USD 511.03 billion by 2029. Managed services is the practice of outsourcing particular business operations or functions to third-party companies. Managed services providers (MSPs) are responsible for the day-to-day administration, monitoring, and optimization of these services, allowing enterprises to focus on their core capabilities. Managed services include various disciplines, including IT infrastructure management, cybersecurity, cloud computing, network monitoring, and data storage.

One major factor that has fueled the growth of the managed services market is the shift in organizations running their operations and applications on the cloud. Companies require MSPs to address cloud environments' challenges, work in hybrid infrastructures, and protect data in the cloud. The significance of cybersecurity has grown tremendously due to the prevalence and advancement of cyberattacks in recent years. Security services are provided to safely detect threats, respond to incidents, maintain compliance, and address significant risks. Furthermore, the continuously evolving connected world of Internet of Things (IoT) devices has brought new challenges in managing or securing the ecosystem. MSPs provide services regarding the supervision, control, and protection of IoT objects and the information that IoT produces.

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Major vendors in this market are in North America and Europe. IBM (US), Accenture (Ireland), Microsoft (US), Cisco (US), Fujitsu (Japan), TCS (India), Google (US), DXC Technology (US), Infosys (India), and Capgemini (France) are among the leading players operating in the managed services market. These players have adopted many growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, collaborations, mergers, acquisitions, and new product development activities to expand market presence.

IBM

IBM is a major player in cloud platforms and AI solutions. Its main areas of operation include AI, business services, cloud technology, systems, and global financing. The company is focused on expanding its offerings by introducing new and advanced products in these fields. It helps customers streamline business processes and enhance data-driven decision-making capabilities. It offers a broad product portfolio that includes analytics, cloud computing, blockchain, intelligent automation, business operations, mobile technology, security, IT infrastructure, software development, and supply chain management.It helps customers streamline business processes and enhance data-driven decision-making capabilities. It offers a broad product portfolio that includes intelligent automation,  analytics, cloud computing, blockchain, business operations, mobile technology, IT infrastructure, security, software development, and supply chain management.

It offers managed services, such as enterprise application, managed mobility, workplace, backup and recovery, network, security, and storage services.

IBM has expanded its managed cloud services, which encompasses Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and Software-as-a-Service (SaaS). It serves multiple industries, including automobiles, telecommunications, financial services, health, aerospace & the armed forces, life sciences, and retail. It fosters a network of worldwide business partners operating in over 170 countries. IBM Research is the world's biggest industrial research group, with 12 laboratories on 6 continents, including the Americas, Europe, Middle East and Africa, and Asia Pacific.

Accenture

Accenture is a diversified technology and consulting organization. Accenture's diverse portfolio spans various services, from hands-on delivery and installation to more specialized areas like application management, BPO, and technology consulting. The company also brings expertise in advanced fields such as blockchain, security, cloud services, and network transformation, ensuring comprehensive solutions tailored to the specific needs of its clients across various industries. It serves across multiple verticals: aerospace and defense, chemicals, healthcare, life sciences, software and platforms, automotive, communications and media, high technology, natural resources, travel, banking, consumer goods and services, industrial equipment, public services, utilities, capital markets, energy, insurance, and retail.

Accenture provides managed security, infrastructure, network transformation, and compliance services, helping businesses tackle operational challenges while maintaining security and efficiency in a fast-evolving digital world. With a presence in over 50 countries and the ability to serve clients in more than 120 nations, Accenture combines local expertise with a global reach. Its team of 774,000 professionals, working alongside 350+ strategic partners, drives innovation and collaboration. As of 2024, the company's commitment to progress is reflected in its impressive portfolio of more than 7,400 pending patents.

Related Reports:

Managed Services Market by Service Type (Managed IT Infrastructure & Data Center Service, Managed Network Service, Managed Security Service, Managed Communication & Collaboration Service, Managed Mobility, Managed Information) - Global Forecast to 2029

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