New York, USA, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Managed Services Market accounted for $1,73,850.0 million in 2019 and is predicted to generate a revenue of $4,10,707.9 million by 2027.
Managed services are typically used as an IT support. Managed services allow the user to troubleshoot wherever a server goes down or requires damage control. As most of the organizations are not well equipped with advanced technologies, there are high chances of facing data breach. Managed services help to protect businesses from a security breach and take quick action if one does occur.
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COVID-19 impact on the Managed Services Market
The novel coronavirus outbreak has impacted the managed services market positively. Most of the places are shut down due to the spread of the coronavirus. But with the help of managed services, the operational flow of organizations has not been impacted much. Rather most of the other organizations are implementing managed services to a huge extent, which is predicted to boost the managed services market during the pandemic.
Rise in the use of the managed services in the IT sector for various operational activities in house or in cloud premises is predicted to be the major driving factor for the global managed services market in the estimated period. Most of the organizations have adopted managed services to provide their workforce work from home facility. With the help of managed services the day to day work can continue and be monitored, which is predicted to be the major driving factor for the global managed services market in the estimated period.
Unavailability of skilled labor in the industry is predicted to be the biggest restraint for the market in the forecast period. The company faces a lot of difficulty to acquire the right person with required skill.
Small and medium enterprises generated a revenue of $ 71,432.7 million in 2019 and is predicted to grow by generating a revenue of $1,85,222.9 million by 2027. Small and medium enterprises (SMEs) see ups and downs very frequently when compared to big businesses. Their market is very unpredictable and requires immediate adjustments in scaling. Small and medium enterprises adopt managed services to a large extent to overcome all the hurdles, which is predicted to boost the segment in the projected time frame.
On-Premises generated a revenue of $93,906.3 million in 2019 and is predicted to grow by generating a revenue of $2,01,352.2 million by 2027. On premise setup requires in-house server hardware, software licenses, integration capabilities, and IT employees on hand to support and manage potential issues that may arise. Rise in the adoption of software among the organization is predicted to boost the segment in the projected timeframe.
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Security services generated a revenue of $36,368.9 million in 2019 and is predicted to grow by generating a revenue of $84,256.6 million by 2027. Security services provide outsourced monitoring and management of specialty devices and system which helps in monitoring the operational work in a secured manner, due to which the security services segment is predicted to boost the segment market in the projected timeframe.
BFSI segment generated a revenue of $27,323.6 million in 2019 and is predicted to grow by generating a revenue of $67,861.8 million by 2027. Banking, financial services and insurance deals with huge amount of data sets. To maintain the data sets, organizations require managed services, which will ultimately bolster the segment market in the projected timeframe.
Asia-Pacific region market generated a revenue of $46,939.5 million in 2019 and is predicted to grow by generating a revenue of $1,16,641.0 million by 2027. Asia-Pacific region market is predicted to be the biggest market for the managed services market in the forecast period. Shifting of majority of companies to Asia-Pacific region is predicted to drive the market in the estimated period. Moreover, low labor cost, high skilled labor and various government initiative are predicted to boost the region market in the estimated period
Key Players of the Industry
1. IBM Corporation
2. HCL Technologies
3. TCS
4. Atos
5. AT&T
6. Cisco Systems
7. Fujitsu
8. Ericsson
9. Accenture
10. Dimension Data
The report also recapitulates many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here To Get Absolute Top Companies Development Strategies Summary Report