The global managed services market was valued at approximately USD 299.01 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 13.6% from 2023 to 2030. Managed services play a crucial role in minimizing downtime and redundancy while providing tailored value-added services, such as application testing, service catalog development, and expert consultancy. The use of various monitoring tools and multiple layers of infrastructure managed by dedicated teams significantly contributes to the growth of this market.
Moreover, as enterprises worldwide seek to streamline their infrastructure and reduce costs, there is a growing trend toward migrating to cloud platforms and adopting managed IT services. These services help organizations optimize their infrastructure expenses and enable them to compete more effectively in the face of digital transformation. Companies in the managed services market are actively focusing on launching innovative services designed specifically for enterprise businesses to capture a substantial share of this expanding market.
To enhance security, compliance, and overall business performance, companies operating in the managed services sector are forming strategic partnerships. For instance, in April 2023, Sinch, a partner of Microsoft Operator Connect, announced a collaboration with Synoptek to provide managed and professional services for the Microsoft Teams Phone System, which integrates direct routing or operator connect capabilities. Factors such as improving operational efficiency through a sharper focus on core competencies, reducing operational costs, and increasing the adoption of cloud-based technologies—like automation, Internet of Things (IoT), blockchain, and cloud computing—are driving significant growth in the managed services market.
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Solution Segmentation Insights
In 2022, the managed data center segment was the largest in the market, capturing over 15% of the overall share. This segment is poised for further expansion due to the ongoing integration of advanced technologies into both existing and new corporate infrastructures. Managed data center services play a vital role in optimizing business operations by enhancing automation and improving management practices within a hybrid IT framework.
As cyberattacks become more frequent, the applications of managed security services across various end-use sectors are expected to increase significantly. These services are crucial for safeguarding sensitive information within business operations. The rising complexity of networks presents considerable challenges to effective data security management, making the adoption of managed security services essential. These services enable organizations to detect and address risks through comprehensive security assessments and automate compliance monitoring, thereby driving demand in this area.
Additionally, managed IT services include endpoint management solutions that oversee endpoint environments, secure remote workers, automate provisioning and compliance processes, and provide thorough troubleshooting for endpoints. Organizations are increasingly embracing proactive IT security strategies to protect their operations and secure individual digital identities. This approach allows them to be more agile, adaptable, and collaborative in their efforts to safeguard their critical assets and resources.
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