In terms of revenue, the managed services market is expected to grow from USD 275.5 billion in 2023 to USD 372.6 billion by 2028 at a compound annual growth rate (CAGR) of 6.2% during the forecast period. Managed services refer to outsourcing specific business processes or functions to third-party providers. These providers, known as MSPs, assume responsibility for managing, monitoring, and optimizing these services, allowing organizations to focus on their core competencies. Managed services encompass various domains, including IT infrastructure management, cybersecurity, cloud computing, network monitoring, data storage, system management, and more.
The migration of businesses to cloud-based infrastructure and services has been a significant driver of the managed services market. Organizations seek MSPs to help them navigate the complexities of cloud technologies, manage hybrid environments, and ensure data security in the cloud. With the increasing number of cyberattacks, cybersecurity has become the utmost priority for businesses of all sizes. Managed security services offer proactive threat detection, incident response, and compliance management, addressing critical vulnerabilities. Moreover, the proliferation of Internet of Things (IoT) devices has introduced new complexities in managing and securing connected ecosystems. Managed services providers offer services to monitor, safeguard, and manage IoT devices and the data IoT generates.
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IBM (US), Fujitsu (Japan), Cisco (US), DXC (US), TCS (India), Rackspace (US), AT&T (US), Verizon (US), Infosys (India), HCL (India), GTT Communications (US), NTT Data (Japan), Happiest Minds (India), Huawei (China), Lumen Technologies (US), Wipro (India), Cognizant (US), and Secureworks (US) are among a few leading players operating in the managed services market. These vendors can concentrate on forming new connections and partnerships. Key players have adopted numerous strategies such as new product launches, contracts, collaborations, and mergers & acquisitions to strengthen market dominance.
Huawei is one of the significant providers of smart devices and Information & Communications Technology (ICT) infrastructure. It is a privately owned company. The company operates through four segments: Consumer Business, Carrier Business, Enterprise Business, and Unallocated items. The Carrier segment includes solutions related to wireless networks, cloud core networks, fixed networks, IT infrastructure carrier software, and professional services. The Enterprise segment covers a digital infrastructure platform built using new ICT technologies. Smartphones, tablets, wearable devices, and converged home devices, among others, are included in the Consumer segment.
Huawei Cloud Managed Network Service helps reduce network OPEX and predict possible faults. Huawei manages end-to-end network infrastructure, including planning, design, deployment, monitoring, and maintenance. They ensure network performance, reliability, and security while assisting with network optimization and capacity planning. Huawei offers management services for IT infrastructure, such as servers, storage, and data centers. Huawei offers managed services, including proactive monitoring, incident management, software updates, and performance optimization to ensure a stable and secure IT environment. Huawei assists businesses in adopting and managing cloud technologies, including private, public, and hybrid cloud solutions. They help with cloud migration, integration, security, and ongoing management to leverage the benefits of cloud computing. Lastly, Huawei offers IT consulting and advisory services to help organizations develop technology strategies aligned with their business goals.
AT&T is known as one of the largest communication companies across the globe. The company specializes in providing technology services and telecommunications media services, such as voice and data communications, to businesses, consumers, and providers. It operates through three business segments: AT&T Communications, WarnerMedia, and AT&T Latin America. The AT&T Communications segment provides entertainment and communications services across TV, mobile, and broadband, serving about three million business customers. WarnerMedia delivers multi-platform content and services through brands, including Turner, Home Box Office, and Warner Bros. Latin America segment, which provides mobile services in Mexico and TV services to 11 countries in South America and the Caribbean.
AT&T offers a cloud-based Wi-Fi solution, which also provides managed Wi-Fi services. The other managed services offered by AT&T include managed internet, managed security, and managed IoT services. Managed Internet services provide high-speed, dedicated Internet access and industry-leading technical support. The managed IoT service helps streamline operations, control costs, and optimize resources. The company specializes in wireless services, U-verse, enterprise applications & managed hosting solutions.
Managed Services Market by Service Type (Managed Security Service, Managed Network Service, and Managed IT Infrastructure and Data Center Service), Deployment Type (On-premises and Cloud) Vertical and Region - Global Forecast to 2028
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