Global managed services market to hit $594.8b by 2031
NEW YORK, UNITED STATES — The global managed services market is projected to reach US$594.8 billion by 2031, expanding at a compound annual growth rate (CAGR) of 11.3% from 2022 to 2031.
A report by Research Dive attributed the surge in the adoption of cloud computing services by organizations globally.
Large organizations are expected to fuel the market’s growth, given their need for intensive administration of their complex IT infrastructures. Cloud deployment of managed services is expected to grow the fastest, aiding businesses in streamlining operations and reducing IT infrastructure expenses.
Research Dive also expects the security services segment to experience the highest growth rate due to the critical security services they provide to businesses, including intrusion detection, managed firewalls, and anti-viral services.
Among sectors, the Banking, Financial Services, and Insurance (BFSI) industry is expected to take the lead as more banks and other financial institutions rely on managed services to monitor and maintain their complicated systems.
North America dominated the market in 2021, owing to the strong presence of both large enterprises and SMEs. The regional market growth is also boosted by the growing use of cloud technology and increased investments in modern technologies such as artificial intelligence (AI) and machine learning (ML).
The COVID-19 pandemic also positively impacted the managed services industry, with increased demand for cloud services and cybersecurity amid a shift to remote work and digital transformation of businesses.
