Managed services market to reach $594Bn by 2031

OREGON, UNITED STATES — Allied Market Research reports that the Managed Services Market is set to soar, reaching $594.8 billion globally by 2031, growing at an 11.3% compound annual growth rate (CAGR). 

Driving factors include a heightened demand for IT services, increased cloud computing adoption, and the quest for budget-friendly managed solutions. The rise in digitalization and advanced technology adoption also hint at promising market expansion over the next years.

Allied Market Research also stated that large corporations increasingly outsource IT services to manage costs. These external providers offer comprehensive services, from infrastructure and network management to security and application oversight.

The appeal of cloud-based managed services has also grown, especially due to the remote work trend, allowing businesses to scale without major investments in physical tech infrastructure.

Enhanced network services bolster business efficiency and productivity. As IT gets more intricate, sectors like banking lean on managed service providers (MSPs) for essentials like network monitoring and data security.

North America is expected to lead the market’s growth, driven by demand for cost-saving solutions, the intricacies of IT, and a push towards outsourcing. The migration to cloud solutions, underlined by the necessity for secure and accessible systems, will also augment the region’s success in the industry.