Managed Services Market on Track for $576.7 Billion Valuation by 2031

 


Meticulous Research®—a leading global market research company, published a research report titled ‘Managed Services Market—Global Opportunity Analysis and Industry Forecasts (2024-2031).’ According to this latest publication from Meticulous Research®, the managed services market is expected to reach $576.7 billion by 2031, at a CAGR of 9.4% from 2024 to 2031.

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The managed services market is being fueled by several key factors, including an increasing focus on cost efficiency, the growing preference for outsourced IT operations, and a shortage of skilled IT professionals. Escalating cyber threats, particularly ransomware, along with ongoing investments in digital transformation, are further driving market growth. However, trust issues related to transferring system control to third-party providers remain a challenge for the market.

Despite these concerns, the rising adoption of cloud-based solutions and advanced technologies presents significant growth opportunities. The market still faces obstacles, especially in the slow adoption of managed services by small and medium-sized enterprises (SMEs). One of the major trends shaping the market is the integration of 5G technology.

Leading players in the managed services industry include Accenture (Ireland), Tata Consultancy Services (India), HCL Technologies (India), Cognizant (U.S.), IBM Corporation (U.S.), Fujitsu Limited (Japan), and Kyndryl Holdings (U.S.), among others.

Key market segments include:

  • By Service Type: Managed security services are expected to hold the largest market share in 2024, accounting for over 39%, as companies seek cost-effective, around-the-clock protection for their systems.
  • By Deployment Mode: Cloud-based services are forecast to dominate the market in 2024, with more than 62% of the market share, due to the flexibility, security, and agility they offer.
  • By Organization Size: Large enterprises are projected to command over 67% of the market in 2024, driven by their complex IT needs, risk mitigation efforts, and regulatory compliance requirements.
  • By End-Use Industry: The BFSI sector is set to lead the market with over 34% of the share in 2024, fueled by the adoption of AI and machine learning for automation and fraud detection.
  • By Region: North America is expected to dominate the market in 2024, holding over 40% of the market share, due to its strong MSP ecosystem and significant investments in IT infrastructure and cybersecurity.

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About Meticulous Research®:

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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