Study: Managed Services Market to be Worth $354.8 billion by 2026

Published On: August 2, 2021Categories: Buzz, Uncategorized

The global Managed Services market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.9%, reaching $354.8 billion by 2026; up from $242.9 billion in 2021.

This is according to a research report “Managed Services Market with COVID-19 Impact Analysis,” recently published by MarketsandMarkets,

The report also says that enterprises across the globe are heavily investing in their IT infrastructure to maintain their competitive position and attain operational excellence. As enterprises are adopting highly complex technologies regardless of their size, they turn to MSPs to manage their IT infrastructure, thus delivering services faster and more efficiently. These technologies are forcing enterprises to redefine their business strategies and emphasize information security.

Lack of IT skilled professionals, cost reduction and IT budget constraints, need for cloud-based managed services, high security monitoring to avoid high data loss and downtime cost, and enhanced business productivity are the major factors expected to drive the growth of the managed services market.

According to the survey, 60% of enterprises reported that the IT challenges are becoming more acute, and IT is getting harder to manage, while ~90% of the IT enterprises report that their cloud skills gaps have nearly doubled in the past three years (2016–2019), in one or more cloud disciplines, compared with just 50% in 2016.

Nearly 70% of the enterprises are reaching out to MSPs to fill cloud IT skill gaps. By bypassing the need for additional staffing costs, enterprises have experienced a 42% savings in IT budget.

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The objective of these managed services is to enhance and bolster different business verticals so that productivity can be improved, and organizations can focus on their core businesses.

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