Managed Services Market to register a CAGR of 12.6% in 2021-2028; Increasing Adoption of Big Data and Cloud by Companies to Augment Market Growth

The global managed services market size is expected to gain momentum by reaching USD 557.10 billion by 2028 owing to the increasing adoption of Bring Your Own Devices (BYOD) concept by organizations globally. This information is published by Fortune Business Insights in its report titled “Managed Services Market Size, Share & COVID-19 Impact Analysis, By Services (Voice Service, Non-Voice Service, and IT Managed Service), By Fucntion (Finance & Accounting (F & A), Marketing, Procurement, Supply Chain, Human Resource, and Information Technology (IT)), By End-user (Medical, Financial, Government, Audit & Consulting, Corporate, Telecom, and Insurance & Re-insurance), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 219.59 billion in 2020 and is projected to exhibit an impressive CAGR of 12.6% during the forecast period.

The Partnership Between Nokia and T-Mobile Aims to Accelerate Digitization Services

Nokia announced a partnership with T-Mobile in May 2021. This will be a five-year collaboration between them to accelerate digitalization. T-Mobile will utilize Nokia’s AirScale Radio platform to position an Ultra Capacity 5G layer with 2.5GHz Massive MIMO (multiple input, multiple outputs) technologies for wireless communication. Furthermore, this new deal will allow Nokia to expand T-Mobile’s 5G coverage (low band). This will provide users with a wider range and ultra-capacity enhancements, better experience, and network capacity by purchasing T-Mobile’s multi-layer spectrum strategy.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/managed-services-market-102430

Rising Adoption of BYOD by Organizations to Fuel Market Growth

Employees' rising adoption of Bring Your Own Device (BYOD) promotes the managed services market growth. Employees use their personal devices to eliminate the idea of carrying their two phones or multiple devices. Moreover, BYOD policy ensures that the employees use strong security practices when connecting to the company network, increasing the number of intelligent devices. This, in turn, has urged the organizations to deploy options for BYOD solutions with the existing systems to create a workforce-friendly environment.

Partnerships between Eminent Companies to Strengthen Their Market Positions

The market is consolidated by the presence of major companies focusing on maintaining their strongholds by partnering with other companies and further expanding their managed services portfolio. In addition to this, other key players are adopting proactive strategies such as mergers and acquisitions, the introduction of novel products, and collaboration that will favor the market's growth in the forthcoming years.

Industry Development

• May 2021 – IBM Corporation acquired Catalogic ECX. This acquisition aims to offer users cloud data protection and data security solutions. Furthermore, it recently launched CloudCasa, a data protection service on Kubernetes and cloud.


• May 2021: Vodafone Limited U.K. entered into a strategic partnership with Accenture to fortify its existing product portfolio and enable SMEs to recover from complex cyber attacks. The company will offer Penetration Testing/Vulnerability Assessment and Cyber Exposure Diagnostic services to its customers.

List of Key Players Profiled in this Market:

• Fujitsu Ltd. (Tokyo, Japan)


• Microsoft Corporation (Washington, U.S)


• NOKIA Corporation (Espoo, Finland)


• Deutsche Telekom AG​ (Bonn, Germany)


• Verizon Communications Inc. (New York, U.S)


• Rackspace Inc.​ (Texas, U.S.)


• Citrix Systems Inc. (Florida, U.S.)


• Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)


• Capgemini SE (Paris, France)


• Atos SE (Bezons, France)

Further Report Findings

• Based on function, the market is segmented into Finance and Accounting (F&A), marketing, procurement, supply chain, Human Resource (HR), and Information Technology (IT). Out of these, the finance and accounting segment held the largest managed services market share. This is attributable to the growing adoption of software services based on big data and cloud applications by government officials and organizations.


• North America remains at the forefront of the market during the forecast period owing to increasing mergers and acquisitions in the region. For instance, in October 2018, Cisco Systems, Inc. acquired Duo Security worth USD 2.35 billion to stop cybersecurity breaches. This acquisition aims to offer users secure and easy-to-use applications on networked devices.


• Europe is also expected to exhibit considerable market share owing to increased demand for managed enterprise data and cloud adoption by businesses.  

Table of Segmentation