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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.
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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.
List of Key Players Profiled in this Market:
Further Report Findings
Table of Segmentation
2017 – 2028
2021 – 2028
2017 – 2019
Value (USD billion)
By Services, Function, End-user, Region