Managed Services Market Value to Reach USD 839.83 billion by 2032; Demand for Cloud-based Managed Security Services Will Contribute to Market Growth

The global managed services market size touched USD 283.90 billion in 2023 and is predicted to reach USD 316.87 billion in 2024. The market is anticipated to touch USD 839.83 billion by 2032, recording a CAGR of 13% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Managed Services Market Size, Share & COVID-19 Impact Analysis, By Service (Voice Service, Non-Voice Service, and IT Managed Service), By Function (Finance & Accounting, Marketing, Supply Chain, Human Resource, Information Technology, and Others), By End-user (BFSI, IT & Telecom, Government, Retail & E-commerce, Energy & Utility, Healthcare, Manufacturing, Others), and Regional Forecast, 2024-2032”.

There is a strong demand for digitization of services among organizations to improve their productivity and efficiency. Here is where managed services are helpful as they can help end-users upgrade & innovate their IT framework, digitize their business processes, and improve their scalability & productivity. Moreover, leading MSPs are trying to provide customized and safe IT solutions to customers by using a wide range of tools in their business units to protect themselves from cyberattacks. These factors are expected to boost the managed services market growth.

Managed Services Gained Strong Momentum during COVID-19 as Companies Switched to Cloud

While the COVID-19 pandemic had a severe impact on the global economy, it favored the market forecast. This is attributed to the fact that many companies across the world began to adopt advanced security solutions, artificial intelligence (AI) applications, cloud platforms, and Big Data solutions during this period. Many companies and government agencies started switching to cloud-based services and solutions to handle a wide range of mission-critical workloads effectively. Since data centers were overloaded by the massive quantity of digital data being generated every day, more organizations started using cloud solutions to manage the increasing workload. These factors fueled the adoption of these services during the outbreak period.

Demand for Cloud-based Managed Security Services will Contribute to Market Growth

Cloud-based services have gained significant traction in recent years. More companies are taking various measures to develop a secure IT infrastructure to protect their business against cyber threats. This factor has compelled them to implement Managed Security Services (MSSs) in their business models. Cyber threats are becoming increasingly complex and can severely affect the functioning of companies as well as government departments. This has motivated Managed Service Providers (MSPs) to create innovative products that can detect and eliminate cyber risks. Many firms are also implementing cloud-based managed security services to enhance their security against harmful viruses and unauthorized intrusions. These developments are predicted to augment the market growth.

Competitive Landscape

Leading Companies to Increase Focus on Cementing their Market Positions

Some of the reputed companies operating in this market are focusing on providing services that can help their clients boost their business growth and improve customer experience. These firms are trying to provide solutions and services that are equipped with advanced technologies to accelerate the digital transformation of their customers. They are also entering into collaborations and partnerships to help them expand their global presence.

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

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

Notable Industry Development:

• September 2022 – JumpCloud Inc. introduced a platform for Managed Service Providers (MPSs) that claims to have lower total cost of ownership, improved efficiency, better security, and many more features. JumpCloud for MSP can analyze partners’ activities from billing to password management.

List of the Companies Profiled in the Report:

• IBM Corporation (U.S.)


• Accenture plc (Ireland)


• Fujitsu Ltd. (Japan)


• Microsoft Corporation (U.S.)


• NTT DATA Corporation (Japan)


• Amazon Inc. (U.S.)


• DXC Technology (U.S.)


• Tata Communication Services Limited (India)


• Capgemini SE (France)


• Atos SE (France)

Further Report Findings

• North America is projected to account for the largest market share during the forecast period as the region has a notable presence of reputed MSPs such as Accenture, IBM Corporation, and Cognizant, among others. The U.S. has captured a major share of the regional market as small and medium-sized companies across the country are using these services.


• The Europe market held a leading position in the market and is expected to maintain this position in the coming years. The strong growth of the regional market can be credited to the growing preference for cloud platforms and robust demand for handling large volumes of confidential company data. Many countries across the region, such as the U.K., Germany, and France, are predicted to exhibit notable growth since the number of small and medium-sized companies is growing in Europe. These companies are also increasing their investments in advanced technologies, further supplementing the regional market’s growth.


• The IT & telecom segment is anticipated to capture a dominant share in the global market during the forecast timeframe. The rapid growth of this segment can be attributed to the growing demand for these solutions to effectively manage and maintain highly complex IT infrastructures. This is expected to fuel market expansion during the forecast period.

Table of Segmentation