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Managed Services Market Worth $282.0 Billion By 2023

The major factors driving the managed services market include the increasing dependence of organizations on IT assets to boost their business productivity and the need for specialized managed service providers who can offer cloud-based managed services

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The managed services market is expected to grow from USD 180.5 billion in 2018 to USD 282.0 billion by 2023, at a CAGR of 9.3% during the forecast period, Marketsandmarkets announce in new report.

The major factors driving the managed services market include the increasing dependence of organizations on IT assets to boost their business productivity and the need for specialized managed service providers who can offer cloud-based managed services.

Enterprises across the globe rely heavily on their IT infrastructure to perform their business operations. These business operations carry massive crucial information, and any security compromise on this information will lead to heavy losses. Many organizations from different industry verticals fear to outsource the control of their data and IT infrastructure. Hence, they take the help of manage services providers to deploy core managed services, such as firewalls, IPS/IDS, and SIEM on their premises and become well-prepared to defend themselves from security breaches and various business risks.

The managed mobility service segment is expected to grow at the fastest CAGR during the forecast period.

The rising adoption of the Bring Your Own Device (BYOD) trend to boost employees’ performance and business productivity is expected to drive the growth of the managed mobility service segment. Organizations are in strong need of device and application management services to safeguard their crucial business data and manage their users and devices.

The managed service providers help organizations manage their IT assets remotely through a centralized dashboard by ensuring safety of their business.

North America is estimated to have the largest market size during the forecast period

North America is estimated to account for the largest share of the market in 2018. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting new and emerging technologies. Moreover, the North American region exhibits a wide presence of key industry players offering managed services and its financial position enables it to invest majorly in the leading tools and technologies for effective business operations.

Major vendors offering managed services across the globe include IBM (US), Fujitsu (Japan), Cisco (US), Accenture (Ireland), Atos (France), DXC (US), AT&T (US), Ericsson (Sweden), Cognizant (US), HCL (India), Infosys (India), Huawei (China), (India), Tech Mahindra (India), Capgemini (France), Dimension Data (South Africa), Wipro (India), Unisys (US), GTT Communications (US), Nokia Networks (Finland), Netmagic (India), Rackspace (US), Dataprise (US), Happiest Minds (India), and Cycops (India).

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