CHICAGO, June 17, 2022 /PRNewswire/ -- According to a new market research report "Managed Services Market by Service Type (Managed Security, Managed Network, and Managed Data Center and IT Infrastructure), Vertical, Organization Size, Deployment Type, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Managed Services Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period, to reach USD 354.8 billion by 2026 from USD 242.9 billion in 2021. Enterprises across the globe and verticals are highly investing in their IT infrastructure to maintain their competitive position and attain operational excellence.

Managed business service providers help company's businesses by outsourcing IT management for cloud-based services and technical support. With cloud managed VPN, enterprises can share sensitive data while avoiding the high cost of leasing private lines between offices and branch locations. The security benefits of VPN drive the demand for this service. Enterprises are reaching out to MSPs due to the lack of IT skilled professionals and low IT budgets, especially for SMEs. The high data breach cost is another key factor forcing SMEs and large enterprises to adopt managed security services.

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294 – Tables
62 – Figures
323 – Pages

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Cloud managed services assist enterprises in making enriched strategic and tactical decisions, which help streamline their product development and business processes. These solutions enable enterprises to generate, analyze, and prioritize ideas from their employees, partners, and customers, among others. They also enable enterprises to efficiently tap the collective intelligence of their customers to achieve improved and long-lasting results. These solutions help enterprises in every possible way to streamline their business processes. With the increasing adoption of cloud managed services across major verticals, the demand for managed security services has increased across industries. Managed antivirus/antimalware is a centrally managed software option, which protects organizations' computers from virus threats. As it updates programs automatically, employees do not need to update or scan their machines on their own.  Viruses and malware found by this software are immediately quarantined without requiring action from the staff. Managed SIEM is an on-cloud deployment, setup, and monitoring of a SIEM software solution. In this model, third-party service providers host a SIEM application on their servers and monitor the enterprise's network for potential security threats. Low setup time, corporate security needs, reduction in training costs, and availability of expertise of cybersecurity specialists are bolstering the adoption of managed SIEM solutions by enterprises. SIEM combines two types of legacy IT security tools: Security Event Management (SEM) software, used to analyze events, applications, and system logs in real time; and Security Information Management (SIM) software, used to retrieve and analyze log data and generate structured reports according to specified parameters. With this, SIEM offers real-time incident monitoring and threat detection capabilities and enables the manual analysis of security logs and events.

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The cyberattack cost businesses of all sizes USD 200,000 on average. Thus, considering the risk of going out of business and the cost of recovery from the attack, enterprises are inclining toward MSPs instead of putting control in the hands of untrained end-user employees. Organizations with more than 1,000 employees are categorized under large businesses. Managed services had largely been provided for broadband connections, VPNs, security services and IP communications, data centers, security, and mobility from the last various years, which was usually popular among smaller enterprises. Manufacturing requires IT infrastructure to support production and supplier management through improved operations. For this, MSPs provide services, such as shared services, consulting, application management, disaster recovery, and help desk.

Verticals considered in the study are BFSI, telecom and IT, public sector, healthcare, retail and consumer goods, manufacturing, energy and utilities, and others (transportation, and mining and tourism). These industry verticals have different requirements according to the nature of businesses. Owing to the customization of cloud managed services, MSPs are able to provide proper solutions to each of these industries. Cloud managed services are being used by various industry verticals. Owing to the lower ownership costs and flexibility, MSPs see huge demand from various industry verticals. To safeguard the intellectual assets for improved agility and efficiency, organizations are fast introducing managed services. The demand for cloud managed services is expected to remain high in regions where banking and financial, retail, and telecom and IT sectors are flourishing.

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The cloud Managed Services Market across North America, Europe, APAC, MEA, and Latin America. High data breach cost or loss due to a cyberattack, lack of IT budget, and continuously increasing SMEs are driving the market growth for APAC region. In China, the Ministry of Education has partnered with the Ministry of Industry and Information Technology to upgrade the bandwidth of major online education service deployment models, especially the capacity of the National Cloud-Deployment Model for Educational Resources and Public Service, to simultaneously cater to millions of visitors. The rest of APAC includes Japan, ANZ, India, and Malaysia. The increasing implementation of new technologies and the rising adoption of cloud across enterprises are driving the demand for cloud managed service. The growing economy, rising number of businesses, and the presence of top MSPs are also driving the demand for cloud managed service.

The Managed Services Market report includes major vendors, such as IBM (US), Fujitsu (Japan), Accenture (Ireland), Atos (France), Cisco (US), DXC (US), TCS (India), Rackspace (US), AT&T (US), Verizon (US), Dimension Data (South Africa), Infosys (India), HCL (India), Ericssion (Sweden), GTT Communications (US), NTT Data (Japan), Happiest Minds (India), Huawei (China), Nokia Networks (Finland), CenturyLink (US), Wipro (India), Cognizant (US),Capgemini (France), BT (UK), Deloitte (UK), Secureworks (US), Alert Logic(US), BAE Systems (UK), Trustwave (US), Hughes (US), MeTtel (US), Microland (India), Optanix (US), Essintial (US), Intact Tech (US), 1-Net (Singapore), Ascend technologies (US), SecureKloud (India), Aunalytics (US), AC3 (Australia), Cloud Specialists (Australia), Corsica Technologies (US), and Empist (US).

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Related Reports:

Managed Security Services Market by Type (Managed IAM, Antivirus/Antimalware, SIEM, and UTM), Deployment Mode, Organization Size, Vertical (BFSI, Government, Retail, Healthcare, Telecom, Utilities, and Manufacturing), and Region - Global Forecast to 2025

Managed Network Services Market by Type (Managed LAN, Managed Wi-Fi, Managed WAN, Managed Network Security, Managed VPN, and Network Monitoring), Organization Size (Large Enterprises and SMES), Vertical, and Region - Global Forecast to 2025

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