IT Managed Services Global Market Report 2024

The IT managed services market size has grown strongly in recent years. It will grow from $253.8 billion in 2023 to $278.4 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The expansion observed in the historical period can be attributed to several factors, including a heightened focus on core business activities, the increasing complexity of IT infrastructure, the need for scalability and flexibility in operations, and the adoption of Service Integration and Management (SIAM) principles. These elements collectively contributed to the growth of IT managed services during that timeframe.

The IT managed services market size is expected to see strong growth in the next few years. It will grow to $398.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be attributed to various factors, including heightened cybersecurity concerns, the ongoing trend of cloud migration and optimization, increased demand for remote work support, the integration of artificial intelligence (AI) and automation, and the rise of edge computing. Key trends expected in the forecast period include the adoption of zero trust security models, advancements in threat detection and response capabilities, the expansion of edge AI and edge computing, the management of containers and Kubernetes, and the implementation of AI-driven IT operations (AIOps). These factors collectively contribute to the projected growth in the IT managed services sector.

The increasing cybersecurity concerns are poised to drive the growth of the IT managed services market in the foreseeable future. Cybersecurity, encompassing the protection of computer systems, networks, programs, and data from digital threats, has become crucial due to the growing reliance on digital technologies and interconnected systems. The prominence of IT managed services lies in enhancing cybersecurity by offering continuous monitoring, threat detection, and rapid response, ensuring proactive defense against evolving cyber threats. According to the Australian Cyber Security Centre in February 2023, cybercrime reports reached 76,000 in 2022, marking a 13% increase from the previous year. Furthermore, the Anti-Phishing Working Group recorded a 15% rise in phishing attacks in the first quarter of 2022 compared to the fourth quarter of 2021. This data emphasizes the escalating cybersecurity concerns, driving the growth of the IT managed services market.

Leading companies in the IT managed services market are intensifying their focus on developing advanced solutions, particularly the integration of artificial intelligence (AI) and automation, to gain a competitive advantage. AI and automation integration involves combining AI technologies and automated processes to enhance efficiency and decision-making in various systems or workflows. The incorporation of AI and automation in IT-managed services contributes to improved efficiency and empowers organizations for better performance and reliability in infrastructure management. For instance, Pia Trading Co., a US-based AI-led automation company, introduced Pia aiDesk in January 2023. This genuine automation platform seamlessly integrates with existing IT service management (ITSM) tools, streamlining processes, releasing resources, and enhancing operational efficiencies, specifically for managed service providers (MSPs). Pia aiDesk utilizes various technologies, including artificial intelligence, machine learning, natural language processing, robotic process automation, and the Pia chatbot, to enhance service delivery for MSPs.

In June 2022, Kaseya Limited, a US-based information technology company, successfully acquired Datto Inc. for $6.2 billion. This acquisition aimed to strengthen Kaseya's IT platform with an enhanced array of best-in-class solutions, focusing on increasing managed service provider (MSP) efficiency and profitability. Datto Inc., a US-based software company, specializes in providing IT managed services, including security and cloud-based software solutions.

Major companies operating in the it managed services market are AT&T Inc, Dell Technologies Inc., Lenovo Group Limited, Accenture PLC, International Business Machines Corporation, Cisco Systems Inc., Hewlett Packard Enterprise Development, Fujitsu Limited, Telefonaktiebolaget LM Ericsson, Cognizant Technology Solutions Corporation, Infosys Limited, Lumen Technologies Inc., DXC Technology, Rackspace Technology Global Inc., SAS Institute Inc, Presidio Holdings Inc., Wipro Limited, BMC Software Inc, Unisys Corporation, CA Technologies, Alcatel-Lucent Enterprise SAS, Sapiens International Corporation N.V., Avaya Inc, Jade Global Inc, Marco Technologies LLC.

North America was the largest region in the IT managed services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the it managed services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the it managed services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

IT (information technology) managed services involve third-party assistance and management that oversees and maintains an organization's IT infrastructure, systems, and operations. The primary purpose of these services is to offload IT responsibilities from in-house IT teams, enabling businesses to concentrate on their core objectives while benefiting from the expertise and resources provided by external IT specialists.

The primary types of IT managed services are cloud-based and on-premise. Cloud-based services involve the delivery of computing services, including storage, processing power, and applications, over the internet. These services are utilized by enterprises of various sizes, including medium- and small-sized enterprises as well as large enterprises. They find applications across various sectors, such as banking, financial services, and insurance (BFSI), retail, logistics, healthcare and life sciences, government, information technology (IT), telecommunications, and others.

The IT managed services market research report is one of a series of new reports that provides IT managed services market statistics, including IT managed services industry global market size, regional shares, competitors with an IT managed services market share, detailed it managed services market segments, market trends and opportunities, and any further data you may need to thrive in the IT managed services industry. This IT managed services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The IT managed services market includes revenues earned by entities by providing services, such as network management, infrastructure management, IT consulting, help desk and technical support, and security services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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