Managed Services Market Size

Managed Services Market Size

Managed Services Market size valued at USD 200 billion in 2022 and is poised to showcase around 10% CAGR from 2023 to 2032. A visible surge in government expenditure in the ICT sector is among the leading factors positively influencing the industry landscape. Governments across several economies have been making significant investments and rolling out necessary initiatives to aid the ongoing digitization trends and strengthen their existing IT infrastructure.

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This, in consequence, has resulted in increased ICT spending, which will favor the market growth. For instance, ICT spending in Europe reached approximately USD 1.1 trillion in 2022 and is expected to reach USD 1.4 trillion by 2026. Besides, the increasing popularity of cloud computing services, aided by the enterprise-wide transition toward cloud infrastructure.

Cloud services offer a range of benefits over traditional technologies, such as access to powerful analytical tools for processing big data, advanced cybersecurity features, the capacity to scale rapidly, and increased cost savings. These attributes are likely to boost the cloud adoption rate, which, in consequence, will stimulate the managed services market revenue streams. The deployment of security solutions into the network architecture is crucial to protecting the privacy, availability, and integrity of all connected resources and information. Therefore, the increasing security and privacy concerns associated with the usage of these services may hamper the market progression.