Global Managed Information Services Market - Segmented by Function (Data Backup and Recovery, Network Monitoring and Security, Human Resource, System Management), Deployment Mode (On-premise, Cloud), End-user Vertical (Telecommunication and IT, BFSI, Retail), and Region - Growth, Trends and Forecast (2018 - 2023)
The Global managed information services market is expected to register a CAGR of 13.9% during the forecast period (2018 - 2023).This report is segmented on the basis of function into function data backup & recovery, network monitoring & security, human resource, system management, and others, on the basis of deployment mode into on-premise and cloud, and on the basis of end-user verticals into telecommunication & IT, BFSI, retail, automotive, healthcare, manufacturing, and others. The regions considered in the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes the benefits of managed information services with respect to diverse industries and the future prospect of the same.
The organizations nowadays are outsourcing IT infrastructure and need third-party service providers. These providers are offering various functions, such as data recovery, network security, and authentication, at high-quality services. The aforementioned factors are expected to boost the managed information services market growth over the forecast period. The adoption of this technology requires skilled workers at the backend. In addition, the rising big data across the globe in various industries are creating a need for managing data with quality which is projected to give a rise in the utilization of this service.
Rising Focus on Core Competencies
Small and medium scale companies have tight funds to invest for their business owing to which they wisely prefer to outsource a few components of the business including IT infrastructure. In-house IT infrastructure, including setting up data centers, may cost high and cause a diversion from core competencies to stabilize the investments. Thereby, giving rise to the adoption of outsourcing data center services by various organizations which is propelling the managed data center services market growth over the forecast period. Furthermore, the need for IT infrastructure coupled with rising expenditure in information technology is projected to propel the managed information service market growth over the forecast period.
Data Backup and Recovery to Exhibit the Highest Growth
Loss of data is one of the unacceptable activities by any organization as vital information associated with customers is stored, like payment method and address. In addition, recovery of any lost data is crucial to the company. This gives rise to the services such as data backup and recovery which manage the data in the most efficient way. Thus, the aforementioned factors are expected to drive the market on a positive note over the forecast period.
Asia-Pacific to Have the Highest Growth
The stringent data regulations in BFSI sector coupled with the increasing number of enterprises is expected to have a positive impact on the market growth. In addition, the increasing number of cloud service providers in the region is projected to propel the industry. The demand and availability of colocation are high in China and India, thereby, driving the market in the region at a high pace over the forecast period.