Meticulous Research®—a leading global market research company, published a research report titled ‘Managed Services Market—Global Opportunity Analysis and Industry Forecasts (2024-2031).’ According to this latest publication from Meticulous Research®, the managed services market is expected to reach $576.7 billion by 2031, at a CAGR of 9.4% from 2024 to 2031.

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The managed services market is being propelled by various factors, including the growing need for cost-efficiency, an increasing trend toward outsourcing IT operations, and the scarcity of skilled IT professionals. Heightened cybersecurity concerns, particularly related to ransomware attacks, and significant investments in digital transformation are further fueling market growth. However, one of the key restraints remains the lack of trust from enterprises in handing over control of their systems to external providers.

Despite these challenges, the expanding adoption of cloud solutions and advanced technologies is expected to create ample growth opportunities for market players. Yet, the slower adoption of managed services by small and medium-sized enterprises (SMEs) continues to be a barrier. A major trend influencing the market is the growing implementation of 5G technology.

Key players in the market include both global and regional companies, such as Accenture (Ireland), Tata Consultancy Services (India), HCL Technologies (India), Cognizant (U.S.), IBM Corporation (U.S.), Fujitsu Limited (Japan), and many others.

The market is segmented as follows:

• By Service Type: Managed security services are projected to lead the market in 2024, representing over 39% of the market due to their cost-efficiency and the demand for continuous, expert-level monitoring of security infrastructure.
• By Deployment Mode: Cloud-based deployment is expected to dominate with a market share exceeding 62% in 2024, due to its flexibility, easy access to expertise, and strong security features.
• By Organization Size: Large enterprises are forecasted to hold over 67% of the market share in 2024, as they prioritize complex IT infrastructures, risk mitigation, and regulatory compliance.
• By End-Use Industry: The BFSI sector is set to lead in 2024, with a market share of over 34%, due to its increasing use of AI and machine learning for automation and fraud detection.
• By Region: North America is expected to dominate the market in 2024, capturing over 40% of the market share, driven by its mature managed service provider ecosystem and growing investment in IT capabilities.

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