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Managed Services Market worth USD 511.03 billion by 2029- Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Nov. 7, 2024 /PRNewswire/ — The global Managed Services Market will grow from USD 365.33 billion in 2024 to USD 511.03 billion by 2029 at a compounded annual growth rate (CAGR) of 6.9% during the forecast period, according to a new report by MarketsandMarkets™. The Managed Services Market is growing as businesses look for ways to optimize operations by outsourcing crucial IT functions, such as security, network management, and infrastructure maintenance. Managed services providers bring deep expertise in areas like cloud technology, data management, and IT support, allowing organizations to give priority to their core operation while lowering operational risks and expenses. These services are essential for offering flexibility through scalable cloud solutions, improving system performance with smart analytics, automation tools, and smooth integration, and enhancing real-time data processing with high-capacity computing power to keep up with the fast-paced digital environment.

Browse in-depth TOC on “Managed Services Market”

376– Tables
60 – Figures
413 – Pages

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Scope of the Report

Report Metrics

Details

Market size available for years

2019–2029

Base year considered

2023

Forecast period

2024–2029

Forecast units

Value (USD Billion)

Segments Covered

Service Type, Managed Security Services, Managed Network Services, Managed IT Infrastructure & Data Center Services, Managed Communication & Collaboration Services, Managed Mobility Services, Managed Information Services, Deployment Type, Organization Size, Verticals

Geographies Covered

North America, Europe, Asia Pacific, Middle East Africa, and Latin America

Companies Covered

Some of the significant players in the Managed Services Market vendors are IBM (US), Accenture (Ireland), Microsoft (US), Cisco (US), Fujitsu (Japan), TCS (India), Google (US), DXC Technology (US), Infosys (India), and Capgemini (France)

The managed VOIP segment is expected to capture the highest CAGR during the forecast period by managed communication & collaboration service.

Managed Voice over Internet Protocol (VoIP) services are important for modern communication, equipping organizations with a dependable, cost-effective means to conduct voice communications over the internet. VoIP, uses the internet for voice transmission, which substantially reduces traditional phone service expenses, making it a more economical alternative for businesses of all kinds. Moreover, VoIP increases communication flexibility by allowing organizations to expand their phone solutions on demand and interface with other collaboration technologies such as video conferencing, messaging applications, and virtual conference rooms.

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Managed VoIP services simplify call routing by offering useful insights on call volumes, peak times, and geographical patterns. Businesses utilize this data to adjust call management strategies, assuring more effective routing and avoiding unnecessary expenditures such as long-distance rates. This strategy not only saves money, but it also enhances the whole communication experience. Also, features like call forwarding, voicemail-to-email, call recording, and virtual phone numbers promote productivity and keep teams connected particularly in remote or hybrid work conditions. These services make it simple to work together across sites, ensuring that information flows smoothly regardless of where employees are located.

Based on the managed network services, the managed WAN segment is expected to hold the largest market share during the forecast period.

Managed wide area network (WAN) services are important to organizations which require a stable, secure infrastructure to link several locations. A wide-area network (WAN) connects numerous LANs to allow communication between sites such as branch offices and data centers. Managed WAN services deliver optimal data transfer by constantly altering routes depending on real-time network conditions, resulting in lower latency and rapid data transmission.

These services include developing and setting up WAN infrastructure depending on location, bandwidth needs, and connection types such as MPLS, Internet VPN, or SD-WAN. Traffic optimization techniques like as Quality of Service (QoS) and application-based routing prioritize vital data by assigning varying levels of priority, ensuring that high-priority applications, such as VoIP or video conferencing, obtain adequate bandwidth with minimal delay. This enables organizations to make better use of available bandwidth, decreasing congestion and increasing overall network efficiency. In addition, managed WAN services monitor network performance, resolving any faults and managing resources to ensure seamless operation. Encryption and firewalls are security methods that protect data privacy during transmission.

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North America is projected to hold the largest market share during the forecast period.

The Managed Services Market in North America is on the growth trajectory due to several factors such as cloud computing adoption, need for digital transformation and the need for enterprises to improve IT infrastructure. Enterprises are outsourcing IT management services such as network management, data protection and maintenance of the infrastructure enabling them to focus on core business activities. Increased need for cyber security solutions, complexities of IT systems and the transition to hybrid modes of working are other important factors. Managed services are also being utilized by small and large players across the healthcare, manufacturing, financial services, and retail industries for controlling expenses and increasing effectiveness while achieving compliance standards. Besides, the incorporation of artificial intelligence (AI) in managed services that is in addition to automation is also aiding the market in the active management of information technologies thus another factor that drives market expansion.

Recently there have been various developments in the market including Accenture’s acquisition of Navisite, finalized on January 30, 2024, which adds around 1,500 employees to enhance its managed services capabilities. In January 2024, Frontier Communications became the first service provider in North America to implement Nile’s network-as-a-service (NaaS) model, enabling customers to manage the network aspects without incurring large capital expenses beforehand. Additionally, in March 2024, SmartSource was included in CRN’s MSP 500 list as an organization with unique and robust solutions for the market, while in May 2024, NTT DATA was chosen by Salesforce to optimize its software applications provision. In addition, BlueVoyant announced the partnership with or signed an exclusive agreement to work with EY US aimed at promoting availability of Microsoft 365 E5 advanced security solutions to end-users affirms their commitment to innovative security technology. The above trends are indicative of a strong growth for managed services, reflective of the prevailing digitalization trends across sectors in the region.

Top Key Companies in Managed Services Market:

Some of the significant managed services vendors include IBM (US), Accenture (Ireland), Microsoft (US), Cisco (US), Fujitsu (Japan), TCS (India), Google (US), DXC Technology (US), Infosys (India), and Capgemini (France).

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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Technology

How the Top 10% of CTOs Drive Meaningful Business Growth

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Only a shocking 10% of CTOs will drive value for their organizations, according to a recent Forester prediction. By understanding how the top 10% of CTOs have reshaped their role, this article discusses how aspiring trailblazers can shift their perspectives and priorities to join the elite ranks of tech leaders.

SAINT PAUL, Minn., Nov. 7, 2024 /PRNewswire-PRWeb/ — Forrester experts have made a prediction that should be a resounding wake-up call for tech leaders: only 10% of CTOs will actually drive business growth. For the other 90%, the risk is clear—CTOs who fail to demonstrate their value will quickly be replaced by ones who can.

Elite tech leaders serve as thought leaders and pioneers within their own field. As such, the top 10% of CTOs today focus on claiming competitive advantages through the use of emerging technologies. – Inkit CEO Michael McCarthy

What exactly defines this new breed of tech leader, and what are these elite CTOs doing differently to drive growth? Here are the three essential practices that differentiate the good from the great CTOs today.

They Focus on Scale

Successful CTOs align their strategies with overall business goals, using automation and integrated technologies to scale other departments. By implementing centralized tools that standardize data, unify analytics, and automate tedious processes like lead scoring, follow-ups, relationship management, and contract management, elite CTOs are empowering RevOps, sales, and marketing teams to optimize every step of the sales funnel, reach more potential leads, and close deals faster.

However, for the top 10% of CTOs, successfully driving growth is not a solo endeavor. They know that leadership buy-in determines future outcomes for any digital transformation initiative.

They Work Closely with Other CxOs

According to Gartner, by co-leading initiatives with their fellow CxOs, CTOs are twice as likely to meet or exceed expected ROIs for digital technology investments. This involves creating cross-department teams that share responsibilities for technology rollouts, pool resources, and lend vertical-specific knowledge to ensure the most efficient and valuable outcomes. Co-leadership structured engagements also have the potential to uncover new areas for improvement and enhance organizational collaboration and culture.

While working with CxOs unlocks new opportunities within these non-tech domains, elite tech leaders serve as thought leaders and pioneers within their own field. As such, the top 10% of CTOs today focus on claiming competitive advantages through the use of emerging technologies.

If There’s New Tech, They’re Already Using It

Another prediction from the Forrester report indicates that enterprise AI initiatives will boost productivity and creative problem-solving by 50% in 2024. Similarly, Generative AI has become a popular tool to simplify user interfaces and serve as a digital assistant within complicated tools. CTOs are hurrying to adopt AI before their competitors, and businesses today are quick to announce their implementation of next-gen technologies that claim to improve their products with new, dazzling features—but the top 10% of CTOs have assessed these new technologies well before the rest.

Document generation (i.e., DocGen) and digital signatures are another technology on the radar for many top CTOs. Regarded as a vital tool for automating digital workflows, DocGen empowers organizations to create, share, sign, and retain documents at scale. DocGen tools also help CTOs to automatically meet compliance requirements for security, data privacy, and retention policies across the entire organization with minimal training required.

Finally, for CTOs in retail, finance, cryptocurrency, and logistics, blockchain and Internet of Things (IoT) technology allow for secure, autonomous machine-to-machine transactions that reduce operational complexity and open new avenues for innovation in smart automation.

Join the Elite CTOs Driving Business Growth

Top CTOs drive growth by strategically aligning advanced technologies with business goals through cross-functional teamwork. By evaluating emerging technologies like Generative AI, document generation, automation, and more, the top 10% of CTOs are successfully accelerating the pace of growth, innovation, and collaboration for their organizations.

About Inkit

Inkit is the only Secure Document Generation (SDG) software that allows users to generate, sign, and retain documents in total privacy. Scale your workflows using our DocGen automation solution to create documents and forms using custom templates and data sources with our API. Elevate the security of your legally-binding documents with digital signatures. Protect agreements with advanced encryption and authenticity certificates to streamline processes and ensure peace of mind. Get the privacy and automation your team needs to optimize records management and compliance. Create disappearing documents that automatically expire based on predesignated parameters. Connect seamlessly with your favorite apps to generate Microsoft Word, PowerPoint, Excel, PDF, and HTML documents. Experience an all-inclusive solution for ultimate file control and security. Inkit is privately owned and headquartered in St. Paul, Minnesota, with offices in San Juan, Puerto Rico, and Washington, D.C.

Media Contact

Patrick Lethert, Inkit, 1 8008995773, patrick@inkit.com, https://www.inkit.com

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LG Energy Solution to Supply Next-Generation 4695 Cylindrical Batteries to Rivian

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Supply agreement will last over five years and total 67GWh.4695 cells, offering a long range and high safety, will be produced in the U.S.Batteries will power Rivian’s R2 model for the North American market.

SEOUL, South Korea, Nov. 7, 2024 /PRNewswire/ — LG Energy Solution (KRX: 373220) today announced that LG Energy Solution Arizona, a fully owned subsidiary of LG Energy Solution, has signed a supply agreement with Rivian, a U.S.-based automotive manufacturer.

Under the agreement, LG Energy Solution will provide Rivian with its advanced 4695 cylindrical batteries for over five years, totaling 67GWh.

With a diameter of 46mm and height of 95mm, the next-generation 4695 cylindrical battery is recognized for offering both a long range and high safety. It features over six times the capacity of the existing 2170 cylindrical batteries. Its larger size enables higher energy density, improved space efficiency, and enhanced safety, which is attracting industry-wide attention.

Within the first year of production, the batteries will be eventually manufactured at LG Energy Solution’s stand-alone plant in Arizona, and delivered to Rivian’s facility in Normal, Illinois, for use in the R2 model for the North American market.

LG Energy Solution has been advancing its cylindrical battery technology over the past 20 years, supported by its extensive manufacturing experience and broad patent portfolio.

The supply agreement with Rivian is expected to further strengthen LG Energy Solution’s presence in the U.S. market and its plans to actively respond to the IRA by developing and supplying competitive battery cells in a timely manner while expanding into new markets.

Given the strong interest from automakers in its 46-series cylindrical batteries, LG Energy Solution also expects to extend its leadership in this growing sector.

“Due to the dynamic nature of the current EV market, an increasing number of global automakers are demonstrating a strong preference for a diverse range of battery form factors,” said David Kim, CEO of LG Energy Solution. “This large-scale order from Rivian for 4695 batteries marks a key milestone for LG Energy Solution in expanding its client base within the cylindrical battery segment.”

About LG Energy Solution

LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 58,000 patents. Its robust global network, which spans North America, Europe, and Asia, includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem, LG Energy Solution aims to achieve carbon neutrality across its value chain by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution’s ideas and innovations, visit https://news.lgensol.com.

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PayrollOrg’s Chapter Leadership Summit to Equip Payroll Chapter Leaders with Tools for Success

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LAS VEGAS, Nov. 7, 2024 /PRNewswire/ — PayrollOrg (PAYO) will provide local chapter leaders with the essential tools and guidance they need to ensure the ongoing success of their chapters at the Chapter Leadership Summit, November 7 – 8 in Las Vegas, Nevada.

“Supporting our chapter leaders is crucial to the growth and sustainability of local chapters,” said Dan Maddux, executive director of PayrollOrg. “The Chapter Leadership Summit is designed to not only provide practical tools and strategies but also foster a strong network of motivated leaders who can inspire their teams and communities.”

Participants will have the unique opportunity to connect with fellow leaders, exchange ideas, and develop strategies to motivate their chapter members. Tailored educational sessions will offer specialized training on critical topics such as fiscal responsibility, general chapter operations, and event planning. These sessions will be led by guest speakers with expertise in chapter management and leadership development.

The conference will be held at MEET Las Vegas in downtown Las Vegas. Visit PAYO online to view the full conference agenda. The event is sponsored by Wisely by ADP.

PayrollOrg is the leader in payroll education, publications, and training. Visit PAYO online at www.payroll.org.

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SOURCE PayrollOrg

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