The global managed services market size is expected to gain momentum by reaching USD 557.10 billion by 2028 while exhibiting an impressive CAGR of 12.6% between 2021 to 2028. In its report titled " Managed Services Market Size, Share & COVID-19 Impact Analysis, By Services (Voice Service, Non-Voice Service, and IT Managed Service), By Function (Finance & Accounting (F & A), Marketing, Procurement, Supply Chain, Human Resource, and Information Technology (IT)), By End-user (Medical, Financial, Government, Audit & Consulting, Corporate, Telecom, and Insurance & Reinsurance), and Regional Forecast, 2021-2028." Fortune Business Insights mentions that the market stood at USD 219.59 billion in 2020.

The global market is driven by its extensive demand in IT, healthcare, financial, telecommunication, etc. Businesses are adopting these services to upgrade and innovate their infrastructure. In addition, growing demand to meet end-to-hosting software is expected to fuel the market growth. Furthermore, the increasing demand for securing IT infrastructure against cyber threats is expected to fuel the market growth during the forecast period.

COVID-19 Impact 

COVID-19 pandemic has led to a severe economic downturn, impacting industries and businesses but demand for MSP solutions surged.  Businesses and people are normalizing remote work to curb the virus spread. Besides, the adoption of this technology by government officials and companies to efficiently function during these tough times is expected to positively favor the market's growth amid the pandemic.

Market Segmentation:

By Services, the market is segmented voice service, non-voice service, and IT managed service. Based on the industry, it is divided into finance & accounting (F & A), marketing, procurement, supply chain, human resource, and information technology (IT)). By end-user, it is divided into medical, financial, government, audit & consulting, corporate, telecom, and insurance & re-insurance.

• Based on end-user, the corporate segment held the highest share of 18.1% in 2020. This is attributable to the growing demand for cloud-based and other IoT services by corporates to maintain highly complex infrastructure.

Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.