PUBLISHER: Orion Market Research | PRODUCT CODE: 1270955
PUBLISHER: Orion Market Research | PRODUCT CODE: 1270955
The global MSP software market is anticipated to grow at a considerable CAGR of 12.3% during the forecast period. MSP software helps to deliver services in combination with different service providers. It offers various applications such as application, network, security, infrastructure, and other through on-going and continuous support along with the live administration on the customer's premises. The key factor propelling the market growth includes the growing requirement of outsourcing IT services. Cloud storage, security, authentication, and infrastructure management are some of the examples of these services. MSP software assists businesses in filling gaps as and when required at a lower labor cost. These factors are driving the growth of the global MSP software market significantly.
The global MSP software market is segmented based on the type, deployment model, organization size and vertical. Based on the type, the market is segmented into a managed data center, managed network, managed mobility, managed infrastructure, managed backup & recovery, managed communication, managed information, and managed security. Based on the deployment model, the market is bifurcated into on-premises and cloud-based. Based on the organization size, the market is sub-segmented into large, and small & medium companies. Further, based on verticals, the market is sub-segmented into government, BFSI, transport & logistics, IT & telecommunication, manufacturing, automotive, healthcare & life science, and others. Among verticals segment, the manufacturing sub-segment is expected to cater to a prominent market share over the forecast period owing to the high adoption rate of sensors and connected devices.
In the current technology-driven business environment, big data is one of the manufacturers' primary drivers of productivity and efficiency. With the high rate of adoption of sensors and connected devices and the enabling of M2M (machine-to-machine) communication, there has been a massive increase in the data points that are generated in the manufacturing industry. Industries are pitching hard and fast to switch to a smart industry, where data generation and visualization can become real-time. From descriptive to predictive, the evolution of analytics has made the industry aware of the benefits it can reap from this volume of data. The motto of the manufacturing industry is moving toward a metrics-based sector, which can improve decision-making based on the data-driven use of statistics.
As most small and medium manufacturing industries are more concentrated on hardware equipment and lack expertise in software solutions, they are outsourcing these big data analytic solutions. Outsourcing software services are further reducing their expenditure. Outsourcing other software services, such as field service management and enterprise resource planning (ERP), is expected to boost managed services during the forecast period.
The global MSP software market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, the Asia-Pacific regional market is expected to cater to considerable growth over the forecast period, however, the North American region is projected to hold a prominent share of the MSP software market.
Among all the regions, North America is expected to hold a prominent share of the global MSP software market over the forecast period. The key factor supporting the regional market growth includes the presence of developed economies such as the US and Canada. These countries comprise several giant technological companies. Further, the IT firms established in the US are focusing on reducing operational expenses. They are also focusing on implementing a variety of managed services which will improve the efficiency of its operation. In addition, businesses operating in the US are increasingly relying on MSPs, primarily for IT support services, to remain competitive in the face of ongoing digitization.
The major companies serving the global MSP Software market include IBM Corp., Accenture PLC, Tata Consultancy Services (TCS), Infosys Ltd., Wipro Ltd., and among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2022, Tata Consultancy Services (TCS) became the partner of Microsoft Cloud for Retail, launched recently. Through this partnership, TCS will collaborate with leading retailers and its multi-horizon cloud transformation framework as part of this partnership to help retail clients accelerate their growth and transformation journeys using microsoft cloud for retail.
.1.1. By Segments
.1.2. By Region