According to the latest report by IMARC Group, titled “Managed Application Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global managed application services market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global managed application services market size reached US$ 12.4 Billion in 2022. looking forward, imarc group expects the market to reach a value of US$ 27.1 Billion on by 2028, exhibiting a growth rate (CAGR) of 13.18% during 2023-2028.
Managed application services range from technical support to cloud migration that aids in keeping the application highly available and relevant for evolving business needs. They also assist in enhancing security, encouraging human resources savings, minimizing outage risks, reducing capital and operational costs, and monitoring, maintaining, and optimizing capacity and security. As a result, organizations from different sector verticals across the globe are integrating managed application services to run cloud deployment smoothly and deliver cost savings.
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Industry Trends & Drivers
The elevating need for reliable application services for secure, fast, and optimal enterprise applications performance and maintaining competitive advantage, on account of the expanding business and the increasing complexity of information technology (IT) infrastructure, is among the key factors stimulating the managed application services market. Moreover, the rising focus of enterprises for using these services to reduce costs and optimize operations is acting as another significant growth-inducing factor.
Besides this, the inflating usage of remote managed services that provide minimal administrative overhead with maximum uptime by small and medium-sized enterprises (SMEs), as regulatory, data, and system requirements prohibit the use of off-site solutions is positively influencing the global market. Furthermore, the growing utilization of these services to meet the demand for implementation, optimization, maintenance, performance improvement, and quality initiatives of health firms is also propelling the market growth. Apart from this, the increasing digitization of healthcare infrastructures and the escalating demand for telehealth and remote patient services are further fueling the global market. Additionally, numerous service providers are providing customizable solutions to support custom web applications critical for the everyday operations of organizations is anticipated to drive the managed application services market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
BMC Software Inc., DXC Technology, Fujitsu Limited, HCL Technologies Limited (HCL Enterprise), International Business Machines Corporation, Lumen Technologies Inc., Mindtree Ltd. (Larsen & Toubro Ltd.), NaviSite Inc., Rackspace Technology Inc., Unisys Corporation, Virtustream (Dell Technologies Inc.) and Wipro Limited.
The report has been segmented the market into following categories:
Breakup by Service:
- Operational Services
- Application Service Desk
- Application Hosting
- Application Security and Disaster Recovery
- Application Infrastructure
Breakup by Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Breakup by Application:
- Web-Based Applications
- Mobile Applications
Breakup by Industry Vertical:
- Telecom and IT
- Energy and Utilities
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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