IT Management as a Service Market is expected to reach US$ 37.68 billion by 2031

PRESS RELEASE BY The Insight Partners 21 May 2024

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Increasing Complexity of IT Infrastructure to Fuel IT Management as a Service Market Growth During Forecast Period 

According to our latest study, “IT Management as a Service Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Application, Enterprise Size, and End User," the market was valued at US$ 11.13 billion in 2023 and is expected to reach US$ 37.68 billion by 2031; it is estimated to record a CAGR of 16.5% from 2023 to 2031. The report includes growth prospects owing to the current IT management as a service market trends and their foreseeable impact during the forecast period.

IT infrastructure includes the hardware, software, networks, and related services needed to run an organization's IT activities. This comprises data centers, servers, routers, computing platforms, and other components. To manage IT infrastructure, there is a need to properly plan, maintain, and optimize these resources to ensure their flawless operation. In addition, due to rapid advancements in software, there is an increase in the complexity of the IT infrastructure, which is further necessitating security and compatibility. In the meantime, with the growing amount of data generation, there is a rise in the need to manage data effectively. Ineffective data management can lead to data loss, higher expenses, and decreased productivity. Furthermore, as businesses seek to optimize their operations, they frequently turn to the appeal of cloud infrastructure. However, integrating cloud solutions with current infrastructure can be difficult and needs careful planning to prevent problems. Also, there is a growing demand for automation to increase the organization's productivity. However, implementing automation technologies and processes necessitates a strategic approach to ensure that they align with an organization's objectives. Thus, the growing software advancements, increasing integration of cloud infrastructure, and growing adoption of automation are increasing the complexity of IT infrastructure, which poses a challenge for various organizations. To address this problem, various organizations are moving to ITMaaS providers as they help manage and maintain IT infrastructure and systems for their clients, with the goal of preventing problems before they occur. Thus, the increasing complexity of IT infrastructure is fueling the IT management as a service market growth.  

IT Management as a Service Market Analysis — by Geography

IT Management as a Service Market Analysis — by Geography

IT Management as a Service Market Size (2021-2031) and Regional Overview

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IT Management as a Service Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Application (System and Network Monitoring, Compliance and Security Management, Asset Management, Infrastructure Performance Management, Configuration and Change Management, and Others), Enterprise Size (Large Enterprises and SMEs), End User (IT and Telecom, BFSI, Healthcare and Lifesciences, Manufacturing, Higher Education, Retail, Energy and Utilities, Non-Profit, and Others). and Geography

Source: The Insight Partners Analysis

Cisco Systems Inc; Cognizant Technology Solutions Corp; Wipro Ltd; Amazon Web Services Inc; International Business Machines Corp; Fujitsu Ltd; Persistent Systems Ltd; BMC Software, Inc.; HCL Technologies Ltd; Hewlett Packard Enterprise Co; Capgemini SE; Atos SE; Kyndryl Holdings Inc; Avanade Inc.; Integris; Thrive Operations LLC; Rimini Street, Inc.; and Neudesic, LLC. are among the key players profiled in the IT management as a service market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.

The report includes the IT management as a service market forecast by application, enterprise size, end user, and region from 2023 to 2031. Based on application, the IT management as a service market is categorized into system and network monitoring, compliance and security management, asset management, infrastructure performance management, configuration and change management, and others. In terms of revenue, the system and network monitoring segment held the largest IT management as a service market share and is expected to record the highest CAGR over the forecast period.

The scope of the IT management as a service market report focuses on North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America dominated the market in 2023, followed by Europe and APAC.

The APAC IT management as a service market is segmented into Australia, China, Japan, India, South Korea, and the Rest of APAC. In terms of revenue, China held the largest APAC IT management as a service market share. China is the world's largest manufacturing hub; it produces ~36% of the world's electronics, which includes smartphones, computers, cloud servers, and telecom infrastructure. To further increase the manufacturing capacity, the government of China and manufacturers are continuously working on adopting new technologies to increase productivity and efficiency. This rising technological adoption in the manufacturing industry is expected to raise the need for ITMaaS services as they can help manufacturers efficiently manage their IT operations. Furthermore, China is witnessing tremendous growth in the digitization of various sectors. In 2022, the digital economy of China reached about US$ 6.99 trillion (CNY 50.2 trillion), as per Xia Xueping, head of the Chinese Academy of Cyberspace Studies. The country is also witnessing growing technological advancements. Artificial intelligence (AI) technologies, particularly AI foundation models, are evolving quickly and drastically, changing the real and digital worlds. AI is increasing productivity and providing new impetus for the growth of several businesses in China. All these factors are expected to increase the demand for ITMaaS services in China during the forecast period.  

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