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Global Managed Application Services Market Size is Projected to Reach USD 16.82 billion by 2030, Growing at a CAGR of 18.50%: Straits Research

In North America, the managed application services industry has been expanding due to the shifting IT infrastructure landscape, particularly for small and medium-sized businesses continually focusing on outsourcing different services.

New York, United States, March 05, 2024 (GLOBE NEWSWIRE) — Managed Application Services, or MAS, is a type of support agreement that enables companies to reserve from their supplier a set number of service hours each month to supplement the help provided by the team. Managed application services utilize a managed service provider’s knowledge to streamline the efficient administration of a business’s critical applications. Managed services offer several benefits that have been demonstrated to positively affect the company’s growth because they permit them to focus on their core competencies.

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Growing Demand for Integrated Application Hosting Services Drives the Global Market

According to Straits Research, The global managed application services market size was valued at USD 3.65 billion in 2021. It is projected to reach USD 16.82 billion by 2030, growing at a CAGR of 18.50% during the forecast period (2022-2030).Application hosting services are computerized systems that enable the online delivery of software. Practically any software program can run on a platform offered by application hosting services. Content management systems, web development tools, database tools, and email management tools are typical examples of on-demand software that is hosted online. Companies and vendors are migrating to the cloud because it provides them with flexibility, improved security, scalability, and ease of integration. These factors are driving the global managed application services market.

Outsourcing of Non-Core Functions by Organizations Creates Tremendous Opportunities 

Longer and more involved work processes require reliable apps to increase corporate output levels. For efficient business processes, enterprise applications must run fast, safely, and optimally. As a result, many businesses outsource their non-essential tasks to save money and boost internal efficiency. Additionally, several companies provide managed application services that can be contracted out at a cheaper cost while providing the outsourcing company with some advantages. Application maintenance outsourcing has many benefits, including decreased maintenance costs, improved service levels, risk reduction, and staff focus on crucial business skills. Additionally, outsourcing is becoming a more common competitive tactic for several firms.

Regional Analysis 

North America managed application services market share is anticipated to grow at a CAGR of 17.10% over the forecast period. The managed application services market has been growing in North America as a result of the changing IT infrastructure landscape, especially for small and medium-sized organizations that consistently focus on outsourcing various services. For example, Kpaul Properties LLC chose Fujitsu to replace physical servers with a virtualized environment. Due to this measure, the business’s costs were reduced by 15%, and uptime increased to 95%. Managed services are becoming increasingly popular among local firms as a means of growth in response to the rapid pace of innovation in cutting-edge technologies and the need for more streamlined IT operations.

Europe is expected to grow at a CAGR of 17.90%, during the forecast period. Regardless of their size, regional businesses rely increasingly on managed service providers to ensure that technology is used to transform and scale businesses to maintain a competitive edge. Managed service providers raise the value of their goods and services by providing the proper knowledge, solutions, and pricing models. Furthermore, in October 2020, Infosys, a renowned consulting and next-generation digital services supplier, announced that it had successfully acquired GuideVision, one of Europe’s largest ServiceNow Elite Partners. The business said this acquisition would strengthen its commitment to the ServiceNow ecosystem, digital capabilities, and cloud service offerings.

The Asia-Pacific region is anticipated to grow significantly during the forecast period due to the increased use of mobile applications. The region is home to a sizable number of SMEs with limited resources, which forces them to use managed services. Governments in the region have also begun to utilize a mobile-first strategy to provide better services to their citizens, advancing the sector. Utilizing the public cloud and related services is becoming more and more expensive. Although businesses in the area are eager to use the cloud, structural issues have hindered uptake. Ill-defined processes, a lack of strong business-IT alignment, and other issues are some of the issues preventing cloud-based innovation.

Key Highlights

  • Based on organization size, the global managed application services market is bifurcated into small and medium-scale enterprises and large enterprises. The large enterprise segment is the highest contributor to the market and is expected to grow at a CAGR of 18.20% during the forecast period.
  • Based on the end-user industry, the global managed application services market is bifurcated into BFSI, retail and e-commerce, it and telecom, manufacturing, healthcare, and others. The BFSI segment owns the highest market share and is anticipated to expand at a CAGR of 17.40% over the forecast period.
  • North America is the most significant shareholder in the global managed application services market and is anticipated to grow at a CAGR of 17.10% over the forecast period.

Competitive Players

The Top 10 players in the global managed application services market are Fujitsu Limited, IBM Corporation, CenturyLink Inc., HCL Technologies Limited, Wipro Limited, Mindtree Limited, Virtustream Inc., and Unisys Corporation.

Market News

  • In April 2022, Fujitsu announced the introduction of its new service portfolio, “Fujitsu Computing as a Service (CaaS),” by providing access to some of the most cutting-edge computing technologies via the cloud for commercial usage to accelerate digital transformation (DX) and empower businesses internationally. The new service includes cutting-edge computing tools, including Fugaku, the world’s fastest supercomputer, Fujitsu’s quantum-inspired Digital Annealer technology, and software tools that let a variety of users employ AI and machine learning to solve problems.
  • In February 2022, Fujitsu successfully developed new software virtualized radio access network (vRAN) technology with support for 5G Standalone (SA) and will make it available for testing by telecom providers starting in March 2022. The newly developed vRAN technology resolves one of the main issues with conventional brands, giving a great performance with low energy consumption by utilizing Fujitsu’s AI and quantum-inspired “Digital Annealer” technologies to maximize computing resources.

Global Managed Application Services Market: Segmentation

By Organization Size

  • Small and Medium-scale Enterprises
  • Large Enterprises

By End-User Vertical

  • BFSI
  • Retail and E-commerce
  • IT and Telecom
  • Manufacturing
  • Healthcare
  • Other End-user Verticals

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Get Detailed Market Segmentation @ https://straitsresearch.com/report/managed-application-services-market/segmentation

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

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Originally published at https://www.einpresswire.com/article/693455068/global-managed-application-services-market-size-is-projected-to-reach-usd-16-82-billion-by-2030-growing-at-a-cagr-of-18-50-straits-research

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