Managed network services market trends show that companies are looking to make their networks fast, secure, connected and reliable. If a network goes down, that could mean the potential for the entire company to stop, which in turn translates into a catastrophic loss of revenue. The global managed services market is driven by widespread demand in IT, healthcare, finance, telecommunications, etc. Companies are embracing these services to upgrade and innovate their infrastructure.
In addition, growing demand for comprehensive hosting software is expected to drive market growth. In addition, increasing demand for IT infrastructure protection against cyber threats is expected to drive market growth during the forecast period. A managed service provider (MSP) provides services, such as network, application, infrastructure and security, through ongoing and regular support and active administration at a customer's premises, in their MSP's data center (hosting), or in a third-party data center. Even before COVID, some estimates showed that 90 percent of Fortune 1000 companies used MSP to provide at least part of their IT infrastructures or services.
MSPs can offer their own native services along with the services of other providers (for example, a security MSP who provides a system administrator over a third-party cloud IaaS). As companies move to adapt to remote work options and some industries experience service interruptions due to lockdown restrictions, MSPs have had to change the focus of their service offering to adapt to these changes.