The IT management as a service market size is expected to reach US$ 37.68 billion by 2031 from US$ 11.13 billion in 2023. The market is estimated to record a CAGR of 16.5% from 2023 to 2031. The rising demand for cloud computing is likely to remain a key market trend.
The IT management as a service market is predicted to grow during the forecast period due to the growing trend of working remotely. This has spurred the need to set up new IT infrastructure among organizations. In addition, with the growing software advancements, increasing integration of cloud infrastructure, and growing adoption of automation technology, the complexity of organizations' IT infrastructure is increasing. As having an in-house IT team can be very expensive for organizations, they are moving to ITMaaS service providers to cater to this infrastructure complexity problem. Furthermore, the growing adoption of ITMaaS services in the healthcare industry to carry out IT operations is expected to create an opportunity for the growth of the IT management as a service market during the forecast period. Moreover, the rising digitization in SMEs is expected to propel the growth of the market.
IT management as a service (ITMaaS) is a comprehensive suite of managed services that enables skilled IT professionals to manage all aspects of a company's IT infrastructure, including servers, networks, security, applications, and data. ITMaaS services help businesses decrease IT expenses by preventing outages, eliminating disruptions, and improving security. It also helps companies to improve end-user experience and optimize IT resources by giving them access to state-of-the-art technology, skilled IT specialists, and clear contract formats. Furthermore, ITMaaS helps shift IT duties from the organization's IT team to an outside service provider, reducing the intangibles of hiring and maintaining internal IT workers.
Remote work is becoming the new normal for many organizations and has become a phenomenon in recent years, especially after the COVID-19 pandemic. According to Gallup, Inc. report of June 2022, remote work is continuously perceived as positive, with almost 65% of full-time employees ready to work remotely. Working remotely helps employees reduce their traveling and maintain a work-life balance. A study conducted by the National Bureau of Economic Research in January 2023 showed that remote work saved an average of 72 minutes spent by employees on their daily travel to and from their on-site jobs during 2021–2022. Due to all these factors, the demand for remote work is increasing among the employees. To maintain flexibility in working conditions, organizations are working on implementing a remote working model. However, this growing adoption of the remote working model fuels the need to set up new IT infrastructure among organizations. To cater to these needs, various organizations are moving to ITMaaS, as they help organizations manage all their IT operations at low cost, increasing their demand globally. ITMaaS service providers can help organizations take care of sourcing, deployment, and management of routine IT infrastructure. Thus, the rising demand for remote work culture propels the IT management as a service market growth.
IT for healthcare is more complicated than ever. Many healthcare executives wish to give digital transformation top priority; however, it is becoming more and more expensive to hire technical staff to manage hundreds of systems. Because of this, healthcare firms are adopting IT management as a service (ITMaaS), as these service providers can help companies handle their IT operations. These service providers can assist healthcare firms with IT operations, email, help desk, data security, and cloud hosting. Additionally, they can manage continuous IT services, which facilitate innovation, expansion, and transformation. Hence, the rising adoption of ITMaaS among healthcare organizations is expected to create an opportunity for the growth of the IT management as a service market during the forecast period.
Key segments that contributed to the derivation of the IT management as a service market analysis are application, enterprise size, and end user.
The regional trends and factors influencing the IT Management as a Service Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses IT Management as a Service Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 11.13 Billion |
| Market Size by 2031 | US$ 37.68 Billion |
| Global CAGR (2023 - 2031) | 16.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Application
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The IT Management as a Service Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the IT Management as a Service Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The IT management as a service market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the IT management as a service market are listed below:
(Source: IBM, Press Release, April 2024)
(Source: Fujitsu, Press Release, April 2024)
The "IT Management as a Service Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List of Companies - IT Management as a service Market
Rising demand for cloud computing is anticipated to play a significant role in the global IT management as a service market in the coming years.
The incremental growth expected to be recorded for the global IT management as a service market during the forecast period is US$ 26,550.24 billion.
Rising demand for remote work culture and increasing complexity of IT infrastructure are the major factors that propel the IT management as a service market.
The key players holding majority shares in the global IT management as a service market are IBM Corp, Fujitsu Ltd, Amazon Web Services Inc, Cisco Systems Inc, and Cognizant Technology Solutions Corp
The global IT management as a service market was estimated to be US$ 1.28 billion in 2023 and is expected to grow at a CAGR of 10.2% during the forecast period 2024 - 2031.
The global IT management as a service market is expected to reach US$ 37.68 billion by 2031.