IT Management as a Service Market Forecast, Trends, and Growth 2031

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.

IT Management as a Service Market Analysis

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 Market Overview

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.

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IT Management as a Service Market: Strategic Insights

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IT Management as a Service Market Drivers and Opportunities

Rising Demand for Remote Work Culture to Favor Market

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.

Rising Adoption of ITMaaS in Healthcare Industry

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.

IT Management as a Service Market Report Segmentation Analysis

Key segments that contributed to the derivation of the IT management as a service market analysis are application, enterprise size, and end user.

• 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. The system and network monitoring segment held the largest market share in 2023.
• In terms of enterprise size, the market is categorized into SMEs and large enterprises. The large enterprises segment dominated the market in 2023.
• In terms of end user, the IT management as a service market is segmented into IT and telecom, BFSI, healthcare & lifesciences, manufacturing, higher education, retail, energy, and utilities, non-profit, and others. The IT and telecom segment dominated the market in 2023.

IT Management as a Service Market Share Analysis by Geography

• The IT management as a service market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC.
• North America is witnessing tremendous growth in the IT management as a service market, owing to the presence of various market players who are continuously working on the advancement of IT management as a service. In January 2024, Hitachi Vantara, along with Cisco, introduced an innovative suite of hybrid cloud services specifically designed to address ongoing data management challenges faced by various enterprises. This new Hitachi EverFlex with Cisco Powered Hybrid Cloud integrates automation solutions and predictive analytics to provide organizations with advanced infrastructure management, operational effectiveness, and cost efficiency. Thus, product innovations by the market players in the region are fueling the growth of IT management as a service market in the region.

IT Management as a Service Market Regional Insights

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.

IT Management as a Service Market Report Scope

IT Management as a Service Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Cisco Systems Inc
2. Cognizant Technology Solutions Corp
3. Wipro Ltd
4. Amazon Web Services Inc
5. International Business Machines Corp
6. Fujitsu Ltd

Disclaimer: The companies listed above are not ranked in any particular order.

IT Management as a Service Market News and Recent Developments

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:

• IBM Consulting and Microsoft announced the opening of the IBM-Microsoft Experience Zone in Bangalore, India – a first of its kind for the collaboration. The Experience Zone provides a dedicated space for clients to explore how generative AI, hybrid cloud, and other Microsoft products and technologies can accelerate their business transformation journeys and help them gain a strategic advantage.

(Source: IBM, Press Release, April 2024)

• Fujitsu launched a Cyber Security Services division, taking expertise from acquisitions and investments across the region and funneling it into one team led by Stuart Kilduff.

(Source: Fujitsu, Press Release, April 2024)

IT Management as a Service Market Report Coverage and Deliverables

The "IT Management as a Service Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:

• IT management as a service market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• IT management as a service market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• IT management as a service market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the IT management as a service market
• Detailed company profiles