According to the global managed application services market research report by IMARC Group, the market reached a value of US$ 12.4 Billion in 2022, and it is projected to reach a value of US$ 27.1 Billion by 2028, exhibiting a CAGR of 13.18% during 2023-2028.
What are Managed Application Services?
Managed application services range from technical support to cloud migration that aids in keeping the application highly available and relevant for evolving business needs. They also assist in enhancing security, encouraging human resources savings, minimizing outage risks, reducing capital and operational costs, and monitoring, maintaining, and optimizing capacity and security. As a result, organizations from different sector verticals across the globe are integrating managed application services to run cloud deployment smoothly and deliver cost savings.
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What Are The Growth Prospects And Trends In The Managed Application Services Industry?
The elevating need for reliable application services for secure, fast, and optimal enterprise applications performance and maintaining competitive advantage, on account of the expanding business and the increasing complexity of information technology (IT) infrastructure, is among the key factors stimulating the managed application services market. Moreover, the rising focus of enterprises for using these services to reduce costs and optimize operations is acting as another significant growth-inducing factor.
Besides this, the inflating usage of remote managed services that provide minimal administrative overhead with maximum uptime by small and medium-sized enterprises (SMEs), as regulatory, data, and system requirements prohibit the use of off-site solutions is positively influencing the global market. Furthermore, the growing utilization of these services to meet the demand for implementation, optimization, maintenance, performance improvement, and quality initiatives of health firms is also propelling the market growth. Apart from this, the increasing digitization of healthcare infrastructures and the escalating demand for telehealth and remote patient services are further fueling the global market. Additionally, numerous service providers are providing customizable solutions to support custom web applications critical for the everyday operations of organizations is anticipated to drive the managed application services market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Service:
- Operational Services
- Application Service Desk
- Application Hosting
- Application Security and Disaster Recovery
- Application Infrastructure
Breakup by Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Breakup by Application:
- Web-Based Applications
- Mobile Applications
Breakup by Industry Vertical:
- Telecom and IT
- Energy and Utilities
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 3M Company
- Alpha Pro Tech Ltd.
- Casco Bay Molding
- Gateway Safety Inc.
- Honeywell International Inc.
- JBC Technologies Inc.
- KARAM Safety Private Limited
- Key Surgical Inc. (Steris plc)
- Medline Industries LP
- MSA Safety Incorporated
- Precept Medical Products Inc. (Aspen Surgical Products Inc.)
- Prestige Ameritech
- and Pyramex Safety Products LLC.
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