The managed IT services market is estimated to reach $256.5 billion in 2021 from $166.7 billion in 2017 and $149.1 billion in 2016 at a compound annual growth rate (CAGR) of 11.5 percent for 2017-2021.
The managed IT services market report said United States will grow to $94.5 billion in 2021 from $62 billion in 2017 at a CAGR of 11.1 percent for 2017-2021.
Infrastructure services constitute the largest segment of the managed IT services market at 47.1 percent of total sales followed by network services and security services.
Increasing demand from cloud based services from the banking, financial services and insurance, technology, and healthcare industries is expected to drive this market. Many companies are expanding their geographical presence inorganically through mergers and acquisitions.
Increasing government support for IT initiatives and use of technology in their processes will also drive the managed IT services market.
IBM, DXC Technology, Fujitsu and Atos and others are present in the global managed IT services market.
