The market of Managed IT Services in Brookhaven and beyond just keeps growing. The global market for managed IT services will reach $256.5 billion in 2021, up from $166.7 billion in 2017, according to a BCC Research market forecast. According to the company, that’s a compound annual growth rate (CAGR) of 11.5 percent.
The report found that here in the United States, the market will grow from $62.0 billion in 2017 to $94.5 billion in 2021 at a CAGR of 11.1 percent. While the managed IT services market in Brookhaven is certainly smaller, the same growth rates can be applied.
A separate report found that of the $4 trillion that SMB (Service Message Blocks) and large enterprises will spend on IT products and services globally, MSP (Managed Service Providers) are expected to deliver 25 percent of that by 2021.
Research on Managed IT Services
BCC used this research to determine the global market size for managed IT services, as well as the future demand growth for the industry.
The report looked at the overall global managed IT services market, and can be downloaded on their site here. It relied on information from various sources, including:
- Company marketing information
- Online research
- Trade associations and publications
- Public information, such as reports to shareholders and government reports
- Interviews with top industry experts
- Through his research, they were able to develop a comprehensive look at the managed IT services industry.
Vertical Market Managed IT Services
The report found that banking, financial services, and insurance (BFSI) companies were the largest customer group for IT services (in the US and Brookhaven) in 2016, at 32% of the market. The second-highest MSP vertical was government, public service, and healthcare.
Major Managed IT Services
According to BCC’s report, the largest segment of the managed IT services market (which can also be applied to Brookhaven) is infrastructure services, at 41.7% of total sales. Network services and security services are the next largest segments.
The growth in the infrastructure segment is due to the growth of the cloud. More and more businesses are transitioning to the cloud, which is contributing to the growth within infrastructure services.
Security services are on the rise due to the increase risk of cyber attacks. Major businesses have fallen victim to significant data breaches, including Taret, Equifax, and Uber. These breaches are not only costly, but also affect their standing with customers. Overall, the report found the increase of IT services, and it’s importance for small businesses. Companies need to protect their business from cyber attacks and other issues in Brookhaven with IT service providers.