Managed Services Market size in Saudi Arabia to grow by USD 963.48 million from 2022 to 2027 | The growing demand for outsourcing non-core operations in banking, financial services, insurance (BFSI), and the retail sector drives market growth - Technavio
NEW YORK, Nov. 2, 2023 /PRNewswire/ -- The managed services market in Saudi Arabia is set to grow by USD 963.48 million from 2023 to 2027. The market is estimated to be progressing at a CAGR of 6.93% during the forecast period. The growing demand for outsourcing non-core operations in banking, financial services, insurance (BFSI), and the retail sector notably drives market growth. Banks and financial institutions increasingly contract out their IT tasks, such as data management, software development, and customer support, in the BFSI industry. This results in them being able to concentrate on their core skills, which include risk management, investments, and regulatory compliance. In turn, they can lower expenses, boost operational effectiveness, and provide their clients with better services. Also, businesses in the retail industry outsource non-core tasks like supply chain management, logistics, and inventory management, which helps them to better utilize their resources and become more competitive. Hence, such factors drive market growth during the forecast period. Discover IT Consulting & Other Services industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!
The managed services market in Saudi Arabia covers the following areas:
- Managed Services Market In Saudi Arabia Sizing
- Managed Services Market In Saudi Arabia Forecast
- Managed Services Market In Saudi Arabia Analysis
Managed Services Market in Saudi Arabia - Vendor Landscape
The managed services market in Saudi Arabia is fragmented in nature. The managed services market in Saudi Arabia is in its growth phase. At present, client organizations across the world are focusing on process automation, simplification of the IT environment, and the development of the economic cost structure, which will provide a favorable spending environment for the market during the forecast period. The vendors are deploying organic and inorganic growth strategies to compete in the market.
Vendor Offerings
- ACS Services Inc. - The company offers managed services that are designed to reduce physical infrastructure footprint, foster faster innovation and provide new pathways for digital transformation.
- Amazon.com Inc. - The company offers managed services that are designed to adopt Amazon web services at scale and operate more efficiently, thus providing proactive, preventative, and detective capabilities to raise the operational bar for reducing risk without constraining agility.
- AO Kaspersky Lab - The company offers managed services that are designed to provide a wide range of information technology security services from endpoint security to hybrid cloud protection.
For market's vendor landscape highlights with a comprehensive list of vendors and their offerings - View Sample in a minutes
Managed Services Market in Saudi Arabia - Key Market Segmentation
This Saudi Arabia managed services market report extensively covers market segmentation by type (MDS, MNS, MSS, MMS, and others), deployment (cloud and on-premises), and end-user (government, financial services, healthcare, oil and gas, and others).
- The market share growth by the MDS segment will be significant for overall market growth during the forecast period. Factors such as the lower operating costs of MDS are a significant benefit. Businesses can decrease print and paper waste while enhancing document workflow efficiency by implementing document management systems and automating procedures. Moreover, companies can rationalize their printers, copiers, scanners, and other document-related equipment with managed print services (MPS), resulting in cost savings. It also improves document security by employing secure print solutions that enable businesses to stop sensitive documents from falling into the wrong hands. Hence, such factors drive segment growth during the forecast period.
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What's New? -
- Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!
Companies Covered
- ACS Services Inc.
- Alphabet Inc.
- Amazon.com Inc.
- AO Kaspersky Lab
- Atos SE
- Cisco Systems Inc.
- Diyar United Co.
- eHosting DataFort
- Fortinet Inc.
- Fujitsu Ltd.
- Hewlett Packard Enterprise Co.
- International Business Machines Corp.
- Juniper Networks Inc.
- Microsoft Corp.
- Nokia Corp.
- Palo Alto Networks Inc.
- Security Matterz
- Telefonaktiebolaget LM Ericsson
- Wipro Ltd.
- Zoho Corp. Pvt. Ltd.
For more key highlights on the vendors and their offerings - View Sample Report
Managed Services Market in Saudi Arabia - Market Dynamics
Significant Trends
The increase in the adoption of cloud-based managed services in Saudi Arabia is an emerging trend influencing market growth. This trend can be attributed to the various benefits, including scalability, flexibility, and cost-effectiveness. Furthermore, factors such as the growing demand for digital transformation across various industries also drive the demand for the adoption of cloud-based managed services.
Businesses understand why they must adopt cloud-based solutions to stay competitive, now that technology is advancing so rapidly. Moreover, due to the COVID-19 pandemic, the shift toward cloud-based solutions has accelerated as businesses had to adopt remote work practices. Hence, such a trend boost market growth during the forecast period.
Major Challenges
Data and privacy issues are major challenges hindering the market growth. The services can encounter data and privacy problems in a variety of ways. For instance, when a company outsources its IT operations to a third-party service provider, it gives the provider access to its private information and sensitive data. It may result in data breaches, hacks, or leaks of sensitive information, which may cause serious reputational harm, monetary losses, or even legal action if the service provider is not adequately regulated or vetted.
Furthermore, businesses can protect data and privacy by selecting managed service providers that employ two-factor authentication and encryption technology to safeguard sensitive data. Thus, such factors are expected to hinder the growth of the managed services market in Saudi Arabia during the forecast period.
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Key Topics Covered:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Type
- Market Segmentation by Deployment
- Market Segmentation by End-User
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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