MSP Software Market size is set to grow by USD 181 million from 2024-2028, Increased adoption of IoT solutions to boost the market growth, Technavio

NEW YORK, July 4, 2024 /PRNewswire/ -- The global MSP software market  size is estimated to grow by USD 181 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  12.12%  during the forecast period. Increased adoption of iot solutions is driving market growth, with a trend towards increased adoption of bring your own device (BYOD) policy. However, data privacy and security risk in cloud-based services  poses a challenge. Key market players include Acronis International GmbH, AT and T Inc., Atera Networks Ltd., Auvik Networks Inc., Bravura Software LLC, Cisco Systems Inc., ConnectWise LLC, DNSFilter Inc., Hewlett Packard Enterprise Co., Hornetsecurity Ltd., Infosys Ltd., International Business Machines Corp., Kaseya Ltd., LogicMonitor Inc., Opmantek Software Pty Ltd., ServiceNow Inc., TitanHQ, Trend Micro Inc., Wipro Ltd., Ziff Davis LLC, and Zoho Corp. Pvt. Ltd..

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Key Market Trends Fueling Growth

The Bring Your Own Device (BYOD) trend in enterprise mobility is increasingly popular among corporations, allowing employees to use their personal smartphones, tablets, and laptops at work. This shift necessitates specialized management and IT service delivery frameworks to ensure secure and productive work environments. Companies focus on providing appropriate devices to their workforce, leading to an increase in the use of various operating systems and devices, such as iOS, Android, Windows, smartphones, and tablets, on corporate networks. The primary objective of implementing BYOD is to offer cost savings and mobility to employees while boosting productivity. Vendors provide solutions to create an infrastructure that enables employees to use their devices securely through robust internet connectivity. These factors are anticipated to fuel the growth of the Managed Service Provider (MSP) software market in the coming years. 

In today's business landscape, Managed Service Providers (MSPs) are trending in various industries including IT and telecommunication, transport and logistics, automotive, and retail. Large companies are increasingly relying on MSPs for managed infrastructure, communication, information, and security services. MSPs offer on-premises solutions as well as cloud-based options for B2B integration, transportation, utilities, media, and supply chain management. MSPs provide managed services using specialized tools for capacity planning, load balancing, resource allocation, storage, bandwidth, and processing power. They offer remote management, monitoring, configuration changes, troubleshooting, software updates, and data privacy protection. MSPs address security concerns with managed security services, safeguarding against unauthorized access, identity theft, and data leaks. IoT solutions with sensors as data sources and interconnected devices require specialized tools for managing data from various interconnected devices. MSPs offer a centralized platform for managing data centers and third-party data centers, ensuring data privacy and security. Virtual assistant services and data center services are in high demand, with capacity planning, load balancing, and resource allocation being key focus areas. MSPs provide a one-stop solution for IT firms, ensuring seamless IT service platform and information services. 

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Market Challenges

• Cloud-based Managed Service Providers (MSP) software adoption in organizations faces significant barriers due to data privacy and security risks. Cloud security management is a complex task for vendors, as online digital files require protection from unauthorized access to cloud-based IT infrastructure. Public cloud infrastructure, which is based on multiple open-source codes, can introduce vulnerabilities. Cyber-attackers can easily penetrate cloud-based data storage systems due to their open architecture and shared resources. Vendors must encrypt clients' data and implement multi-factor authentication systems for user authorization. Adherence to regulatory guidelines for cloud security management is essential. In a multi-tenant cloud architecture, hackers may target data from other users on the same server. These factors pose challenges to the growth of the global MSP software market.
• In today's business landscape, managing IT systems and ensuring security is a top priority. MSP (Managed Service Providers) software market offers flexible and scalable solutions to help companies tackle challenges such as vulnerability management, compliance requirements with GDPR, HIPAA, PCI DSS, data encryption, access restrictions, and audit trails. However, businesses face hurdles like natural disasters, cyberattacks, interruptions, and downtime, which can lead to constrained funding and the need for continuous support. MSPs provide on-going assistance in managing workflows, mitigating risks from hacking, and ensuring skilled workers are available. However, challenges like vendor lock-in, exclusive ecosystems, system crashes, sluggish performance, and outages persist. MSPs offer both on-premise and cloud-based solutions for enterprise IT, catering to large enterprises in healthcare and financial services. Their services include infrastructure management, managed data centers, managed networks, managed mobility, and cloud storage, among others. Outsourcing IT services can help businesses focus on their core competencies while ensuring on-going support and live administration from qualified IT workers.

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Segment Overview 

This msp software market report extensively covers market segmentation by

1. Deployment 
• 1.1 On-premises
• 1.2 Cloud-based
2. Type 
• 2.1 Managed data center
• 2.2 Managed network
• 2.3 Managed infrastructure
• 2.4 Managed mobility
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 On-premises-  The on-premises segment of the Managed Service Provider (MSP) software market is projected to experience substantial revenue growth compared to the cloud-based segment. This is due to the end-to-end quality control and heightened security features of on-premises MSP software. The market is primarily driven by large organizations in sectors such as BFSI, aerospace and defense, and government, which deal with sensitive data and are subject to stringent regulations. These organizations prefer on-premises MSP software to ensure compliance and maintain control over their data. For instance, government entities like the Central Intelligence Agency (CIA), Research and Analysis Wing (RAW), and Inter-services Intelligence (ISI) utilize on-premises MSP software due to the heightened security risks they face. Consequently, the on-premises segment is expected to expand significantly in the MSP software market during the forecast period.

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Research Analysis

The Msp Software Market encompasses a range of IT solutions designed to help businesses manage and optimize their Cloud Services, IT Environments, Networks, Apps, and Hybrid Infrastructure. These solutions provide Service standards, Proactive Monitoring, and On-going Support to ensure seamless operations. Network security is a top priority, with offerings including Authentication and Infrastructure Management. IT Service Platforms offer B2B Integration for industries such as Transportation, Utilities, Media, and Supply Chain Management. Virtual Assistants and Data Centers, whether on customer's premises or third-party, are essential for efficient information services. Continuous Support and Live Administration ensure business continuity, making Msp Software an indispensable tool for any organization.

Market Research Overview

The Msp Software Market encompasses a range of IT solutions designed to help businesses manage and optimize their Cloud Services, IT Environments, Networks, Apps, and Hybrid Infrastructures. These solutions offer Service standards, Proactive monitoring, and Security features to safeguard against Cybersecurity threats such as Ransomware, Malware, and Data breaches. Compliance requirements like GDPR, HIPAA, and PCI DSS are met through Data encryption, Access restrictions, Audit trails, and Flexible and Scalable IT solutions. Disaster Recovery plans protect against Natural disasters, Cyberattacks, Interruptions, and Downtime, while Constrained funding and Skilled workers are addressed through Outsourcing IT services and On-going support. Managed services include Data center, Network, Mobility, Infrastructure, Communication, Information, Security, and various Vertical solutions. The market caters to Enterprise IT, Large companies in Healthcare, Financial Services, and other sectors, as well as Retail clients, IT firms, and various industries like Transport and Logistics, IT and Telecommunication, Automotive, and Media. The IT Service Platform provides B2B integration, Transportation, Utilities, and Supply Chain Management solutions, and includes Virtual Assistant technology for enhanced productivity.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment
• On-premises
• Cloud-based
• Type
• Managed Data Center
• Managed Network
• Managed Infrastructure
• Managed Mobility
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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SOURCE Technavio