Managed Services Market size in Saudi Arabia to grow by USD 963.48 million from 2022 to 2027; the increase in the adoption of cloud-based managed services in Saudi Arabia to be a major market trend - Technavio
NEW YORK, June 6, 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. 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 - 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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Global competitiveness and key competitor positions
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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
Key Drivers
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.
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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Related Reports: The cloud-managed services market size is expected to increase to USD 52.62 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.37%. Furthermore, this report extensively covers cloud-managed services market segmentation by end-user (large enterprise and small and medium enterprise) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The rising adoption of cloud computing services is notably driving the cloud-managed services market growth.
The managed IT infrastructure services market size is expected to increase to USD 64.51 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.34%. Furthermore, this report extensively covers managed IT infrastructure services market segmentation by end-user (small and medium enterprise and large enterprise) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The rising adoption of cloud-based managed security services (MSS) is notably driving the managed IT infrastructure services market growth.
Managed Services Market Scope in Saudi Arabia
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 6.93%
Market growth 2023-2027
USD 963.48 million
Market structure
Fragmented
YoY growth 2022-2023(%)
5.78
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
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., and Zoho Corp. Pvt. Ltd.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Key Topics Covered:
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Country Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market Segmentation by Type
Exhibit 05: Executive Summary ? Chart on Market Segmentation by Deployment
Exhibit 06: Executive Summary ? Chart on Market Segmentation by End-user
Exhibit 07: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 08: Parent market
Exhibit 09: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 10: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 11: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 12: Chart on Saudi Arabia - Market size and forecast 2022-2027 ($ million)
Exhibit 13: Data Table on Saudi Arabia - Market size and forecast 2022-2027 ($ million)
Exhibit 14: Chart on Saudi Arabia: Year-over-year growth 2022-2027 (%)
Exhibit 15: Data Table on Saudi Arabia: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Managed services market in Saudi Arabia 2017 - 2021
Exhibit 16: Historic Market Size ? Data Table on Managed services market in Saudi Arabia 2017 - 2021 ($ million)
Exhibit 137: International Business Machines Corp. - Overview
Exhibit 138: International Business Machines Corp. - Business segments
Exhibit 139: International Business Machines Corp. - Key news
Exhibit 140: International Business Machines Corp. - Key offerings
Exhibit 141: International Business Machines Corp. - Segment focus
12.13 Microsoft Corp.
Exhibit 142: Microsoft Corp. - Overview
Exhibit 143: Microsoft Corp. - Business segments
Exhibit 144: Microsoft Corp. - Key news
Exhibit 145: Microsoft Corp. - Key offerings
Exhibit 146: Microsoft Corp. - Segment focus
12.14 Nokia Corp.
Exhibit 147: Nokia Corp. - Overview
Exhibit 148: Nokia Corp. - Business segments
Exhibit 149: Nokia Corp. - Key offerings
Exhibit 150: Nokia Corp. - Segment focus
12.15 Palo Alto Networks Inc.
Exhibit 151: Palo Alto Networks Inc. - Overview
Exhibit 152: Palo Alto Networks Inc. - Product / Service
Exhibit 153: Palo Alto Networks Inc. - Key news
Exhibit 154: Palo Alto Networks Inc. - Key offerings
12.16 Telefonaktiebolaget LM Ericsson
Exhibit 155: Telefonaktiebolaget LM Ericsson - Overview
Exhibit 156: Telefonaktiebolaget LM Ericsson - Business segments
Exhibit 157: Telefonaktiebolaget LM Ericsson - Key news
Exhibit 158: Telefonaktiebolaget LM Ericsson - Key offerings
Exhibit 159: Telefonaktiebolaget LM Ericsson - Segment focus
12.17 Wipro Ltd.
Exhibit 160: Wipro Ltd. - Overview
Exhibit 161: Wipro Ltd. - Business segments
Exhibit 162: Wipro Ltd. - Key news
Exhibit 163: Wipro Ltd. - Key offerings
Exhibit 164: Wipro Ltd. - Segment focus
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 165: Inclusions checklist
Exhibit 166: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 167: Currency conversion rates for US$
13.4 Research methodology
Exhibit 168: Research methodology
Exhibit 169: Validation techniques employed for market sizing
Exhibit 170: Information sources
13.5 List of abbreviations
Exhibit 171: List of abbreviations
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