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 - 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
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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).
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Companies Covered
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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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