Regardless of which market your company belongs to, the competition is getting more intense with every passing day. Focusing on and horning your core competencies is the need of the hour. But, while being a part of such a vast digital universe, the supporting functions often drift your focus away and take you down the rabbit hole. On the cost side, it is estimated that successful deployment of managed services will help reduce IT cost by 25-45 percent and increase operational

efficiency by 45- 65 percent. It is imperative that ambitious organizations outsource their non-core functions.

According to Mordor Intelligence, the global managed services market was valued at $161.37 billion in 2021. It is expected to reach $311.32 billion by 2027, registering a CAGR of 12.44 percent during the forecast period, 2022-2027. The report also divulges that the SMBs will be the driving factors that are positively impacting the market growth, as more and more SMBs are looking to outsource non-core activities. According to Datto, on average, managed services providers (MSPs) report a client base of 122 clients. About 60 percent of the MSPs clients have between 1-150 employees; also, only 5 percent of the MSPs reported clients with over 500 employees. Additionally, it’s a sure bet that 2022 is going to be all about application deployments matched to the speed of development. The application maintenance and support services will be pivotal to IT managed services, which is a clear cue for the MSPs.