Managed Application Services Drive Market Growth

Managed application services help organizations in improving the performance, scalability, and security of their business-critical applications while reducing costs through expert management and support. These services provide monitoring, maintenance, and support for applications remotely, which helps end-users focus on their core business. The global Managed Application Services Market is estimated to be valued at US$ 5.41 billion in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing demand for managed services is one of the major trends in the managed application services market. Organizations are increasingly outsourcing the management and maintenance of their critical business applications to minimize costs and focus on their core competencies. Managed application service providers help reduce the management burden and IT expenses by offering 24/7 monitoring and support for applications. They ensure high application performance and scalability through remote management. The widespread adoption of cloud-based applications is another key trend spurring the demand. As more enterprises migrate their applications and workloads to public and private clouds, the need for managing these cloud-based environments is growing. Managed application service providers offer expert management of cloud-hosted applications and platforms through centralized tools and dashboards. This helps cloud users optimize resource utilization and automate routine management tasks.

Segment Analysis

The global Managed Application Services market is dominated by the Application Management sub segment which accounts for over 40% of the market share. This is because organizations are increasingly outsourcing non-core activities like application management to managed service providers in order to focus on their core business and gain access to advanced technical expertise. Managed service providers take responsibility for various activities related to application management like application hosting, monitoring, maintenance and support on a ongoing basis which helps organizations improve efficiencies.

Key Takeaways

The Global Managed Application Services Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market is estimated to reach a size of US$ 5.41 Bn by 2024, growing at a CAGR of 7.6% during the forecast period.

Regional analysis: North America currently dominates the global market led by large market share in the US. This is due to early adoption of managed application services by organizations based in the region to gain operational efficiencies. However, Asia Pacific is expected to be the fastest growing region during the forecast period owing to growing IT infrastructure and increasing need to optimize costs among organizations in countries like China and India.

Key players operating in the Managed Application Services market are INEOS Group, Croda International Plc., Vantage Specialty Chemicals, RITA Corporation, The Innovation Company, Presperse Corporation, LANXESS Corporation, Trulux Pty Ltd., Dowpol Chemical International Corp, DeWolf Chemical, and SAMKWANG Co. Ltd. These players are focusing on new service launches and partnerships to expand their geographic footprint and capabilities in the market.

For more details on the report, Read- https://www.insightprobing.com/managed-application-services-market-trends-size-and-share-analysis/