5 Managed Services Stats Every Business Owner Should Know

Have you ever felt like you’re wasting time managing your IT infrastructure? Do you wish you had more time to devote to the things that are important to your company, such as scaling your business?

You can do so with the help of an IT-managed services provider.

When you outsource your IT needs to a managed service provider, they can handle a wide range of vital activities, which are frequently time-consuming and difficult for an in-house IT team. That way, you can concentrate on advancing your company and improving the workflow.

You’ll also get 24/7 monitoring with the right managed service provider, so they can keep an eye on things and be ahead of any concerns before they become problems.

In 2022, there is no more need for staying up late worried about security threats or wondering if your data backups were successful. That is because IT managed services are on the rise, as well as cybersecurity risks. So make sure you enlist the right help to mitigate growing risk!

Below we have rounded up proven and linked sources to some of the most convincing IT-managed services stats we came across. Let’s start!

The IT Managed Service Industry Will See a Crazy Growth in Numbers

According to Markets and Markets, the managed IT service industry was valued at $242.9 billion in 2021. The predictions are that those numbers will climb up to $354.8 billion by 2026.

One of the factors impacting the growth is, first and foremost, the COVID-19 pandemic. As many businesses – online, brick-and-mortar, and hybrid ones – were forced to fully adapt to a digital environment, they had to change their regulations, policies, and processes. Businesses were disrupted as many of them didn’t have the adequate IT infrastructure nor the IT staff to handle tasks of such scope.

Many IT individuals saw an understandable opportunity in this and started teaming up into businesses that provide expert managed services. Thus, the COVID-19 pandemic caused a surge in digital migration, with storing data via cloud and conducting operational efficiency via cloud becoming the norm.

Managed Cybersecurity Will Be in Demand the Most

With cybercrime on the rise, cybersecurity experts will be called upon a lot. So they will command a significant share of the managed service industry. Actually, an extensive study showed that the cybersecurity department accounts for almost $120 billion of the ITMS (IT managed service) industry.

World-class cybersecurity innovations are being invented each day, and they let both enterprises and startups to every business in between protect their IT infrastructure, apps, endpoints, and their cloud from security pain points, as well as provide transparency, and ensure regulatory and policy compliance.

IoT Will Continue to Dominate

First, a small refresher on the IoT definition. IoT (Internet of Things) refers to a system of interconnected computing devices, machines, gadgets, and all other objects that have sensors, as well as various software. The purpose of IoT is to exchange data between the devices and systems over the internet.

Now, don’t get us wrong.Reports and common sense are telling us that IoT growth is going slower than anticipated. After all, the COVID-19 pandemic first slowed manufacturing processes. That led to chip shortages. Then came the inflation, and then came the Ukraine war conflict, which plunged us into an inflation loop.

So, even though pre-pandemic expectations are aimed for higher numbers, the IoT stats now show a more realistic story. For instance, an extensive study by IoT Analytics shows that in 2022, the market for IoT is predicted to grow by 18% to 14.4 billion active connections.

Why should you care about this? Besides helping reduce costs, engage with customers, and automate processes, the Internet of Things interconnects hardware, software, and artificial intelligence (AI). That gives better insight, deeper analytics, and growth opportunities you can use to catapult your operational efficiency toward the future.‍

Since IoT encompasses so many different IT infrastructures, an expert managed service provider can handle this increased load of networked devices.

The Cloud Environment Just Keeps Getting Bigger

Having someone to provide cloud-managed services is a great move for any business owner. Cloud environments let businesses eliminate complicated system integration services and assist in building the foundation of effective solutions that lead to cloud scalability and cost-effectiveness.

Since an in-house IT staff can hardly manage a budding cloud ecosystem, both due to lack of labor and budget, an IT-managed service provider can jump in and take that load.

More than 90% of firms use or anticipate using a multi-cloud environment, with 52% using or intending to develop a fully integrated hybrid environment to improve security policy consistency, general agility, and reduce spendings.

Managed Services Help Businesses Save Money

A recent report by Mordor Intelligence found out some numbers that every business owner will love. After all, show us an entrepreneur or start-up CEO who doesn’t like saving money?

Managed services have three obvious benefits to both big and small businesses:

  • Businesses that use services from IT companies avoid having to invest in their own equipment and then update it on a regular basis because the IT service provider handles this expense.
  • Business owners who engage with an IT-managed service provider avoid having to more staff, which saves money on salaries and benefits.
  • IT service providers provide scalable services, allowing business owners to tailor IT spending to their own demands and budget.

Managed services have even more numerous advantages that have been shown to positively impact the development of businesses who use such services by allowing them to focus on their core competencies. It is expected that effective managed service deployment will assist to cut IT costs by 25-45 percent while simultaneously increasing operational efficiency by 45-65 percent. Furthermore, 25% of firms said that downtime costs were between USD 301,000 and USD 400,000 per hour.

The line would read: That’s why firms partner with Employer of record companies such as INS global to speed up the payroll process, hiring internationally and so on when expanding, especially.

Final Word

Modern businesses need efficient systems that can withstand high market volatility, global conflicts that shift the economy, they need to be able to maintain robust cybersecurity principles, grow easily and sustainably, deliver maximum reliability, execute real-time AI, and function as a hybrid cloud.

Sounds like a lot? That is because it is. Thankfully, both the statistics and global trends are all pointing towards managed services as saviors and reliable partners that can help our businesses grow.

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