Multi-Vendor Support Services Market Analysis
The multi-vendor support services market size will touch USD 62.57 billion at a 3.6% CAGR in the forecast period 2020- 2030, as per the new Market Research Future (MRFR) analysis. Multi-vendor support service, simply put, is a system of services which ease the management and planning of outsourced IT services. It has been designed to support enterprises to manage and monitor the risk exposure resulting from third-party service providers.
Various factors are fuelling the global multi-vendor support services industry share. As per the recent MRFR market estimates, such factors include the increasing demand for cloud-based multi-vendor support services among SMEs, the rapidly increasing changes in the IT infrastructure, growing maintenance cost of OEM services, reduced IT support and maintenance complexities, regaining control of infrastructure support from OEMs, increasing need for new levels of support services, & surging use of centralized support services.
On the contrary, impact of the COVID-19 pandemic, loss of control over IT assets, concerns regarding sharing proprietary data, security and privacy issues, lack of new service offerings as per the changes in the IT infrastructure, and lack of technical expertise may limit the global multi-vendor support services market growth over the forecast period.
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Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global multi-vendor support services market based on industry vertical, organization size, business application, and service type.
By service type, the global multi-vendor support services market is segmented into software & hardware. Of these, the hardware segment will lead the market over the forecast period.
By business application, the global multi-vendor support services market is segmented into production, IT operations, human resource, supply chain management, financial and accounting, sales and marketing, and others. Of these, the supply chain management will dominate the market over the forecast period.
By organization size, the global multi-vendor support services market is segmented into small and medium enterprises and large enterprises. Of these, the SMEs will spearhead the market over the forecast period.
By industry vertical, the global multi-vendor support services market is segmented into media and entertainment, energy and utilities, travel and logistics, manufacturing, telecom and IT, healthcare and life sciences, retail and consumer goods, government and defense, BFSI, and others.
Regional Analysis
By region, the global multi-vendor support services market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America and the Rest of the World (RoW). Of these, North America will command the largest share in the market over the forecast period. Growing development and adoption of innovative technologies in ICT, huge revenue generation from consumer goods industry, retail, and BFSI, and increasing investments in advanced and new technologies such as Big Data, analytics, and cloud platforms are adding to the global multi-vendor support services market growth in the region. The US has the utmost market share.
The multi-vendor support services market in Europe is predicted to have the second-largest share over the forecast period.
The multi-vendor support services market in the APAC region is predicted to grow at a fast pace over the forecast period. Increasing digitalization in different industry verticals of IT and telecom and BFSI, and rise in adoption of emerging technologies among organizations are adding to the global multi-vendor support services market growth in the region. India, Japan, and China have utmost market share.
The multi-vendor support services market in RoW is predicted to have sound growth over the forecast period.
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Key Players
The notable players profiled in the multi-vendor support services market report include Abtech Technologies (US), NetApp (US), Lenovo (Hong Kong), Hitachi (Japan), NEC (Japan), Fujitsu (Japan), Microsoft (US), Dell (US), HP (US), and IBM (US), among others. Mergers and acquisitions, partnerships, collaborations, joint ventures, new product launch and development, geographic expansions, and others are the key factors used by industry players to stay ahead and also cater to the burgeoning needs of customers. Besides, they are also investing in R&D activities.