Market Insights Technology Cybersecurity Security Services

Managed Services - G7

The Managed Services market is anticipated to achieve a revenue of US$16.40bn by the year 2024.
It is expected to exhibit an annual growth rate of 2.36% (CAGR 2024-2029), leading to a market volume of US$18.43bn by 2029.
In terms of average Spend per Employee, the Managed Services market is projected to reach US$40.74 in 2024.
Among the G7 countries, United States is set to generate the highest revenue, amounting to US$10,260.0m in 2024.
In the United States, the managed services market is experiencing rapid growth due to the increasing demand for cloud-based solutions and IT outsourcing.

Key regions: India, Germany, Canada, Europe, Belgium

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Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.