6 Managed Services Stats Every Business Owner Should Know

Once upon a time, businesses used in-house professionals to manage all their IT services. Thanks to a rapid expansion in technology, that’s no longer the case. Using managed services is a great way to safely make the most of technological advances without spending too much money. With that in mind, here are 6 managed service stats every business owner should know.

The global managed services market is a multi-billion dollar industry

As one of the fastest-growing industries in the world, the managed services market is a multi-billion dollar empire. In 2018, the managed services market was estimated to be worth $166.8-billion. By 2024, that figure is set to rise to $319-billion.

Such significant growth indicates that businesses throughout the United States and abroad will become dependent on managed services. It could also indicate that more services will be available for business owners to choose from.

Managed cybersecurity will command a significant share

Out of all the managed services available, cybersecurity will command a significant share. It’ll account for around $120-billion of the market’s expenditure. With the number of security threats against businesses rising, it’s no surprise that it’s becoming more of a priority.

A lot of this expenditure will count towards preventing DDoS attacks. As DDoS attacks can have a severe financial impact, preventing them is crucial.

A significant increase in year on year expenditure

In total, the year-on-year expenditure for managed services will increase by around 25%. This applies to small and medium-sized businesses, who will begin placing more emphasis on using cloud services.

For SMBs that want to scale with flexibility, cloud services carry a lot of advantages. Many organizations that provide managed services allow businesses to increase and decrease their cloud storage with minimal fuss. By using cloud services, small and medium-sized business owners also provide themselves with a safety net against data loss from failed hardware.

Managed telecom services are rising

Although the managed telecom services market has grown significantly in recent years, it appears there’s more to come. It’ll reach a predicted revenue of $26.03 billion by 2024. One of the primary factors driving this growth is the need for network optimization among businesses of all sizes. More businesses are choosing to use BYOD policies as they allow their workers to operate flexibly and reduce hardware costs.

Another factor driving the increase in managed telecom service is the expansion of 5G. With 5G, employees and business owners can work on the go, but as they need to be able to do so safely, managing their efforts is essential.

Internet of Things use will grow

According to some statistics, the number of Internet of Things (IoT) devices in use will grow to 10 billion by 2020. By 2025, that statistic will rise to 25 billion. Although this makes it easier for businesses to share and access data, it does introduce security risks. As a result, many will need to use specific types of security to ensure no data goes missing.

Moving with the IoT trend is in the interests of any business that wants to take a future-focused approach to its operations. It provides opportunities for virtual reality, AI, and bot-driven customer service. With the right approach, small and medium-sized business owners can dedicate their staff elsewhere and allow such tools to take over unimportant tasks.

Although the managed services market is set to skyrocket, you still need to choose your services wisely. Only adopt those that are relevant to your business, otherwise, you risk spending money on something that has no benefits.