United States and Puerto Rico IT Managed Services Market to Reach USD 174,853.6 Million and USD 937.3 Million Respectively by 2028 Owing to Rising Need for Sophisticated IT Infrastructure Among Industries – Yahoo Finance

Key Companies Covered in the United States and Puerto Rico IT Managed Services Market Research Report Are IBM Corporation, Infosys Limited, Cisco System Inc., DXC Technology Company, Accenture PLC, Hewlett Packard Enterprise Development LP, AT&T Inc., Verizon Communications Inc, Dell Technologies Inc., Tata Consultancy Services Limited, Rackspace Technology, iNubo IT, CP CORP, and other key market players.
New York, Sept. 17, 2021 (GLOBE NEWSWIRE) — According to the statistics by the Organisation for Economic Co-operation and Development (OECD), the research and development budget allocated by the Government of the United States for the development of transport, telecommunication and other infrastructures was estimated to reach USD 1957 million in the year 2020, up from USD 1591 million in 2012. On the other hand, according to the statistics by the North American Industry Classification System (NAICS) Association, total marketable U.S. businesses under the code 5112 (software publishers), 5173 (wired and wireless telecommunication carriers), 5174 (satellite telecommunications), 5179 (other telecommunications), 5182 (data processing, hosting, and related services), and 5191 (other information services) were 24078, 51552, 181, 75152, 22296, and 33698 respectively.
Research Nester published a report titled United States and Puerto Rico IT Managed Services Marketwhich is segmented on the basis of enterprise size, service type, deployment, and by industry vertical. The report contains descriptive insights regarding the latest trends, growth drivers, opportunities and challenges associated with the market during 2019 – 2028.
United States is known for offering state-of-the-art information technology (IT) services. Every year plenty of IT-based startups are established in the region that provide efficient and reliable technologies and solutions accelerating quickly to the marketplace. In the year 2018, more than 30 million small businesses were operating in the United States. Further, capital funding in startups reached about USD 150 billion in 2017. Moreover, it is estimated that around 60% of the small businesses would outsource their services to other small businesses.
Backed by the rising awareness for process outsourcing amongst business enthusiasts, the market in the United States is estimated to acquire a revenue of USD 174,853.6 million by the end of 2028, rising up from USD 71,760 million in 2019, by recording a CAGR of 11% over the forecast period, i.e., 2020 – 2028. The market in the nation is also projected to grow on the back of the increasing adoption of new technologies among organizations. In 2020, more than 35% of companies, mostly in the U.S., created a data-driven organization. The same year, more than 60% of the organizations reported that they were driving innovations with big data and AI. On the other hand, in Puerto Rico, the IT managed services market garnered a revenue of USD 510 million in 2019 and is expected to touch USD 973.3 million in 2028 by growing at a CAGR of 7.5% during the forecast period. The growth of the market in Puerto Rico can be attributed to factors such as the growing need for evolved IT infrastructure and the rising emphasis of small & medium-sized enterprises (SMEs) on reduced risk and core business. However, the growing number of cybersecurity threats and lack of skilled IT professionals are expected to hinder the growth of the market in upcoming years. According to the data released by the FBI’s Internet Crime Complaint Center (IC3), in 2019, 467,361 internet crime complaints were registered. Around USD 3.5 billion of losses were caused to individual and business victims that year.
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The IT managed services market in the United States is segmented into six regions, including West U.S., Northeast U.S., Southeast U.S., Southwest U.S., and Midwest U.S., out of which, the market in the West U.S. is assessed to observe the highest growth rate of 11.7% over the forecast period. The market grabbed a revenue of USD 18,298.8 million in 2019, and is expected to reach USD 47,035.6 million by the end of 2028. Further, in the year 2021, the region is estimated to garner a revenue of USD 22,079.6 million. The growth of the market in the West U.S. can primarily be credited to the presence of numerous IT companies in the region, followed by the rise in technological advancements in IoT and artificial intelligence. Furthermore, the market in the West U.S. is segmented into California, Alaska, Washington, Oregon, and Rest of West US. Amongst these, the market in California is evaluated to witness the highest CAGR of 12.1% during the forecast period and attain the highest market revenue of USD 31252.8 million by the end of 2028, on the back of the strong presence of leading market players and increasing employment in the scientific & technical services sector in the state. As per the data provided by the Employment Development Department of the state of California, the employment in professional, scientific & technical services in May, 2020 was calculated to be 1,286,100 people. The number rose up to 1,344,800 people in May 2021.
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The market is segmented based on enterprise type into large and small & medium enterprises (SMEs), out of which, the segment for large enterprises in the U.S. market is predicted to occupy a noteworthy market share of USD 108,552.3 million by the end of 2028, up from USD 46,569.3 million in 2019. In 2021, the value of this segment is expected to reach USD 55008.3 million. On the other hand, the SMEs segment is estimated to observe a growth rate of 11.9% during the forecast period, in view of the high adoption of complex automation systems and wide implementation of cloud technologies in these organizations. It is estimated that more than 40% of SMEs prefer the public cloud, whereas around 75% of small business are evaluated to adopt cloud computing by 2020. Apart from these, surge in the number of startups in the United States is also anticipated to lead to the growth of this market segment in the future. The large enterprises segment in West United States is further expected to reach a value of USD 28841.4 million by the end of 2028 by growing at a CAGR of 11.1% during the forecast period. Moreover, the SME segment is expected to grow with the highest CAGR of 8.4% during the forecast period in Puerto Rico. The segment is also expected to attain a revenue of USD 206.6 million by the end of 2021.
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The United States and Puerto Rico IT managed services market is also segmented on the basis of service type, deployment and industry vertical.
The United States and Puerto Rico IT Managed Services Market, Segmentation by Service Type
Managed Network Services
Network Monitoring
Managed Network Provisioning
Network SD-WAN
Others
Managed Data Center & IT Infrastructure Services
Server Management
Storage Management
Desktop Management
IMAC Services
Managed Print Services
IT Infrastructure Services
Optical Cabling Services
Cable Tray Installation
Building Design & New Construction Projects
Structure Cabling
Others
The United States and Puerto Rico IT Managed Services Market, Segmentation by Deployment
Hosted
On-Premises
The United States and Puerto Rico IT Managed Services Market, Segmentation by Industry Vertical
BFSI
Telecommunication & IT
Healthcare
Manufacturing
Energy & Utilities
Consumer Goods & Retail
Education
Media & Entertainment
Others
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Some of the major industry leaders mentioned in our report that are associated with the United States and Puerto Rico IT managed services market are IBM Corporation, Infosys Limited, Cisco System Inc., DXC Technology Company, Accenture PLC, Hewlett Packard Enterprise Development LP, AT&T Inc., Verizon Communications Inc, Dell Technologies Inc., Tata Consultancy Services Limited, Rackspace Technology, iNubo IT, CP CORP, and others.
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