At 15.5% CAGR, Europe IT Management as a Service Market is Projected to be Worth US$ 10,709.24 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Europe IT management as a service market was valued at US$ 3,386.89 million in 2023 and is expected to reach US$ 10,709.24 million by 2031, registering a CAGR of 15.5% from 2023 to 2031. Rising demand for cloud computing and rising adoption of ITMaaS in healthcare industry are among the critical factors attributed to drive the Europe IT management as a service market growth.

IT for healthcare is more complicated than ever. The majority of healthcare executives wish to give digital transformation top priority; however, it is becoming more and more expensive to hire technical staff to manage hundreds of systems. Because of this healthcare firms are adopting IT management as a service (ITMaaS) as these service providers can help companies to handle their IT operations. These ITMaaS service provider can help healthcare companies to return to treating patients in and increasing access to care. These service providers can assist healthcare firms with IT operations, email, help desk, data security, and cloud hosting. Additionally, they are capable of managing continuous IT services, which facilitate innovation, expansion, and transformation.

The majority of healthcare companies lack the funding and resources necessary to cover the overhead of a sizable internal IT staff, along with maintaining and overseeing their IT infrastructure. As a result, healthcare organizations are more inclined to ITMaaS, as it offers a low-cost way to gain access to a much larger organization's IT resources. These ITMaaS service providers provide comprehensive IT risk protection and prevention. In addition, they offer 24/7/365 support to guarantee that the firm is always ready to respond to threats, as IT disasters can happen at any time, thus assisting organizations in averting catastrophic system breakdowns. Moreover, service providers assist organizations with business continuity planning, resulting in increased uptime and optimal allocation of resources. Hence, the rising adoption of ITMaaS among healthcare organizations is expected to create an opportunity for the growth of the IT management as a service market during the forecast period.

On the contrary, growing data privacy and security concerns hampers the growth of Europe IT management as a service market.

Based on application, the Europe IT management as a service market is segmented into system and network monitoring, compliance and security management, asset management, infrastructure performance management, configuration and change management, and others. The system and network monitoring segment held 28.9% market share in 2023, amassing US$ 979.76 million. It is projected to garner US$ 3,301.54 million by 2031 to register 16.4% CAGR during 2023-2031.

In terms of enterprise size, the Europe IT management as a service market is bifurcated into large enterprises and SMEs. The large enterprises segment held 73.5% share of Europe IT management as a service market in 2023, amassing US$ 2,490.82 million. It is anticipated to garner US$ 8,007.84 million by 2031 to expand at 15.7% CAGR during 2023-2031.

By end user, the Europe IT management as a service market is divided into IT and telecom, BFSI, healthcare and lifesciences, manufacturing, higher education, retail, energy and utilities, non profit, and others. The IT and telecom segment held 27.6% share of Europe IT management as a service market in 2023, amassing US$ 935.82 million. It is projected to garner US$ 3,164.25 million by 2031 to expand at 16.4% CAGR from 2023 to 2031.

Based on country, the Europe IT management as a service market is categorized into the UK, Germany, Italy, France, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 30.3% share of Europe IT management as a service market in 2023. It was assessed at US$ 1,025.21 million in 2023 and is likely to hit US$ 3,677.82 million by 2031, registering a CAGR of 17.3% during 2023-2031.

Key players operating in the Europe IT management as a service market are Cisco Systems Inc; Cognizant Technology Solutions Corp; Wipro Ltd; Amazon Web Services Inc; International Business Machines Corp; Fujitsu Ltd; Persistent Systems Ltd; BMC Software, Inc; HCL Technologies Ltd; Hewlett Packard Enterprise Co; Capgemini SE; Atos SE; Kyndryl Holdings Inc; Avanade Inc; Thrive Operations LLC; Rimini Street, Inc; and Neudesic LLC, among others.

• In 2024, Freshworks Inc. announced that it has signed a multi-year Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to develop and expand Freshworks' capabilities on AWS. The agreement is set to commence in early 2024, with Freshworks' platform and full suite of solutions becoming available as Software-as-a-Service (SaaS) offerings in AWS Marketplace, a digital catalog with thousands of software listings from independent software vendors (ISV) that make it easy to find, test, buy, and deploy software that runs on AWS.
  
  
• In 2023, DXC Technology one of the leading Fortune 500 global technology services company, and Amazon Web Services, Inc. (AWS), announced that they are expanding their long-standing relationship to help customers accelerate their journey to modern, cloud-centric IT.

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