At 16.7% CAGR, North America IT Management as a Service Market is Projected to be Worth US$ 13,814.61 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America IT management as a service market was valued at US$ 4,018.45 million in 2023 and is expected to reach US$ 13,814.61 million by 2031, registering a CAGR of 16.7% 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 North America IT management as a service market growth.

Cloud computing is revolutionizing business process improvement methodologies by enabling scalable, on-demand access to computing resources over the Internet, which eliminates the need for costly infrastructure investments while also allowing for rapid application deployment and scaling. Cloud computing also enables freedom and distant communication, which further help cloud-based solutions boost productivity. Additionally, cloud platforms give enterprises access to cutting-edge technologies such as big data analytics, machine learning, and artificial intelligence, allowing them to make better decisions and extract insightful information from their data. Thus, cloud computing is changing company models and fostering productivity, creativity, and competitiveness in the digital world, which is rising its demand in organizations worldwide. According to the Flexera 2022 State of the Cloud Report, the Americas has 63% heavy cloud users, 23% moderate cloud users, and 14% light cloud users. Hence, the rising adoption of cloud computing by organizations is raising the need for ITMaaS services for cloud migration and deployment. After cloud migration, ITMaaS service providers help organizations manage cloud infrastructure, including provisioning, configuring, and managing cloud infrastructure components such as virtual machines and networks. Furthermore, these service providers assist in implementing plans to monitor cloud expenditure, offer cost-saving techniques, and guarantee that resources are optimized and used appropriately. Thus, the growing demand for cloud computing is expected to propel 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 North America IT management as a service market.

Based on application, the North America 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 31.0% market share in 2023, amassing US$ 1,245.31 million. It is projected to garner US$ 4,558.19 million by 2031 to register 17.6% CAGR during 2023-2031.

In terms of enterprise size, the North America IT management as a service market is bifurcated into large enterprises and SMEs. The large enterprises segment held 64.2% share of North America IT management as a service market in 2023, amassing US$ 2,578.25 million. It is anticipated to garner US$ 9,265.31 million by 2031 to expand at 17.3% CAGR during 2023-2031.

By end user, the North America 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 22.6% share of North America IT management as a service market in 2023, amassing US$ 908.89 million. It is projected to garner US$ 3,691.00 million by 2031 to expand at 19.1% CAGR from 2023 to 2031.

Based on country, the North America IT management as a service market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 85.9% share of North America IT management as a service market in 2023. It was assessed at US$ 3,450.28 million in 2023 and is likely to hit US$ 12,200.22 million by 2031, registering a CAGR of 17.1% during 2023-2031.

Key players operating in the North America 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; Integris; 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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