The Multi-Vendor Support Services Market size will touch USD 62.57 billion at a 3.6% CAGR in the forecast period 2020-2027.
The multi vendor support services market is projected to register a CAGR of 3.6% from 2020-2027. By facilitating problem detection and resolution throughout the business environment, multivendor support lowers downtime. The multi vendor support services market size is expected to reach approximately USD 62.57 billion by 2030. The term "multi-vender support service" refers to services offered by several vendors for topics like consulting, training, education, management of information systems, planning, development, integration, and maintenance of systems, as well as administration of the organization's information systems. During the projection period, a large rise in the number of technology providers and their presence will fuel the expansion of multi-vendor support services. As technology continues to penetrate every aspect of the commercial and corporate world, there is an increasing need for IT businesses and skills, necessitating vendor support services for efficient technology adoption. The market for multi-vendor support services is seeing a rise in the demand for these services from telecom carriers.
COVID-19 Impact Analysis
The COVID-19 pandemic has significantly impacted almost every industry around the globe. The implementation of lockdowns and limitations has also hampered the supply chain for networking equipment and electronic components for exporting non-essential goods and resources in several nations. As a result, there has been a delay in delivering electronic components needed to make network equipment. At the time of the COVID-19 pandemic, remote work was becoming more prevalent. Service support for market opportunities is grasping the potential to address business issues and sustain a productive workplace.
Multi Vendor Support Services Market Dynamics
Multi-vendor support services are professional services provided to client companies for goods developed and implemented at the client's site by the service provider and items made by other companies. This enables companies to consolidate their service requirements and do away with the requirement to rely on several service providers to resolve IT infrastructure problems. The multi-vendor support services Industry is also an area that is continually changing. To boost the effectiveness of their company operations and better serve their customers, enterprises are continuously investing substantially in developing technologies like cloud and IoT.
Multi Vendor Support Services Market Drivers
Rapid modifications to the IT infrastructure are what are driving the market trends for multi-vendor support services. Rising OEM service maintenance prices also impact the market. Multi-vendor support services reduce the complexity of IT support and maintenance. It reclaimed authority over OEM-provided infrastructure support.
The demand for multi-vendor support services is constrained by concerns about security and privacy and fierce competition brought on by the vast number of service providers on the market. A significant barrier in the market for multi-vendor support services is the loss of control over IT assets. Along with privacy and security threats, worries about sharing confidential information hinder the market and lower demand for multi-vendor support services.
The complexity and size of IT infrastructure are quickly expanding due to rising computing demands, which are met by a bigger and better network and storage and server equipment. Organizations are digitizing their operations by utilizing technologies like the cloud, containers, IoT, and others to meet the rising needs of business activities. As the technological environment changes, businesses increasingly employ multi-vendor support networks to monitor and manage their infrastructure. Additionally, firms strive to automate or outsource non-core operations as technological solutions become more complex.
Multi Vendor Support Services Market Segmentation
The multi vendor support services market segmentation, based on service type, is hardware and software. In 2021, the hardware segment led the multi vendor support services market growth. Hardware support services, which include contract maintenance and repairs in the event of a problem, are preventive and corrective services that physically fix or optimize hardware. These support services support computers, servers, and storage located both locally and remotely.
Business Application Insights
The multi vendor support services market segmentation, based on business applications, are sales & marketing, financial & accounting, supply chain management, human resource, operations, production, and others. Sales & marketing held the highest share in the market due to an increase in the maintenance cost of OEM services. Due to the quick changes in the worldwide IT infrastructure, the multi-vendor IT business support market is predicted to have profitable growth in the future years.
Organization Size Insights
The market, based on organization size, is large enterprises and small & medium-sized enterprises. The small & medium-sized businesses (SMEs) sector is anticipated to grow at a quicker CAGR throughout the forecast period. SMEs have a greater resource scarcity than big firms since they embrace new technologies at a slower rate in the present market.
Industry Vertical Insights
The market, based on industry verticals, is divided into banking, financial services & insurance (bfsi), government & defense, retail & consumer goods, healthcare & life sciences, telecom & IT manufacturing, travel & logistics, energy & utilities, media & entertainment, and others. In 2021, the IT & telecommunication vertical is anticipated to expand significantly. Due to the rapid adoption of new technologies, the IT & telecommunications vertical is a large market for multi vendor support services.
Global Multi Vendor Support Services Market Share, by Region, 2021 (%)
Multi Vendor Support Services Market Overview, by Region
By region, the multi vendor support services market has been divided into North America, Asia-Pacific, Europe, and the Rest of the World. North America accounted for the most extensive market share. Europe will exhibit the highest CAGR during the forecast period.
North America is anticipated to rule the market over the anticipated time frame. The North American area is regarded as the most advanced in terms of the creation and acceptance of innovative communication and information technology (ICT) technologies.
The region with the quickest growth is anticipated to be Asia-Pacific throughout the projection period. The multi-vendor support service sector in the Asia-Pacific region is expanding due to increased competition and robust economic expansion in developing nations like China and India. Technical development has a significant impact on the Asia-Pacific region's technological environment. Organizations are hastily introducing multi-vendor support services to increase the entire infrastructure's effectiveness and lower maintenance and technical support services costs.
Multi Vendor Support Services Market Competitive Landscape
The market for multi-vendor IT support services is widely distributed and features several well-established businesses. As a result, the multi-vendor IT services and support industry appears to have a very competitive environment. Some of the primary tactics employed by participants in the multi-vendor IT business support market to keep ahead of the competition include mergers, collaborations, acquisitions, and partnerships.
Prominent players in the multi vendor support services market research include IBM (US), HP (US), Dell (US), Microsoft (US), Fujitsu (Japan), NEC (Japan), Hitachi (Japan), Lenovo (Hong Kong), NetApp (US), Abtech Technologies (US), and others.
Scope of the Multi Vendor Support Services Market Report
Service Type Outlook
Business Application Outlook
Organization Size Outlook
Industry Vertical Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Multi Vendor Support Services Market Forecast & Size:
To identify and estimate the market size for the multi vendor support services market report segmented by service type, business application, organization size, and industry vertical by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the multi vendor support services market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the multi vendor support services market growth
Market Influencing Factors:
To find out the factors which are affecting the multi vendor support services market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||USD 62.57 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Service type, Business application, and organization type.|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||IBM (US), HP (US), Dell (US), Microsoft (US), Fujitsu (Japan), NEC (Japan), Hitachi (Japan), Lenovo (Hong Kong), NetApp (US), Abtech Technologies (US), and others|
|Key Market Opportunities||Surge in Technology|
|Key Market Drivers||Increasing adoption of new and advanced ICT tools and systems.|
The Global Market is expected to grow at a CAGR of 3.6% by the end of the forecast period in 2027.
The multi vendor support services market forecast period is 2020-2027
The market is expected to register a CAGR of ~3.6% over the next 10 years, according to the multi vendor support services market research.
Asia-pacific is expected to register the highest CAGR during 2020-2027
North America held the largest share in 2021
The market size is expected to be USD 62.57 billionby 2030.
IBM (US), HP (US), Dell (US), Microsoft (US), Fujitsu (Japan), and NEC (Japan) are key players in the market.