PUBLISHER: The Business Research Company | PRODUCT CODE: 1392789
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392789
“Multi-Vendor Support Services Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on multi-vendor support services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for multi-vendor support services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The multi-vendor support services market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Multi-vendor support services refer to services that offer a centralized point of contact for customers seeking hardware and software maintenance support. Businesses utilize these services to support products from various manufacturers, aiming to minimize downtime by efficiently identifying and resolving problems across the entire business environment.
The primary types of multi-vendor support services encompass hardware support services and software support services. Hardware support services extend and enhance the base warranties for data center and endpoint systems, providing high-quality services for networking hardware. These services find applications in various business functions such as sales and marketing, financial and accounting, supply chain, and IT operations, catering to both small and medium-sized enterprises as well as large enterprises. Industries leveraging these services include banking, financial services, and insurance, telecom and IT, media and entertainment, travel and logistics, among others.
The multi-vendor support services market research report is one of a series of new reports from The Business Research Company that provides multi-vendor support services market statistics, including multi-vendor support services industry global market size, regional shares, competitors with a multi-vendor support services market share, detailed multi-vendor support services market segments, market trends and opportunities, and any further data you may need to thrive in the multi-vendor support services industry. This multi-vendor support services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The multi-vendor support services market size has grown steadily in recent years. It will grow from $62. 56 billion in 2023 to $65. 14 billion in 2024 at a compound annual growth rate (CAGR) of 4. 1%. The growth observed in the historical period can be attributed to factors such as the heightened complexity of IT environments, pressures on organizations for cost optimization, the presence of diverse technology vendor ecosystems, aging IT infrastructures, and the demand for flexible and customized support solutions.
The multi-vendor support services market size is expected to see strong growth in the next few years. It will grow to $79. 43 billion in 2028 at a compound annual growth rate (CAGR) of 5. 1%. The anticipated growth in the forecast period can be attributed to factors such as the expansion of hybrid and multi-cloud environments, a growing demand for cybersecurity support services, accelerated adoption of emerging technologies, an increased focus on IT resilience and business continuity, and the expansion of global IT operations. Notable trends expected in the forecast period include a shift towards outcome-based support models, the integration of AI and automation in support services, an emphasis on proactive and predictive support, a rising demand for unified support across multiple vendors, and the evolution of service level agreements (SLAs) in multi-vendor support.
The multi-vendor support services market is expected to experience significant growth due to the increased presence and participation of technology providers during the forecast period. As technology becomes increasingly pervasive across various sectors, the demand for IT enterprises and skills rises, necessitating vendor support services for effective technology implementation. In 2021, CDS, a provider of multi-vendor services for data centers, introduced Commit, a new channel program designed to assist leading solution providers in offering advanced, comprehensive, and complementary infrastructure services to enterprise customers globally.
The growing prominence of e-commerce, fueled by the rising preference for online shopping and the expansion of digital marketplaces, is anticipated to drive the growth of the multi-vendor support services market. E-commerce involves the buying and selling of goods and services over the internet, relying on diverse technology solutions and collaborations with multiple vendors to provide a seamless customer experience. For instance, in March 2022, e-commerce sales in Canada were estimated to be around $2. 34 billion, with a predicted retail eCommerce sales figure of $40. 3 billion by 2025. The Russian eCommerce market is also expected to contribute to the global growth rate with a projected increase of 67. 2% in 2023, according to e-commerce DB, a Hamburg-based IT services and consulting company. Therefore, the growing prominence of e-commerce is a key driver for the multi-vendor support services market.
A new trend gaining popularity in the multi-vendor support services market is the demand for these services by telecom operators. Communication service providers (CSPs) are developing complex multi-vendor networks to offer a variety of services, including 2G/3G/4G, future 5G mobile, data, TV, fixed line, and unified communications. In September 2021, Vodafone successfully tested a system in collaboration with Benu Networks, Casa Systems, Cisco, and Nokia to expedite the deployment of faster-fixed broadband services throughout Europe. This move towards Disaggregated BNG technology aims to enhance technical innovation by diversifying the supply chain in broadband networks.
Major companies in the multi-vendor support services market are focusing on developing vendor-neutral solutions to maintain a competitive edge. Vendor-neutral solutions in multi-vendor support services do not favor or promote any specific technology vendor, allowing for unbiased and comprehensive support across a diverse range of vendors' products and services. For example, in October 2021, the Eclipse Foundation launched the Oniro project and working group, providing a transparent, vendor-neutral, and independent open-source alternative to established IoT and edge operating systems. The Oniro project aims to foster global collaboration among developers and companies, strengthening the global technology ecosystem with a vendor-neutral, open-source operating system.
In September 2021, Service Express, a US-based data center solutions provider, acquired The ICC Group to enhance their multivendor services in the UK. This strategic acquisition strengthens Service Express's offerings in the UK and provides clients with additional tools to manage expenses and improve infrastructure strategy. The ICC Group, a UK-based company, specializes in hardware maintenance and managed services with a focus on multivendor expertise.
Major companies operating in the in the multi-vendor support services market report are AT&T Inc., Dell Technologies Inc., Furukawa Co. Ltd., Hitachi Ltd., HP Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, NEC Corporation., Toshiba Corporation, Fujitsu Ltd., Lenovo Group Limited., Symantec Corporation., NetApp Inc., Clear Technologies Inc., Dynamic Systems Inc., Unisys Corporation, NCR Corporation, CompuCom Systems Inc., Stefanini Inc., Wipro Limited., HCL Technologies Limited, Infosys Limited., Tech Mahindra Limited, Capgemini SE, Atos SE, Cognizant Technology Solutions Corporation, DXC Technology Company, Accenture plc, Tata Consultancy Services Limited.
North America was the largest region in the multi-vendor support services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multi-vendor support services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the multi-vendor support services market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The multi-vendor support services market includes revenues earned by entities by providing services such as consulting, education, management of the information systems or telecommunications systems, systems planning, development, integration and maintenance and training. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.