To gain competitive advantage and real-time visibility into IT-related risks and to automate and streamline vendor management, many businesses are replacing their old system with Multi-vendor IT support services platform has escalated the market for multi-vendor IT support services and is expected to grow exponentially
Covid-19 Impact & Market Status
Remote working has gained popularity throughout the world since the COVID-19 outbreak. Companies that provide Multi-Vendor Support Services are taking advantage of the opportunity to address market concerns while also maintaining a comfortable working environment. By offering flexible, secure cloud and digital services for virtualization, mobility, collaboration, and support, IBM Cloud solutions, for example, may help a firm make a smooth transition to remote business. With the use of Cisco's in-depth knowledge base and under remote working situations, IBM Corporation's intelligent network support provides a proactive service strategy that helps the user discover problems before they arise and affect business activities. Multi-vendor support services companies are gaining an advantage in resolving business difficulties and maintaining a pleasant working environment. Intelligent network assistance is being developed by IT businesses to provide a practical support paradigm that allows users to spot issues before they occur and disrupt corporate operations.
The impact on upstream, downstream, and midstream businesses has been devastating since the start of the global crisis. The research provides a ready-to-deploy strategy for dealing with such crises and guiding the multi-vendor IT support service industry toward sustainable development and orderly improvement.
Inquisitive business actors will find adequate guidance for company transformation in this research, which is critical to sustaining intensifying competitiveness during and after the epidemic.
In the projected period, the Hardware Support service is expected to generate a considerable amount of revenue
Hardware support services assist businesses to keep on top of their equipment's support and maintenance by providing post-warranty services, extending device life, and providing system upgrades and patches. Preventive and corrective hardware support services include online incident repair, telephonic technical troubleshooting and setup help, contract maintenance, and hardware warranty upgrades. Furthermore, the business is expected to grow as demand for a higher quality of service rises. Hardware support services, such as contract maintenance and per-incident repair, are corrective and preventative services that assist in the physical repair and optimization of hardware. These services offer remote desktop, server, and storage support. They also cover all fee-based hardware warranty upgrades, as well as technical troubleshooting and setup support online and by telephone.
The sales and marketing segment is likely to hold Maximum revenue during the forecast period
IT applications aid in the optimization of a company's marketing and sales distribution efforts. Businesses use CRM software and related services to manage clients and prospects, conduct phone calls, send emails, and monitor pipelines, among other things. Furthermore, marketing operations have altered dramatically over the last decade, as businesses have shifted their focus to digital marketing and advanced analytics to uncover client preferences and market trends. With services like proactive reporting and analytics, remote advising, and proactive maintenance, MVSS can help businesses increase their efficiency by decreasing downtime, prolonging device life, managing software updates and patches, and maintaining their IT infrastructure.
Businesses are focused on digital marketing and advanced analytics to identify client preferences and current market trends, which has radically impacted marketing operations in recent years. Businesses are digitizing their business applications and multi-vendor support services in order to increase the life cycle of devices and improve the efficiency of their operations. Businesses can also use services like practical reporting and analytics, remote counseling, and practical maintenance to manage software upgrades and maintain their IT infrastructure.
North America will be overtaken by APAC in terms of revenue streams
Due to rising global competition and strong economic expansion in developing nations such as China and India, the MVSS market in APAC is growing. APAC's technology landscape is strongly reliant on technological advancements. As a result, enterprises are rapidly embracing MVSS to improve overall infrastructure efficiency and save maintenance and support service costs. The Asia-Pacific multi-vendor support services market is expanding as a result of rising worldwide competition and strong economic growth in developing countries like India and China. The Asia-Pacific region's technical environment is heavily reliant on technological breakthroughs. As a result, organizations are rapidly deploying multi-vendor support services in order to increase the efficiency of their whole infrastructure while lowering maintenance and technical support expenses.
With the bulk of the market share, North America dominates the worldwide Multi-Vendor Support Services market. The expanding presence of technology providers is the key engine of growth for the geographical area of North America. To be competitive on a global scale, these companies are focusing on forming alliances, mergers and acquisitions, and providing innovative solutions. Multi-cloud systems are becoming increasingly popular in the United States and Canada, where clients rely significantly on one cloud while using the other just occasionally. MSPs will take advantage of this fantastic opportunity by offering service pricing models based on consumption. It will also help the multi-vendor support services sector in the region expand.
The usage of multi-vendor IT support services solutions to efficiently manage complex vendor IT ecosystems to reduce risk and gain competitive advantage is driving the global multi-vendor IT support services market.
Multi-vendor IT support is a package of services that simplifies the planning and management of outsourced IT services. The system is designed to help companies track and manage their risk exposure from third-party service providers. Furthermore, multi-vendor IT support services platforms allow dynamic data storage for vendor assessments, such as compliance checklists, risk evaluations, and other tools and technologies used to evaluate vendor performance in connection to an organization's goals. Various companies are replacing their old systems with multi-vendor IT support service platforms to obtain real-time visibility into IT-related risks and controls, as well as automate and streamline the vendor management lifecycle.
The use of multi-vendor IT support services solutions to adequately manage complex vendor IT ecosystems is driving the worldwide multi-vendor IT support services market. The creation and acceptance of new and advanced solutions is increasing among businesses. These solutions assist reduce the risk of managing many IT solutions and services while also increasing productivity. Global demand for multi-vendor IT support services solutions is increasing as a result of this. The fundamental drivers of this market are changes in IT infrastructure, a rise in original equipment manufacturer service maintenance expenses, and a decrease in IT support and maintenance challenges. Furthermore, businesses continue to spend heavily on newer technological systems, such as cloud and IoT, in order to improve the efficiency of their corporate operations and better serve their consumers, and this new technology fuels market growth. However, the market's expansion is hampered by a loss of control over IT assets, concerns about the sharing of private data, and privacy and security concerns. Furthermore, the industry's profit potential is being created by the rising need for new levels of support services and the greater usage of centralized support services.
Demand for multi-vendor IT support services solutions is growing in highly regulated end-use industries including life sciences and health care, as well as BFSI (banking, financial services, and insurance). Different vendors are used by companies in these areas to efficiently perform and manage their vital operations. This is also assisting in the expansion of the worldwide multi-vendor IT support services industry. Businesses' unwillingness to invest in new and innovative technology is one of the key issues hindering the worldwide market's growth. The worldwide multi-vendor IT support services market may be segmented by service, deployment, organization size, industry, and geography. Hardware support services and software support services are the two sorts of services available on the global market.
The global market for Multi-Vendor Support Services, which was anticipated to be worth $53.8 billion in 2020, is expected to expand to $64.2 billion by 2028, with a CAGR of 2.5 percent between 2020 and 2028. Hardware, one of the report's segments, is expected to grow at a rate of 2.8 percent per year and reach US$44.9 billion by the conclusion of the analysis period.
Some of the major players in the market are, Dell Technologies Inc, Lenovo, Hitachi Ltd, HP Inc, International Business Machines Corp, Evernex, Microsoft Corp, Service Express LLC, Oracle Corporation, XS International Inc, Zensar Technologies Ltd, IBM, Dell, FUJITSU, AT and T Inc, NetApp Inc, Citrix Systems Inc, Symantec Corporation, FURUKAWA Co. Ltd, Citycomp Service GmbH.
Multi-vendor support services companies are gaining an advantage in resolving business difficulties and maintaining a pleasant working environment. Intelligent network assistance is being developed by IT businesses to provide a practical support paradigm that allows users to spot issues before they occur and disrupt corporate operations. Multi-vendor support services companies are seizing the chance to solve enterprise problems and maintain a productive working environment. For example, IBM Cloud solutions may help a firm make a smooth transition to remote business by delivering a flexible, secure cloud as well as digital services for virtualization, collaboration, mobility, and support. Intelligent network assistance from IBM Corporation offers a proactive support strategy in the remote working environment, utilizing Cisco's extensive knowledge base to aid users in detecting problems before they arise and affect business operations.
Cloud, containers, IoT platforms, Big Data, and DevOps IT services are expected to hold a lot of potential for multi-vendor support service providers in the future. The fast-paced and ever-changing difficulties of maintaining a multi-vendor support environment become incredibly difficult as a firm adds new technology to its IT infrastructure, changes levels of service, new support agreements, or updates warranties with each vendor. To address these issues, technology companies such as Dell Technologies offer multi-vendor support services, which not only reduce costs and boost productivity throughout an IT company but also relieve the pressure on staff already juggling too many daily administrative responsibilities. Furthermore, the pressure on data centers is increasing as a result of the fast-expanding use of IoT, Big Data Analytics, and cloud across different enterprises as a vital element of their digital transformation plan, contributing to market growth.
Rising OEM service maintenance costs, quick changes in IT infrastructure, and reduced IT support and maintenance difficulties are all major development factors for the market. The industry is being propelled ahead by the usage of centralized support services as well as an increase in the need for new degrees of support services. Increased processing needs are being supplied by a larger and better network, as well as server and storage facilities, resulting in a growth in the size and volume of IT infrastructure. Organizations are gradually digitizing their operations with cloud, container, IoT, and other technologies to meet new business functional needs. Because of the changing technological environment, organizations are increasingly embracing MVSS to regulate and maintain their infrastructure. Businesses are attempting to automate or outsource their non-core operations as technological solutions become more complicated.
Multi-Vendor IT Support Services Market Scope
|Forecast Unit||Value (USD)|
|Growth Rate||CAGR of 2.5% during 2021-2028|
|Segment Covered||by Service, by Application, Organization, Vertical, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and South Africa|
|Key Players Profiled||Dell Technologies Inc, Lenovo, Hitachi Ltd, HP Inc, International Business Machines Corp, Evernex, Microsoft Corp, Service Express LLC, Oracle Corporation, XS International Inc, Zensar Technologies Ltd, IBM, Dell, FUJITSU, AT and T Inc, NetApp Inc, Citrix Systems Inc, Symantec Corporation, FURUKAWA Co. Ltd, Citycomp Service GmbH were the major players in the multi-vendor IT support services market.|
Key Segments of the Multi-vendor IT support Service Market
Market by Service Overview, 2018-2028 (USD Billion)
- Hardware Support Service
- Software support service
Market by Application Overview, 2018-2028 (USD Billion)
- Financial and Accounting
- Supply Chain
- Human Resource
- IT Operations
- Sales and Marketing
Organization Overview 2018-2028 (USD Billion)
- Small and Medium-Sized Enterprises(SMEs)
- Large Enterprises
Vertical Overview 2018-2028 (USD Billion)
- Healthcare and Life Sciences
- Retail and Consumer goods
- Banking, Financial Services and Insurance (BFSI)
- Government and Defense
- Media and Entertainment
- Travel and Logistics
- Telecom and IT
- Energy and Utilities
Regional Overview, 2018-2028 (USD Billion)
- North America
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- Rest of the Middle East & Africa
Latest Innovation in the Multi-Vendor Support Service: A snapshot
- Fenergo and IBM Corporation signed an OEM agreement in April 2020, under which the two companies will work on the development of criminal solutions for the BFSI sector. Customers that use the Fenergo platform through IBM will have access to a range of extra support services, including IT assistance, system developers, multi-vendor processing, and predictive analytics, according to the goals of both firms.
- Ribbon Communications reported in June 2020 that ECI, which just merged with Ribbon, has successfully participated in a variety of 5G testing at the EANTC's interoperability demonstration. Ribbon demonstrated multi-vendor interoperability testing of sophisticated transport aspects of 5G networks during the event. This newly developed multi-vendor solution will help the company acquire a competitive edge in the marketplace.
- In June 2017, Lenovo introduced PC as a Service, with the purpose of making acquiring, deploying, and managing computer equipment easier. Lenovo accomplishes this by providing the most up-to-date technology, upgrades, and servicing at no cost to the customer. The multi-vendor services include the company's premier support, as well as hardware and software monitoring.