The multi-Vendor Support Services Market is growing at a very fast rate as the population is increasing all around the world, therefore, creating a huge demand for the service related to vendors as it also affects the economy of the country greatly. Hence, if proper steps are taken there would be profit in providing such kind of services.
Driving factors of the Multi-Vendor Support Services Market
There are several driving factors for the Multi-Vendor Support Services Market some of them are :
1. Growing need for Multi-Vendor Support Services: The demand for Multi-Vendor Support Services is increasing due to the rising complexity and diversity of IT systems. Companies are looking for efficient solutions to manage their network infrastructures and ensure better performance. This has led to an increase in the demand for multi-vendor support services.
2. Increasing Adoption of Cloud Computing: The trend towards cloud computing is growing as businesses are realizing advantages such as scalability, cost savings, and flexibility. This is driving the adoption of multi-vendor support services as companies need to manage their cloud infrastructure efficiently.
3. Need for Cost Savings: Companies are increasingly looking at ways to save on costs while ensuring effective operations and maintenance of their IT systems. Multi-vendor support services provide cost savings by providing a single point of contact for multiple vendors instead of engaging with each vendor individually.
4. Need for Improved Efficiency: Businesses today want to maximize efficiency across all aspects of their operations and require a comprehensive solution that can be provided by multi-vendor support services. It provides an integrated platform that helps streamline processes, enabling faster issue resolution and improved performance with reduced downtime.
Advantages of the Multi-Vendor Support Services Market
There are various advantages of the Multi-Vendor Support Services Market some of them are as follows:
1. It helps in reducing operational costs as multiple vendors are used for the same task, which leads to cost-efficiency.
2. It provides a wide range of services that can be tailored according to the needs of various customers.
3. It helps in providing better customer service and technical support as vendors can be contacted quickly and easily.
4. Multi-vendor support services market helps in reducing time spent on the procurement process and also saves time spent on searching for vendors.
5. This model gives businesses better access to information about vendors and their services, which makes it easier for them to make decisions about which vendor to choose for a particular project or task.
6. Multi-vendor support services market also helps in providing access to new technologies and products from different vendors, giving businesses better options when choosing their technology solutions.
Market size and value of the Multi-Vendor Support Services Market for 2021 to 2031
The global Multi-Vendor Support Services Market is predicted to grow at a CAGR of 8.2% from 2021 to 2031.
The market size is expected to reach USD 22.3 billion by the end of 2031 from USD 11.9 billion in 2021, according to a new report by Global Market Insights, Inc. Growing focus on cost-effective IT infrastructure solutions among businesses is driving the market growth. Multi-vendor support services help organizations effectively manage their aging IT infrastructure and help them in merging different products and technologies into an integrated solution.
The increasing digitalization across industries is resulting in the adoption of complex technologies, which is further driving the demand for multi-vendor support services across the globe. Additionally, an increasing number of mergers & acquisitions (M&A) activities between service providers and IT infrastructure vendors are supporting the market growth over the forecast period. For instance, IBM acquired Red Hat in 2019 for USD 34 billion for providing customers with advanced open-source solutions, thereby creating a strong customer base for IBM’s multi-vendor support services portfolio.
In addition, the rising need for improving operational efficiency and reducing downtime associated with IT infrastructures among businesses will further accelerate the demand for multi-vendor support services during the 2021 – 2031 timeframe. Moreover, rapid technological
Challenges faced by the Multi-Vendor Support Services Market/ Restraining factors of the Multi-Vendor Support Services Market
Some restraining factors of the Multi-Vendor Support Services Market are :
1. Difficulty in managing multiple vendors: Managing multiple vendors can be difficult and time-consuming. It is often difficult to track each vendor's performance and ensure that they are properly fulfilling their contractual obligations.
2. Lack of standardization: There is often a lack of standardization when it comes to multi-vendor support services. Different vendors may have different policies and procedures, making it difficult to ensure that all requirements are being met.
3. Cost: Multi-vendor support services can be expensive, particularly for larger organizations. The cost of hiring multiple vendors can add up quickly and may not always provide the desired value for money.
4. Risk of vendor failure: There is always a risk that one or more of the vendors involved in a multi-vendor support service arrangement may fail, leaving the organization without the necessary support services required.
Key Players of the Multi-Vendor Support Services Market
Some key players/manufacturers/vendors of the market are : Hewlett-Packard (HP), IBM Corp,Dell Technologies Inc,Microsoft Corporation, AT&T Inc.
Based on type the Multi-Vendor Support Services Market is divided into two parts:
1) Hardware supports service
2) software support service
Hardware support service: This segment is expected to account for the largest share of the multi-vendor support services market. It is one of the basic and important services provided by vendors. Hardware support service includes installation, configuration & setup, maintenance & repair services, etc.
Software support service: This segment is anticipated to grow at a higher CAGR during the forecast period. Software support services help organizations with software upgrades and migrations, system monitoring, patch management, troubleshooting, and other services. By providing these services vendors also assist organizations in managing their IT infrastructure efficiently & effectively.
Based on application, the Multi-Vendor Support Services Market is divided into
Sales and Marketing Financial and Accounting Sales and Marketing, Financial and Accounting, Supply Chain, IT Operations, Other Applications
Sales and Marketing: The sales and marketing segment is expected to account for the largest share in the multi-vendor support services market due to the increasing need for customer relationship management solutions. These services enable organizations to effectively manage their customer relationships and track leads effectively, thus leading to improved sales performance.
Financial and Accounting: The financial and accounting segment is anticipated to hold a significant share in the multi-vendor support services market as organizations require efficient financial and accounting services for their business operations. These services enable organizations to manage their financial resources optimally and make informed decisions.
Supply Chain: The supply chain segment is anticipated to witness a healthy growth rate during the forecast period owing to its ability to ensure the timely delivery of goods with minimal costs. Multi-vendor support services help organizations streamline their supply chain operations by offering insight into inventory levels, product availability, order fulfillment processes, etc.
IT Operations: The IT operations segment is anticipated to experience a steady growth rate over the forecast period due to its ability to ensure the smooth functioning of an organization's IT infrastructure. Multi-vendor support services help organizations maintain high levels of efficiency & productivity by assisting with software upgrades, and system monitoring.
Based on end-user and region the Multi-Vendor Support Services Market have
been divided into the following segment:
• IT & Telecom
• Retail and eCommerce
• Others (Government, Education, etc.)
Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
COVID-19 impact and market status on the Multi-Vendor Support Services Market
COVID-19 had a great impact on the Multi-Vendor Support Services Market. The global pandemic has created a huge impact on the global economy, leading to disruption in businesses and services. Due to the outbreak of the pandemic, companies have had to shut down their operations for a few months or reduce their workforce. This has resulted in a slowdown in demand for multi-vendor support services as most organizations are unable to purchase these services due to budget constraints.
However, with the gradual revival of economic activities and increasing awareness about the importance of maintaining business continuity, the demand for multi-vendor support services is expected to increase. Many organizations are investing in these services to ensure that their IT infrastructure remains secure and runs smoothly. Additionally, many new tools and technologies such as cloud computing, AI, machine learning, and analytics are being used which require specialized multi-vendor support services. This will further increase the demand for such services in the market.
The recent development on the Multi-Vendor Support Services Market from 2019 to 2022
In 2019 January, Microsoft announced the launch of its new Cloud Solution Provider (CSP) program, which provides cloud-based multi-vendor support services to customers.
In February 2019, IBM launched a suite of cloud migration, managed services, and DevOps tools that are designed to help customers migrate their workloads across different vendors.
In March 2019, Amazon Web Services (AWS) announced the launch of its AWS Support Plans, which provide professional technical assistance and guidance across multiple vendors.
In April 2019, Red Hat launched OpenShift Dedicated, an enterprise-grade Kubernetes platform that provides multi-vendor support for hybrid cloud deployments and workloads.
In May 2019, Google Cloud Platform (GCP) introduced its GCP Marketplace for multi-vendor support services. This allows customers to easily compare service offerings from Google and other vendors.
In June 2019, Oracle announced the launch of Oracle Cloud Infrastructure Support Services for Multi-Vendor Environments. This is designed to provide comprehensive end-to-end support for customers running applications on Oracle’s cloud platform as well as other popular cloud platforms such as Microsoft Azure and Google Cloud Platform.
Multi-Vendor Support Services Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 22.3 billion|
|Growth Rate||CAGR of 8.2 % during 2021-2030|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Hewlett-Packard (HP), IBM Corp,Dell Technologies Inc,Microsoft Corporation, AT&T Inc.|
Key Segments of the Multi-Vendor Support Services Market
Type Overview, 2021-2031 (USD Billion)
• Hardware Support Services
• Software Support Services
Application Overview, 2021-2031 (USD Billion)
• Sales and Marketing Financial and Accounting Sales and Marketing
• Financial and Accounting
• Supply Chain
• IT Operations
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa