Market Trends of Video Managed Services Industry
Software Segment to Witness the Growth
- Managed service providers (MSPs) are relying on a number of specialized tools tailored to manage all their client's information in one place. In order to manage their client's network, they have primarily relied on RMM software, PSA software, the antivirus and safety software as well as recovery and backup software.
- MSP software is designed to reduce repetitive work and human error through the automation of tasks carried out by clients' devices. In addition, there is a need for the management service providers to concentrate on core capabilities that facilitate everyday IT processes, increase user satisfaction, provide better quality of services and lower operating costs. These are a few of the benefits you'll find in your custom MSP software.
- In addition, the demand for cloud based solutions and the adoption of on demand security services is driven by the growing realization of the importance of saving money and resources are moving Instead of building and maintaining new data storage, data is transferred to the cloud which is why enterprises are increasingly realizing the importance of saving money and resources by moving data to the cloud. Due to multiple benefits, cloud platforms and ecosystems are expected to be key launching points for a rapid growth in Digital Innovation over the coming years.
- Furthermore, the deployment of public cloud services introduces a layer of trust outside an organisation which is crucial in terms of security for Cloud Infrastructures. Nevertheless, the adoption of video managed services practices by businesses is made considerably easier as a consequence of increasing use of cloud solutions. Enterprises must address security concerns, such as the loss of control over confidential data, because more people are moving towards cloud services like Google Drive, Dropbox and Microsoft Azure among other tools becoming a part of their business processes.
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North America is Expected to Hold Major Share
- The American Small Business Administration Office for Advocacy reports that the number of US small businesses in 2022 will be 33.2 million, and In the country accounting for almost all 99,99 percent of companies. With a 2.2% increase over the previous year and 12.2% during the period from 2017 to 2022, the increase in the number of small businesses in the US in 2022 reflects steady growth.
- It is more cost effective to enter into a management service agreement, filling an entire IT department with various subject-matter specialists by practically any standard. According to a CompTIA survey, about half of all businesses using MSPs cut their annual IT costs by up to 25%. In-house network support technicians can earn over USD 100,000 per year, and when firms factor in benefits, training, equipment, supplemental compensation, and other costs, that amount can almost quadruple. By working with an MSP, firms can get necessary IT services for a fixed monthly charge while being relieved of those expenses.
- According to Cisco Systems, the growth of data and devices is increasing the network burden, and In this way, 95% of network changes are carried out on a manual basis which increases operating costs by between 2 and 3 times the value of the network. This trend in the region is expected to drive the managed network services over the forecast period.
- Moreover, growth in OTT platforms in the region also offers considerable growth opportnuities for the market. For instance, Netflix reported 75.57 million paid streaming subscribers across Canada and the United States in the second quarter of 2023, up from 74.4 million in the previous quarter.
- Particularly, the video conferencing managed services market is expected to continue growing as more content providers in the region realize the advantages of outsourcing video workflows or management for both video on demand (VOD) as well as live video direct-to-consumer (D2C) OTT (over-the-top) content.
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