The State of Tech: Global IT Spending, Managed Services Market, and Cloud Migration Insights

Apr 22, 2024

09:39

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The managed services market in the U.S. is a dominant force globally, as reported by IDC. Accounting for over 45% of the global contract value in the managed services sector, the U.S. outperforms regions like Western Europe. This underscores the strong presence and significant contribution of U.S.-based managed service providers. The data also indicates a steady increase in enterprise technology spending in the U.S., leading to a rise in managed services deals. Despite a decrease in the total number of deals compared to the previous year, the average deal size remained consistent, demonstrating the stability and maturity of the U.S. managed services market. Furthermore, the emphasis on AI and cloud technologies in major managed services contracts in 2024 signals a strategic shift towards cutting-edge technologies and innovation within the U.S. managed services sector. This trend positions the U.S. as a key player in driving technological advancements and delivering high-value services globally.

McKinsey revealed limited non-IT benefits from cloud migration, challenging the common belief that cloud computing technology can enhance business agility and drive new revenue. Only one third of European companies actively monitor non-IT outcomes of cloud migration, suggesting that businesses may not be fully equipped to measure and realize the full potential benefits of their cloud investments.

Three things to know today

00:00 Managed Services Market in the US Dominates Global Contract Value, According to IDC Analysis

04:43 McKinsey Survey Reveals Limited Non-IT Benefits from Cloud Migration

06:28 SBA Unveils Investing in America Small Business Hub to Boost Federal Funding Access

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