Global Proactive Services Market Overview
The key driver impacting the proactive services market is the rapidly rising number of cyber threats and attacks. There is a vast growth observed in cyber-attacks across the globe due to the current lack of global technology governance and growing internet usage. for instance, as per the World Economic Forum, Cyberattacks are considered the 7th most likely, 8th most impactful risk, and the 2nd most concerning risk for doing business internationally in the next ten years. In 2019 Attacks on IoT devices augmented by over 300% in the first half. In 2021, cybercrime damages estimated to be reached US$6 trillion. As per the Fintechnews organization, coronavirus pandemic is responsible for a 238% increase in banks' attacks; 80% of firms have seen an augment in cyber attacks. cloud-based attacks climb by 630% between January and April 2020. In 95% of cases, cyber-attack victims are companies working in the retail, government, or tech sectors. Moreover, increasing focus on delivering enhanced customer experience is estimated to be a significant factor that positively impacts market growth.
According to Value Market Research, the global proactive services market was valued at around USD 3500 million in 2020 and is estimated to grow at a CAGR of about 20% during the forecast period of 2021 to 2027.
The massive adoption of smartphones and growing usage of the internet and IoT devices are estimated to augment proactive services demand in the forecast period. for instance, globally, the number of internet users extended from 413 million in 2000 to over 3.4 billion in 2016. The one billion obstacles were passed in 2005 as per our world in the data report. It is expected that there are over 21 billion IoT devices worldwide, and their number will double by 2025. however, the growing concerns over privacy and security may hamper the global proactive services market in the long run. also, lack of qualified talent and high implementation costs negatively impact market growth. the current industry trends, such as AI-based proactive services, cloud technology adoption, and growing cybersecurity concerns, are expected to provide market players with several market opportunities.
The proactive services market is vast, with many local and global players. the key leaders follow different strategies to improve their market position, such as contracts, mergers, contracts, extending product portfolio, acquisitions, expansions, and product innovations to improve their market share globally. for instance, in February 2018, symantec corporation publicizes to work with Microsoft Corporation to add an extra layer of protection to Microsoft Azure to protect its customers proactively against cyber threats. It also provides security and control on corporate use of the cloud, averts data leaks in compliance with governmental regulations and corporate policies. The key players included in the report are Microsoft Corporation, Fortinet, Inc., Symantec Corporation, Avaya Inc., Hewlett Packard Enterprise Company, IBM Corporation, Juniper Network, Inc., DXC Technology Company, Huawei Technologies Co., Ltd., Cisco Systems, Inc.
In this research report, the proactive services market is segmented by technology, service, enterprise size, application, end-use, and region.
Analysis by Technology:
By technology, the report is categorized into analytics, artificial intelligence, and others. Analytics dominates the technology segment with over 50% share in 2020. It is due to the rising adoption of analytics solutions by the companies as an analytics-led proactive service model helps users in attaining active client care. Also, organizations can analyze recent and historical anomalies using analytics to determine main causes so that strategies can be made for preventing recurrence. Moreover, growing demand from expanding Inforfation technology sector, contribute to the growth of analytics technology in the forecast period.
Analysis by Service:
By service, the report is categorized into design & consulting, managed services, and technical support. The managed services dominate the service segment with over 35% share in 2020. It is due to the rapid digitization across the globe which makes the companies frequently innovate and progress their infrastructure to stay competitive. It also helps the organization drop operating expenses, enhance operational efficiency, and support businesses to focus on core competencies. Moreover, substantial technological advancements such as big data and cloud computing drive the market demand from the managed services in the forecast period.
Analysis by Enterprises:
By enterprise size, the report is categorized into a large enterprise and small & medium enterprise. The large enterprise dominates the enterprise segment with over 60% share in 2020. It is due to the robust financial capability, which allows large enterprises to implement digital transformation across different sectors and build a digital strategy to boost businesses. Moreover, high investment ability allows the large organization to deploy cloud technology and on-premises proactive services, thus drives the market demand from the large enterprises in the forecast period.
Analysis by Applications:
By applications, the report is categorized into cloud management, customer experience management, data center management, end-point management, network management, and others. Customer experience management dominates the enterprise segment with over 22.5% share in 2020. It is due to the growing focus of companies to provide improved customer experience and customer value proposition. Also, it helps in distributing good word of mouth, which can help in attracting new customers. Moreover, growing instances of cyber-attacks drive the market demand in the forecast period.
Analysis by End-Use:
By end-use, the report is categorized into BFSI, government, healthcare, manufacturing, media & communications, retail, and others. The BFSI dominates the end-use segment with over 37.5% share in 2020. It is due to the massive adoption of proactive services as it always deals with critical financial data. Also, rapid digitalization has altered customer practices, and therefore, customers look for instant service. Proactive services considerably help BFSI organizations reduce costs without compromising customer satisfaction and providing security to critical financial data. Moreover, the globalization of financial services drives the market demand from the BFSI sector in the forecast period.
Analysis by Region:
In the regional outlook of the global proactive services market, the North America region dominates with a 40% market share during the forecast period. It is due to the increasing government investments in the development of artificial intelligence (AI), IoT, and machine learning, and rapid technological advancements. Moreover, early technology adoption and the presence of some of the leading players of the market in the region contribute to the development of the proactive services market across North America.
Market Segmentation covered in the Report:
- Artificial Intelligence
By Enterprise Size
- Design & Consulting
- Managed Services
- Technical Support
- Large Enterprise
- Small & Medium Enterprise
- Cloud Management
- Customer Experience Management
- Data Center Management
- End-point Management
- Network Management
- Media & Communications
- North America
- the Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.