Global Multi-Vendor Support Services (MVSS) Market Size, Share, Trends, & Growth Forecast Report – Segmented by Service Type (Hardware and Software Support Services), Application (Sales and Marketing, Financial and Accounting, Supply Chain, and IT Operations), Company Size (SMEs and Large), Vertical (Life Sciences and Healthcare, BFSI, Manufacturing, IT and Telecommunications, Retail and Consumer Goods, Government, Energy and Services, Public and Others) and Region(North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis (2024 to 2029)

Updated On: June, 2024
ID: 9955
Pages: 150

Global Multi-Vendor Support Services Market Size (2024 To 2029)

The size of the global multi-vendor support services (MVSS) market is predicted to be worth USD 65.07 billion in 2024 and USD 75.54 billion by 2029, growing at a CAGR of 3.03% during the forecast period.

Multi-vendor support service (MVSS) is a service system that facilitates the planning and management of outsourced IT services. The system is designed to help companies monitor and manage risk exposure from external service providers. In addition, multi-vendor IT support service systems provide dynamic data storage for vendor assessments, including compliance checklists, risk assessments and other tools and technologies for estimating performance suppliers linked to a company's objectives. Several companies are replacing their traditional systems with multi-vendor IT support service systems to improve real-time visibility of the risks and controls associated with IT services, as well as to automate and streamline the supplier management lifecycle.

MARKET DRIVERS

The growth of the global multi-vendor support services market is majorly driven by an increase in the adoption of those solutions to effectively manage multi-vendor IT ecosystems for vendors.

There is an increase in the development and acceptance of new and advanced solutions among companies. These solutions help reduce the risk associated with managing multiple IT solutions and services while improving production, which is driving demand for multi-vendor support services solutions worldwide. Also, the demand for multi-vendor support service systems is increasing in highly regulated end-use sectors such as life sciences and healthcare and banking, financial services and insurance (BFSI).

The growing demand for IT services for the cloud, IoT platforms, containers, DevOps, and Big Data are expected to boost the growth rate of the for multi-vendor support service market during the forecast period.

According to Cisco, 46% of network devices will be machine-to-machine or IoT by 2020, which are vulnerable to attack. Businesses and government organizations around the world are moving away from conventional environments to devote more of their workloads and critical instances of cloud computing. The IT and Telecom sector is an important segment for multi-vendor support services, due to the high rate of adoptions of various technologies, the increased frequency of adopting BYOD policies (to make business operations much more comfortable and controllable), and the growing need for high-end security due to the rapid increase in data among organizations. The telecommunications industry has experienced strong growth in recent years. Telecommunications companies are under constant pressure to provide innovative services at low cost to retain their clients in the competitive market. Multi-vendor support services have become a widespread demand for operators to cope with a complex and competitive environment.

The implementation of SD-WAN services from multiple providers is increasing at a significant rate and this involves full validation and integration of the uCPE platform with a wide range of software service chains, including security, routing, SDN switching, vBNG/vCGNAT, NFV, and service guarantee. To meet the demand for multi-vendor networks, Lanner, a Taiwan-based company, offers a wide range of open and interoperable uCPE platforms that offer multi-core computing power, cryptographic acceleration engines, and WiFi/LTE compatible connectivity/5G.

MARKET RESTRAINTS

Companies in these sectors depend on different suppliers to efficiently carry out and manage their critical operations. It also contributes to the expansion of the global market for multi-vendor IT support services. However, organizations' reluctance to invest in new and advanced technologies is one of the main factors hindering the growth of the global market. This is mainly because organizations always rely on manual and non-formal processes to assess the risks of their suppliers.

In this difficult economic environment, high-tech and automated installations gain in importance compared to traditional operations. Companies are currently experiencing intense competition due to the development of new technologies that improve productivity. In addition, to maximize revenue and provide quality services, companies reduce operating costs by partnering with third-party suppliers dedicated to managing complex business processes.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

3.03%

Segments Covered

By Service, Application, Organization Size, Industry, and Region

 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

 

Market Leaders Profiled

LexisNexis Group Inc., BWise BV, LogicManager, Inc., MetricStream, Inc., Relational Security Corporation (Rsam), IBM Corporation, LockPath, Inc., Genpact Limited, Dell, Inc., HP Enterprise, Symantec, Oracle, Fujitsu, NEC, Lenovo, and Hitachi and Others.

 

REGIONAL ANALYSIS

In terms of region, the global market for multi-vendor support services can be segmented into Europe, North America, the Middle East, Africa, South America, and Asia-Pacific. The multi-vendor support services market in North America is expected to experience significant growth during the forecast period. Greater investment in new and advanced technologies, such as cloud platforms, analytics, and Big Data, is accelerating market growth in the region. However, Asia-Pacific is expected to present significant opportunities in the multi-vendor IT support services market shortly. This is mainly due to an increase in the adoption of emerging technologies among organizations in the region.

KEY PLAYERS IN THE GLOBAL MULTI-VENDOR SUPPORT SERVICES MARKET

Companies playing a major role in the global multi-vendor support services market include LexisNexis Group Inc., BWise BV, LogicManager, Inc., MetricStream, Inc., Relational Security Corporation (Rsam), IBM Corporation, LockPath, Inc., Genpact Limited, Dell, Inc., HP Enterprise, Symantec, Oracle, Fujitsu, NEC, Lenovo, Hitachi, and others.

RECENT DEVELOPMENTS IN THE GLOBAL MULTI-VENDOR SUPPORT SERVICES MARKET

  • In December 2017, Symantec partnered with British Telecommunication, a communications services and solutions provider, and announced the availability of a new terminal protection solution for BT business customers.

  • In November 2016, IBM completed the purchase of Sanovi Technologies, a hybrid recovery, cloud migration, and business continuity software provider for data centers and cloud infrastructure. The acquisition would allow IBM to provide business continuity and disaster recovery services to its customers.

  • Lenovo introduced PC as a Service in June 2017 that is developed to restrict the trouble of purchasing, deploying, and managing assets in the IT framework. Lenovo does this by offering the latest equipment, upgrades, and services at no initial investment cost. The main support and monitoring services for the company's hardware and software are included in the services of several suppliers.

DETAILED SEGMENTATION OF THE GLOBAL MULTI-VENDOR SUPPORT SERVICES MARKET INCLUDED IN THIS REPORT

This research report on the global multi-vendor support services market has been segmented and sub-segmented based on service, application, organization size, industry, and region.

By Service

  • Hardware Support Services
  • Software Support Services

By Application

  • Sales and Marketing
  • Financial and Accounting
  • Supply Chain
  • IT Operations

By Organization Type

  • Small and Medium-Sized Companies
  • Large Companies

By Industry

  • Life Sciences and Healthcare
  • BFSI
  • Manufacturing
  • It and Telecommunications
  • Retail and Consumer Goods
  • Government
  • Energy And Services
  • Public

Based on industry, the IT and telecommunications segment is expected to grow at a significant pace over the conjecture period.

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Middle East and Africa
  • Latin America

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Frequently Asked Questions

What is the current size of the Global Multi-Vendor Support Services (MVSS) Market?

As of the latest report in 2024, the Global MVSS Market is estimated to be valued at 65.07 billion.

Which regions contribute significantly to the MVSS Market share?

North America and Asia-Pacific are the dominant regions, accounting for approximately 60% of the global MVSS market share.

What are the key drivers fueling the growth of the MVSS Market?

Increased adoption of complex technologies and rising demand for third-party support services are major drivers for MVSS market growth.

How is the MVSS Market expected to grow in the next five years?

The MVSS Market is projected to experience a CAGR of 3.03% from 2024 to 2029, reaching an estimated value of 73.69 billion.

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