Multi-Vendor Support Services (MVSS) Market

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.

Global Multi-Vendor Support Services 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.

Global Multi-Vendor Support Services 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.

Impact of COVID-19 on the multi-vendor support services market:

At the time of the COVID-19 pandemic, remote working increased worldwide. Multi-vendor support service providers take the opportunity to take advantage of business issues to maintain a fluid work environment. For example, IBM Cloud solutions can help a business transition seamlessly to remote businesses with flexible, secure cloud and digital services for virtualization, mobility, collaboration, and support. In remote working conditions, with the help of Cisco's in-depth knowledge base, IBM Corporation Smart Grid Support offers a proactive support model that helps the user identify problems before they arise and does not affect business operations.

REPORT COVERAGE:

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.

Global Multi-Vendor Support Services Market - By Service:

• Hardware Support Services
• Software Support Services

Global Multi-Vendor Support Services Market - By Application:

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

Global Multi-Vendor Support Services Market - By Organization Type:

• Small and Medium-Sized Companies
• Large Companies

Global Multi-Vendor Support Services Market - 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.

Global Multi-Vendor Support Services Market - By Region:

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

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 MARKET PLAYERS:

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, and Hitachi.

RECENT DEVELOPMENTS IN THE 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.