DOHA: The managed services market size is expected to amount to $0.59bn this year and will reach $1.14bn by 2029, growing at a compound annual growth rate of 13.95 percent, the latest data by Mordor Intelligence indicates.

The primary reasons for this pivotal growth are the swiftly evolving of cloud-based solutions, surging investments in the technology sector, and generating numerous opportunities for key dealers in Qatar.

On one hand, it also anticipated that successful managed services deployment will help the IT expenses by around 45 percent and raise operational efficiency to nearly 65 percent.

On the other, managed services offer diverse benefits established to impact the company’s development in a positive manner adopting such services in order to focus on its core expertise.

According to the report, small and medium-sized enterprises (SMEs) are foreseen as the key driving force benefitting the market growth. However, many SMEs outsource non-core activities as they are important for Qatar’s national vision, aiming to achieve its objectives, including a well-diversified economy.

According to Fatora.io, an incubated startup operating within Qatar Science and Technology Park (QSTP), part of Qatar Foundation Research, Development, and Innovation, more than 96 percent of the 25,000 businesses in the private sector registered are classified as SMEs.

Meanwhile, the market will also see a notable demand for managed security and infrastructure services, finance and technology, and IT services.

The report states that “There has been a tremendous shift toward managed services and applications for short and long-term company goals. As managed services enable companies to access enhanced applications and services, it primarily helps them target their core strategic areas while outsourcing the rest of the operations to the service providers with operational expertise in that domain.”

The managed services industry in Qatar is robust and augment towards the economy due to key players such as MEEZA, QSTP LLC, Gulf Business Machines Qatar W.L.L., Diyar Group, and Paramount Computer Systems FZ-LLC.

“These major players, with a prominent share of the market, are focusing on expanding their customer base across foreign countries. These companies leverage strategic collaborative initiatives to increase their market share and profitability. However, with technological advancements and product innovations, mid-size to smaller companies are growing their market presence by securing new contracts and tapping new markets, the report noted.

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