Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Proactive Services market.
Trusted Business Insights presents an updated and Latest Study on Proactive Services Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Proactive Services market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Proactive Services Market
The global proactive services market size was valued at USD 2.58 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 18.6% from 2021 to 2027. The rising trend of understanding consumer needs and behavior is one of the factors driving the market growth. Similarly, the massive adoption of smartphones, along with the adoption of e-commerce and the internet is also boosting growth. Moreover, the trend of providing digital customer experience has enabled the demand for omnichannel services. The rising concern of safety and security is also driving the demand for proactive services globally.
Proactive services help meet and exceed customer desires, improve customer relationships, and lift the value of the customer value. These services provide customers with the information and suggest to them about issues they may face during the process. Proactive services enable customers to help themselves, which eventually improves the overall customer experience. All these factors lead to enhanced customer satisfaction, which makes the overall brand success, subsequently contributing to the market growth.
Growing adoption of machine learning, data analytics, artificial intelligence (AI), and Internet of Things (IoT) is expected to fuel market growth. With the adoption of these technologies, companies can predict the future patterns of their customers based on collected data. Well established companies such as Microsoft, Google, and Amazon are expanding their resources in these technologies to understand the preferences and behaviors of their consumers. Furthermore, the increasing usage of slack bots is having a positive impact on the market they help in analyzing the rate of success of the content or ads posted on various media platforms, by comparing them with similar posts.
Major challenge companies face while executing change in the organization is the implementation efforts and cost management associated with it. The Information Technology (IT) infrastructure is an essential part of any organization as it makes IT infrastructure efficient & effective and helps improve business performance. Thus, to improve performance across the entire IT infrastructure, it is important to implement proactive services across all levels of an organization. However, adopting new technologies and managing the ongoing IT operation with respect to proactive services can be challenging to both the service vendors as well its end users. Effective utilization of IT resources and improving service delivery are the two key challenges faced by organizations.
Cost management associated while adopting new technologies can be a challenge for end users of proactive services. To overcome these challenges, organizations should focus on providing self-diagnostic tools, proactive and preventive support delivery, omnichannel communication, and upgrade management tools. Expanding their existing service packages with suitable methods to achieve cost reduction can help tide over the challenges associated with managing the existing IT operations associated with proactive services. Additionally, lack of skilled professionals and the growing cases of privacy attack, are some factors accountable for restricting the market growth.
COVID-19 has raised concerns among customers such as anxiety about visiting store location or purchasing the product, on-time delivery of product, delay in product delivery, and customer hesitancy on making commitments. Concerns as such can increase call volumes, strain the companys staff, and increase expenses. Companies can implement proactive services to address customer concerns, which can help in earning their trust and building relationships. The importance of these services is paramount now more so than ever as customer sensitivities and needs are considerably high. Hence, the proactive services market is expected to witness significant growth during the pandemic as companies will adopt these services to protect customers and proactively solve their problems.
Service Insights: Proactive Services Market
The managed services accounted for the largest share of over 35% in 2019. It helps in reducing operating expenses, improve operational efficiency, and assist businesses to concentrate on core competencies. It assists in ideal resource distribution and utilization to augment the operational efficiency and overall profitability. Moreover, owing to rapid digitalization, the companies are obliged to continually innovate and improve their infrastructure to stay competitive. Technological advancements such as cloud computing and big data are also expected to drive the growth of the managed services segment.
The technical support segment is expected to witness the fastest growth during the forecast period. In the current scenario, technology is evolving at a considerable pace, resulting in continuous upgrades in the system. The increasing competition and security threats mounting on organizations compel them to turn to service providers and offload their IT troubles, such as daily technical support. The proactive services need to be updated with every technological change as organizations need vendor support in case of resolving technical issues. This is resulting in the faster growth of the technical support segment.
Technology Insights: Proactive Services Market
The analytics segment led the market and accounted for more than 50% of the revenue share in 2019. Analytics solutions are designed to handle data on a massive scale. Analytics led proactive service model helps users in achieving active client care. Organizations use predictive analytics to look at trends and probabilities, measuring variables to predict how customers will behave in future. Using analytics, organizations can analyze recent and historical anomalies to determine root causes so that strategies can be created for preventing recurrence. The more analytics are collected and analyzed, the better the predictive capabilities become and hence, companies have adopted for analytics solutions, which has led to its market dominance.
AI segment is expected to account for the highest CAGR as brands are adopting this technology to deliver personalized customer experiences. The technology helps in understanding customers behavior and identify opportunities for cross-selling and upselling. AI allows brands to offer customers, what they really want with better accuracy and precision. Customers can save time when they use self-service as AI makes customers self-service work seamlessly by helping them complete simple tasks. For instance, chatbots assist customers by answering frequently asked questions. AI holds a lot of potential for customer support and seeing these companies are adopting this technological shift.
Enterprise Insights: Proactive Services Market
The large enterprise segment is expected to account for the highest market share of around 60% in 2019. Large enterprises have the required budget to use on-premises proactive services. However, they are moving for the cloud deployment method to avail benefits, such as high scalability, increased availability, and low cost of deployment. Also, owing to robust financial capability, large enterprises can implement digital strategy across businesses and accelerating digital transformation across different sectors. Increasing number of financial institutions such as banks and insurance companies have adopted these services to reduce operational costs and reduce incident alarms.
The small and medium enterprise segment is expected to expand at the highest CAGR of more than 20% over the forecast period 2021-2027. SMEs face many challenges, such as lack of skilled workforce and the requirement of domain-specific technical personnel, budget constraints, management control, limited economies of scale, and scalability. The growth can be attributed to factors such as the increased focus on cloud computing and reduced cost of devices, thus making it much convenient for SMEs to stabilize their businesses. The vendors offering solutions to SMEs are rising, as SMEs are increasingly adopting proactive services for improved quality of network performance across organizations and to make effective decisions for growth.
Application Insights: Proactive Services Market
The customer experience management segment is expected to account for the highest market share of around 25% over the forecast period as organizations adopt this to retain customers. Additionally, improved customer experience helps in spreading good word of mouth, which can help in attracting new customers. The network management application is gaining significant momentum as companies have recognized that it is the best way to avoid unplanned IT infrastructure failures. Any unplanned IT infrastructure failure may result in a substantial loss to organizations and if the failures are recurrent then it can have an impact on the company”s revenues.
The cloud management segment is expected to expand at the highest CAGR of more than 20% over the forecast period. Cloud management proactive services eliminate the human effort, required in traditional solutions for managing and monitoring infrastructure and applications. Cloud management offers efficient proactive service to monitor the health and status of entire IT infrastructure from a single platform across different tiers to alert on issues, troubleshoot, and resolve them before they affect end-user. The capability of providing global visibility is increasing the adoption of cloud management and hence, the segment is exhibiting remarkable growth.
End-use Insights: Proactive Services Market
The BFSI segment accounted for a market share of over 21% in 2019. The BFSI sector is always at a high risk level as it always deals with critical financial data. Hence, the sector has witnessed large-scale adoption of proactive services and at the same time provides extensive growth opportunities due to the globalization of financial services. Furthermore, digitalization has changed customer practices and hence, customers require instant service. Proactive services significantly help BFSI organizations to lower the cost without compromising with customer satisfaction.
Retail is one of the evolving verticals in terms of adopting the latest emerging technologies, such as analytics, DevOps, artificial intelligence, cloud computing, and digital stores. These emerging technologies are helping companies to anticipate the future buying patterns of their customers based on data collected. Companies such as Amazon are extending their resources in such technologies to understand the preferences and habits of their consumers to target products proactively. The increasing importance of customer satisfaction and customer retention is further driving the market in retail.
Regional Insights: Proactive Services Market
The North American region dominated the market in 2019 accounting for approximately 35% revenue share, owing to the rapid technological advancements and rising government investments into the development of artificial intelligence (AI), IoT, and machine learning. Additionally, the presence of some of the leading players of the market in the region is also contributing to the regional market growth. Proactive services require very active and flexible IT support, which is present in most companies in this region. Furthermore, the other factors driving the growth of the market in the region are technology enhancements, a stable economy, and optimized infrastructure cost.
Asia Pacific is estimated to emerge as the fastest-growing region at a CAGR of 20.9% over the next eight years, owing to the rapidly expanding service sector and an increasing number of startups. The application of customer engagement technologies and analytics in various end-use industries and increasing investments in emerging technologies by governments of the countries in the region is driving the regional market growth. Proactive services are adopted by companies to improve and organize business processes and perform informed business decision making. Furthermore, the rising mobile users, growing e-commerce, and growing use of social media analytics are some of the factors fueling the growth of the market in the region.
Key Companies & Market Share Insights: Proactive Services Market
Major industry players have adopted various organic and inorganic growth strategies, such as partnerships and collaborations, new product launches, and mergers and acquisitions, to further strengthen their position in the market. For instance, in February 2018, Symantec Corporation announced to work with Microsoft Corporation to add an added layer of protection to Microsoft Azure in order to protect its customers proactively against cyber threats and offer control and protect corporate use of the cloud, prevent data leaks to ensure compliance with corporate policies and governmental regulations. Some of the prominent players in the proactive services market include:
Key companies Profiled: Proactive Services Market Report
- Microsoft Corporation
- Symantec Corporation
- Fortinet, Inc.
- Juniper Network, Inc.
- Avaya Inc.
- DXC Technology Company
- Hewlett Packard Enterprise Company
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Cisco Systems, Inc.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2020 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global proactive services market report based on service, technology, enterprise size, application, end use, and region:
Service Outlook (Revenue, USD Million, 2016 – 2027)
- Design & Consulting
- Managed Services
- Technical Support
Technology Outlook (Revenue, USD Million, 2016 – 2027)
- Artificial Intelligence
Enterprise size Outlook (Revenue, USD Million, 2016 – 2027)
- Large Enterprise
- Small & Medium Enterprise
Application Outlook (Revenue, USD Million, 2016 – 2027)
- Cloud Management
- Customer Experience Management
- Data Center Management
- End-point Management
- Network Management
End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Media & Communications
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