The global Multi-Vendor Support Services Market size expected to grow from USD 53.09 billion in 2018 to USD 60.14 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 2.52% during the forecast period. Major growth factors for the market include the rapidly increasing changes in the IT infrastructure, rising maintenance costs of OEM services, reducing IT support and maintenance complexities, and regaining control of infrastructure support from OEMs.
Multi-Vendor Support Services enable enterprises to focus on their core competencies by providing maintenance support for their IT infrastructure. As Original Equipment Manufacturers (OEMs) demand more charges for the maintenance and support of the existing IT infrastructure, organizations turn to Multi-Vendor Support Services providers for cost optimization. These service providers enable the organizations to provide predictable costs for budgetary planning, reduce IT and operating costs, and improve operational efficiency. Moreover, Multi-Vendor Support Services enable companies to provide support services to more than one product of other manufacturers as well as their own products. For example, system vendors, such as IBM, independently provides support services for products they do not manufacture, whereas Dell and HP provide support services for their own products, as well as, for other companies’ products. These companies are classified as Multi-Vendor Support Services providers.
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Multi-Vendor Support Services providers help enterprises provide multiple support services, depending on their infrastructural needs, such as server, storage, data center, and network support. These service providers offer both software and hardware support services to their clients, globally. The Multi-Vendor Support Services providers offer configuration assistance and upgrade guidance, and work with major third parties to solve problems. These services help organizations enhance operational efficiency and reduce infrastructure costs by providing a new level of support services for their existing infrastructure. Moreover, the Multi-Vendor Support Services market consists of system vendors, OEMs, resellers, Third-Party Maintenance (TPM) service providers, System Integrators (SI), and secondary hardware suppliers.
The software support services segment to grow at a higher CAGR during the forecast period
Software support services play a crucial role in the support and maintenance of different IT infrastructure in an enterprise ecosystem. These support services comprise long-lasting and incident-based support contracts. Software support contracts include remote-level troubleshooting, 24/7 telephone support installation, and usability assistance. In some cases, software support services may include new product installations and installation of product updates, migrations, and reactive on-site services. Data restoration, resource and administrative management, proactive reporting and analytics, remote advisory, and proactive maintenance services are some of the software support services considered for the market research study.
The Banking, Financial Services, and Insurance (BFSI) segment to grow at the highest CAGR during the forecast period
The BFSI vertical is transforming its operations by digitizing and streamlining its business processes. This vertical witnesses a huge number of transactions on a daily basis; furthermore, it is globally interlinked requiring both huge storage and system requirements. It uses Multi-Vendor Support Services to improve the operational efficiency by reducing downtime, and maintaining and managing the IT infrastructure. For instance, a specialist lender in the UK, which offers a tailored range of financial solutions, requires a robust and well- managed IT infrastructure to ensure the continuity, availability, and performance of its daily operations. Its infrastructure consisted of an HPE Server Estate, Cisco Networking, ADIC Backup, and EMC Software platforms. The financial services company looked to partner with a single maintenance and support services provider that could also deliver other IT services and products for future projects. MCSA, a multi-vendor services provider, consolidated the management and support of HPE, Cisco, ADIC, and EMC technologies onto a single, more manageable platform providing a one-stop shop to simplify business processes.
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