Compliance with regulatory requirements is crucial in highly regulated industries like finance, healthcare, and insurance to avoid fines, legal action, and damage to reputation. Managed IT services can help these industries with solutions to counteract cybersecurity threats, compliance risks, or a lack of resources. Enterprises will increase spending on software and IT services such as managed IT services, as IT services spending will reach $1.3 trillion in 2023, a 5.5% increase.