Lack of IT Workforce skilled with expertise in cloud era is another factor for organizations triggering them to deploy Managed Services.
The managed network services market is estimated to be valued at US$ 61.9 billion in 2022, and is expected to reach US$ 130.9 billion by 2032, with a CAGR of 7.8% from 2022 to 2032.
A Managed Network is a communication network that is built, operated, secured and managed by a third-party service provider. A variegated range of stakeholders which includes prime network provider (generally a telecom company), system integrators and end use enterprises together in collaboration sets up a network, either over cloud infrastructure or in-house.
However, the service is always managed by the service providers, thus, transferring the risk and complexities associated to the third party, enabling businesses to focus more on their core business objectives. Integrating with a managed network service provider allows the organization to outsource the infrastructure, support and technical maintenance, also many time inclusive of servers, routers, switches, firewall software etc.
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Managed Network Services includes managing Ethernet WAN, MPLS, Internet Leases Line, etc., as these forms the basis of modern day IP based communication in most organizations, demand for managed network services is on the rise.
Thus, as network complexity rises and business plans to focus more on their core products, demand for Managed Network Services is expected to expand with an impressive CAGR over the forecast period.
Managed Network Services Market: Drivers & Restraints
The major factors boosting the growth of Managed Network Services market are rising globalization, digitization and increasing use of cloud and BI/Analytics across all industry verticals.
With rising operational complexity due to organizations integrating more cloud, social, mobile, and big data, most CIO’s are increasingly considering Managed Network Services as a part of their Network Strategy.
Thus, as Networks become more complex, need for Managed Services is getting higher preference. As financial companies and banks continue to integrate advance technologies with their operations and expand their geographical reach, Managed network services is expected to see high adoption in BFSI sector. Furthermore, with increasing incidences of network security breaches, companies are increasingly preferring a Managed service provider over in-house maintenance, to ensure high expertise deployment.
Lack of IT Workforce skilled with expertise in cloud era is another factor for organizations triggering them to deploy Managed Services.
Over the forecast period as organization become more and more dependent on technologies such as IoT, AI, Augmented and Virtual Reality, Robotics and Automation, Network Services, Security and Network Uptime is of crucial importance. Thus, Managed Network Services become a key priority.
Managed Network Services Market: Regional Outlook
Geographically, Managed Network Services market has been categorized into seven key regions including North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East & Africa.
Managed Network Services market is expected to register a healthy CAGR during the forecast period as most organization from across the world continue to expand geographically, along with extensive digitalization.
North America and Europe are expected to remain as leaders considering the demand for Managed Network Services, as most businesses including SME’s in these region shows high digitalization efforts. Furthermore, Asia Pacific Exc. Japan, is projected to be the fastest growing market in terms of penetration of Managed Network Services.
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China and India in particular are expected to drive the demand for Managed Network Services in Asia Pacific Exc. Japan. Furthermore, as Internet penetration rises and most organization expand geographically in Middle East and Africa region, demand for Managed Network Services is expected to increase throughout the forecast period.
A few countries in Latin America, particularly Brazil, Chile and Argentina are expected to fuel the demand for Managed Network Services, on the backdrop of government efforts in the region.
Managed Network Services Market: Key Players
Some of the key players identified in Global Managed Network Services market are:-
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
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Managed Network Services Market: Market Segmentation
The Managed Network Services market is segmented into two parts based on service type and end use industry:
Based on service, the Managed Network Services market is segmented into:
Based on End Use Industry, the Managed Network Services market is segmented into:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 12, 2023
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