The managed network services market is assessed to be evaluated at US$ 61.9 Billion in 2022, expected to arrive at US$ 130.9 billion by 2032 with a CAGR of 7.8% during the conjecture time frame 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 providers (generally a telecom company), system integrators, and end-use enterprises together in collaboration set 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, many times inclusive of servers, routers, switches, firewall software, etc.
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Managed Network Services include managing Ethernet WAN, MPLS, Internet lease lines, etc., as these form the basis of modern-day IP-based communication in most organizations, and 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 the 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 CIOs are increasingly considering Managed Network Services as a part of their Network Strategy.
Thus, as Networks become more complex, the need for Managed Services is getting higher preference. As financial companies and banks continue to integrate advanced technologies with their operations and expand their geographical reach, Managed network services are expected to see high adoption in the 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.
The lack of IT Workforce skilled with expertise in the cloud era is another factor for organizations triggering them to deploy Managed Services.
Over the forecast period as organizations 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, the 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.
The Managed Network Services market is expected to register a healthy CAGR during the forecast period as most organizations from across the world continue to expand geographically, along with extensive digitalization.
North America and Europe are expected to remain leaders considering the demand for Managed Network Services, as most businesses including SMEs 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.
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 organizations expand geographically in the 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.
Leading Key Players:
- Verizon Communications Inc.
- Telstra Global
- AT&T Inc.
- China Telecom
- NTT Communications
- HCL Technologies
- Wipro Limited
- Nokia Corporation
- IBM Corporation
- Cisco Systems Inc.
- Vodafone Group plc
- Tata Communication
- Bharti Airtel
- Reliance Communication
- Sift Technologies Ltd.
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Managed Network Services Market Segmentation:
By Service:
- Managed WAN
- MPaLS
- ILL
- Other Related Services
- Managed LAN
- Virtual Network Services
- Network Security
- NLD/ILD
- Other Services
By End-Use Industry:
- Banking and Financial Services
- Manufacturing
- Communication, Media, and Services
- Retail and Wholesale
- Healthcare
- Utilities
- Construction
- Education
- Government
- Agriculture
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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