In 2022, it is projected that the worldwide managed network services market would be worth USD 61.9 billion. With a strong compound annual growth rate (CAGR) of 7.8% from 2022 to 2032, the market is expected to reach a worth of USD 130.9 billion. The market for managed network services is expanding as a result of growing digitalization, globalization, and the adoption of cloud computing and BI/analytics in a variety of sectors.
Third-party service providers construct, protect, and run managed network services, which are utilized as a communication network. Because the service is managed by a third party, the network’s dangers and complications are removed because the third party is now in charge of it.
Managed network service providers allow the outsourcing of infrastructure, support, and technical maintenance as well as routers, switches, servers, software, firewall, and more. This feature bodes well for the market.
With increasing advancements in various industry verticals, multiple organizations have become dependent on technologies like Augmented and Virtual Reality, AI, IoT, Automation, and robotics. This in turn compounds the importance of network services, network uptime, and security. All these factors positively influence the market growth of managed network services.
Key Takeaways:
- Lack of IT budget, the rise of SMEs, and an increase in cybercrimes will propel market growth.
- New, innovative start-ups are estimated to dominate the managed network services market for the forecast period.
- In 2021, South Korea and Cisco announced a collaboration in Cisco’s Country Digital Acceleration (CDA) program to accelerate digitization.
- North America dominates the market with a share of 32.1%.
- Europe presents significant growth potential with a market share of 21.7%.
Competitive Landscape
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, among others are some of the leaders in the managed network services market that are profiled in the full version of the report.
In the competitive market, the leading players in the managed network service market are focused on building an extensive share of the market by employing strategic methods and plans.
More Insights into the Managed Network Services Market Report
In its latest report, FMI offers an unbiased analysis of the global managed network services market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market prospect, growth, and range, the market is segmented based on service, end user, and region.
Managed Network Services Market Regional Analysis
The North American managed network services market is projected to exhibit a substantial growth rate during the assessment period. FMI study report reveals that the region accounts for 32.1% of the global market share of the managed network services market. North America is expected to continue this growth spurt over the forecast period.
Asia Pacific is anticipated to present the highest CAGR during the forecast period. Major economies like China, Japan, and India will register high growth rates in the region. Owing to the high population, developing economies, and increasing use of mobile and the internet, the region has witnessed an extensive consumer base for managed network services market. With the growing adoption of smart devices and the internet, it has become necessary for the population to have access to a reliable and secure connection. This drives the market growth in the region.
The managed network services market in Europe will account for a 21.7% market share during the assessment period. Germany is predicted to lead the market growth of the region. Increased cloud computing technologies boost the market expansion for managed network services in Europe.
Managed Network Services Market: Market Segmentation
Based on service:
- Managed WAN
- MPaLS
- ILL
- Other Related Services
- Managed LAN
- Virtual Network Services
- Network Security
- NLD/ILD
- Others
Based on End Use Industry:
- Banking and Financial Services
- Manufacturing
- Communication, Media and Services
- Retail and Wholesale
- Healthcare
- Utilities
- Construction
- Education
- Government
- Agriculture
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