Managed Network Services Market to Expand at a CAGR of 10% by 2030 to Value USD 134.7 Billion – Report by MRFR
Research Reports
Aug 23, 2023
According to a Comprehensive Research Report by Market Research Future (MRFR), The size of the global managed network services market is anticipated to grow significantly over the course of the forecast period, with a CAGR of over 10%, and is anticipated to reach USD 134.7 billion in market value by 2030.
Business organisations hire managed service providers (MSPs) to administer, monitor, and support their networking applications, operations, and services remotely. Managed network services include all types of network access and transport services, from traditional leased WAN and LAN lines to cutting-edge software-defined WAN (SD-WAN) connections and virtual network services. In addition to network access and transport, managed services including virtual private networks (VPNs), unified messaging, network administration, and WAN optimisation are also available.
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Some of the key players in the market are
- Cisco Systems Inc. (US),
- Tata Communications In. (India),
- AT&T Inc. (US),
- Telefonaktiebolaget LM Ericsson (Sweden),
- BT Group PLC (UK),
- Verizon Communications Inc. (US),
- IBM Corporation (US),
- Hughes Network Systems LLC (US),
- T-Systems International GmbH (Germany),
- Telefonica SA (Spain),
- NTT Limited (Japan),
- Sify Technologies Limited (Indian),
- DXC Technology Company (US),
- Wipro Limited (India),
- Fujitsu (Japan),
- HCL Technologies Limited (India)
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MSPs often offer managed enterprise network services in their own data centres and facilities, where they can also host virtual network operations. MSPs range in size from tiny specialised service providers to enormous traditional national and international telecommunications operators. Service-level agreements (SLAs), which are legal agreements that specify the performance and quality standards under which the managed service will be provided, are typically given to clients by MSPs.
Businesses need managed service providers because they lower risk. Managed services enable ongoing network monitoring as opposed to outsourcing IT only when a problem arises. A managed service provider also takes care of all updating and upkeep duties. This gives managers more time to concentrate on their businesses rather than the organization’s IT.
A potential managed service provider should also evaluate the current and future needs for IT. The business makes suggestions for the kinds of products and services a business should use in the upcoming calendar year.
The growing desire to reduce capital and operating costs, rising trends in digital transformation, and software-based network upgrades for businesses are the primary factors driving the growth of the managed network services market. Additionally, there are abundant potential for market expansion due to the rising demand for managed network service providers among SMEs, the expansion of IP and cloud traffic, and the capacity of managed service providers to address complicated SD-WAN-related problems.
The market for managed network services could experience a slowdown in growth during the projected period as a result of rising worries about data security and privacy as well as more stringent compliance and regulatory requirements in various industries.
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Segmentation
Based on the kind of services, organisation size, deployment, vertical, and geography, the managed network services market has been divided into submarkets.
The managed network services market has been divided into managed LAN/ WPN networks, managed wi-fi, managed VPN/ IP, managed WAN, managed network security, managed network monitoring, and other services based on the service type.
Small and medium-sized businesses (SMEs) and large businesses make up the two market segments for managed network services based on the size of the organisation.
The market has been divided into on-premises and on-cloud deployment modes. The managed network services market has been broken down into the following verticals: bfsi, IT & telecommunications, retail & e-commerce, manufacturing, government, healthcare, and others.
Regional Insights
North America, Europe, the Asia-Pacific, the Middle East and Africa, and South America are the geographical areas included by the study.
North America, Europe, Asia-Pacific, the Middle East & Africa, and South America have all been the subject of regional analyses for the global market for managed network services. The market in North America held the greatest market share in 2020, and it is anticipated to develop rapidly over the next five years. In the North American region, a number of significant market companies operate, offering cutting-edge solutions to all of the region’s industry verticals.
The market adoption of managed network services is being facilitated by strategic investments, collaborations, extensive R&D operations, and regional presence.
Due to the rising number of managed network services companies, the global market for managed network services has shown considerable expansion during the anticipated period. In the managed network services industry, a number of local, regional, and international competitors are actively vying for a sizeable piece of the overall market.
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