Managed Network Services Market Size Worth $101.54 Billion by 2030: The Brainy Insights
NEWARK, N.J., Feb. 22, 2022 /PRNewswire/ -- The Brainy Insights launched a study titled Managed Network Services Market Size by Type (Managed LAN, Managed WAN, Managed Wi-Fi, Managed VPN, Managed Network Security, Network Monitoring), Organization Size (SMEs and Large Enterprises), Deployment Mode, Vertical, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2030
The global managed network services market is expected to grow from USD 56.7 billion in 2020 to USD 101.54 billion by 2030, at a CAGR of 6.0% during the forecast period 2021-2030. The ever-increasing demand for digital transformation among businesses is expected to propel industry growth. To support their business initiatives and obtain a competitive advantage, businesses are rapidly adopting advanced network technologies. Managed network services have evolved into a critical component of a strong IT infrastructure. The market demand is being driven by enterprises' increasing emphasis on building a digital workplace with minimal network downtimes.
The global managed network services industry is likely to benefit from the growing trend of digital transformation.
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The managed network security segment is expected to grow at the fastest CAGR of around 7% over the forecast period.
The type segment is divided into managed LAN, managed WAN, managed Wi-Fi, managed VPN, managed network security, network monitoring. The managed network security segment is expected to grow at the fastest CAGR of around 7% over the forecast period. System and data threats reduce productivity, business innovation, and damage compliance efforts. Enterprise perimeters are protected by managed network security services from a variety of security risks. MSPs use robust security controls and protections to protect customer information and enterprise network services from external attacks, and they conduct external and internal compliance audits to ensure that security operational processes and technologies are up to date.
The large enterprises are anticipated to have a larger market share over the forecast period.
The organization size segment is SMEs and large enterprises. During the forecast period, large enterprises are anticipated to have a larger market share. Large enterprises use managed network services for a variety of reasons, including reliable and consistent services with a global reach and lower operational costs. Large enterprises are increasingly realizing the benefits of outsourcing some network operations and, as a result, are using managed network services. To maintain their market position and consumer base, many enterprises are under a lot of time constraints and pressure.
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The cloud segment is anticipated to grow at a faster CAGR of around 8% over the forecast period.
The deployment mode segment is divided into cloud and on-premises. The cloud segment is anticipated to grow at a faster CAGR of around 8% over the forecast period. Cloud-managed network service providers manage an organization's technology infrastructure. The subscription model is used to deliver services. Servers, software, other hardware, and applications are monitored and managed by MSPs. They aid in data and software backup and storage. MSPs upload and configure system components to ensure that customers' software and hardware are up to date and completely functional.
The banking and financial services are expected to have the largest market share over the forecast period.
The vertical segment is divided into retail & e-commerce, banking & financial services, and insurance, IT and telecom, government, manufacturing, healthcare, education, media & entertainment, and other verticals. Over the forecast period, banking and financial services are expected to have the largest market share. BFSI offers huge opportunities for the managed network services market to grow, as the vertical has a high demand for increased internet access and connectivity to conduct financial transactions with convenience and security. Insurance companies and financial institutions manage sensitive business information such as account numbers, transaction passwords, and debit/credit card information, all of which must be kept secure.
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Regional Segmentation Analysis:
The market is analyzed based on five regions namely North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Among all segments, APAC is expected to grow at the fastest rate over the forecast period. The vast population of the region has resulted in a large subscriber base for companies. The market for managed network services is being driven by the need for reliable and secure internet access across broad and diverse geographies, as well as the widespread adoption of smart devices and the internet. Because the number of internet users in this region has increased significantly, various organizations in the region have begun to build advanced communications solutions to meet the growing need for high-speed data and superior voice quality.
Competitive Analysis:
The major players of the market include Aryaka Networks, AT&T, Bigleaf, Brennan IT, BT Group, Cisco, CommScope, Colt Technology Services, Comarch, FlexiWAN, DXC Technology, Ericsson, Fujitsu, Lumen, Global Cloud Xchange, GTT Communications, Huawei, IBM, Masergy, NTT, Oman Data Park, SCloudX, Optanix, Orange, Servsys, Sify, Singtel, Telefonica, Telstra, Wipro, T-Systems, Verizon and Vodafone among others.
The Brainy Insights has segmented the global managed network services market on the basis of type, organization size, deployment mode, and vertical:
Global Managed Network Services Market by Type:
- Managed LAN
- Managed WAN
- Managed Wi-Fi
- Managed VPN
- Managed Network Security
- Network Monitoring
Global Managed Network Services Market by Organization Size:
- SMEs
- Large Enterprises
Global Managed Network Services Market by Deployment Mode:
- Cloud
- On-premises
Global Managed Network Services Market by Vertical:
- Retail and Ecommerce
- Banking, Financial Services, and Insurance
- IT and Telecom
- Government
- Manufacturing
- Healthcare
- Education
- Media & Entertainment
- Other Verticals
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