Managed Network Services Market worth $89.9 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 26, 2024 /PRNewswire/ -- The cloud and edge computing will be rapidly adopted, security and compliance will be given more attention, and automation and artificial intelligence (AI) technologies will be integrated into managed network services. Suppliers will guarantee effective, flexible, and safe networking solutions that assist digital transformation projects by emphasising user experience, providing managed SD-WAN services, and utilising predictive analytics.

The Managed Network Services Market is expected to reach USD 89.9 billion by 2028 from USD 65.7 billion in 2023, at a CAGR of 6.5 % during 2023–2028, according to a new report by MarketsandMarkets™. 

Browse in-depth TOC on "Managed Network Services Market"

300 - Tables
50 - Figures
290 - Pages

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Scope of the Report

The diverse and competitive landscape of managed network services empowers businesses through enhanced efficiency. By outsourcing network management, organizations unlock optimized resource utilization and reduced expenses. Leveraging Managed Service Providers (MSPs) alleviates the burden of keeping pace with technology, allowing internal resources to focus on core competencies. Managed networks further provide global reach even for resource-constrained organizations, eliminating the complexities of building, monitoring, and maintaining internal infrastructure. This frees them to concentrate on their core business objectives. Compared to the costly and time-consuming in-house approach, particularly challenging for SMEs where cost is paramount, managed services offer a compelling alternative. They eliminate installation and management complexities, paving the way for increased agility, cost-effectiveness, and freedom for businesses of all sizes.

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By type, managed network security is expected to register the fastest growth rate during the forecast period.

The segment dedicated to managed network security is poised for the most significant growth within the Managed Network Services Market. This surge is driven by the ever-present threat landscape that compromises systems, hinders productivity, and disrupts compliance efforts. By partnering with Managed Security Providers (MSPs), businesses safeguard their perimeters against diverse security threats. These providers implement robust controls and protections to defend network services and customer data from external exploits, continually validating technologies and procedures through internal and external audits. This comprehensive approach empowers businesses to confidently pursue innovation and growth, unburdened by the complexities of modern cybersecurity challenges.

By vertical, Healthcare is expected to register the fastest growth rate in the Managed Network Service market during the forecast period.

The healthcare vertical within the Managed Network Services Market anticipates accelerated growth driven by its significant technology investments. Cloud, mobility, and IoT adoption seek to enhance care quality, minimize costs, and maintain regulatory compliance and market competitiveness. Yet, healthcare institutions face immense pressure from competing resource demands, including regulations, budget constraints, staffing/skill gaps, compliance burdens, and cybersecurity threats. Managed network services offer a solution, empowering healthcare providers to effortlessly manage HIPAA-compliant networks, securely deploy and maintain mobile health applications, and seamlessly grant internet access to patients and visitors. This tailored approach enables healthcare institutions to navigate complex IT challenges while focusing on their core mission of delivering quality patient care.

Based on region, Asia Pacific is projected to register the fastest growth rate during the forecast period.

The Asia Pacific region is compelling in the MNS market and is poised for significant growth over the forecast period. Key drivers include high-growth populations, burgeoning economies, and widespread adoption of mobile and internet technologies. This dynamic demography translates to a vast subscriber base for companies, further amplified by diverse geographies and the booming use of smart devices. To accommodate this surge, reliable and secure internet connectivity becomes paramount, propelling the demand for MNS. Notably, managed network security services reign supreme within the region, driven by the prevalence of cyberattacks and emerging infrastructure vulnerable to breaches. This underscores the critical role MNS plays in empowering businesses to navigate the complexities of connectivity and security in the fast-paced Asia Pacific market.

Top Key Companies in Managed Network Services Market:

The report profiles key players such as IBM (US), Cisco (US), Ericsson (Sweden), Verizon (US), Huawei (China), AT&T (US), BT Group (UK), Telefonica (Spain), T-Systems (Germany), NTT (Japan), Orange (France), Vodafone (UK), Fujitsu (Japan), Lumen (US), Masergy (US), Colt Technology Services (UK), Telstra (Australia), CommScope (US) etc.

Recent Developments:

• In May 2023, NTT announced the Next Generation Platform for Managed Network Services. The platform provides customers a direct pathway towards network transformation, underpinned by NTT's managed services experience, expertise, and expansive technical resources.
• In Feb 2023, Huawei launched the digitally managed network solution to boost new growth for carriers' B2B services.
• In June 2021, with Cisco, AT&T Business introduced Webex Calling with AT&T – Enterprise to Cisco's Unified Communications Manager – Cloud (UCMC), helping businesses optimize operations and accelerate digital transformation in any environment.
• In May 2021, Cisco Webex, one of the leading providers of cloud-based collaboration solutions, and Box, one of the leading Content Clouds, announced new and deepened integrations between the two technology platforms to make it easier for customers to work securely and effectively in the cloud.

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Managed Network Services Market Advantages:

• Lower network management operating and capital expenses because MSPs provide predictable pricing structures, scale economies, and proactive maintenance that reduces infrastructure investments and downtime.
• Organisations may scale resources up or down as needed without having to make significant infrastructure investments thanks to managed network services, which offer scalability and flexibility to respond to changing business needs and evolving network requirements.
• Protecting against cyber risks and adhering to regulatory standards, managed service providers provide strong security features such firewalls, intrusion detection/prevention systems, encryption, and frequent security updates.
• MSPs provide proactive network performance management and monitoring, spotting and fixing problems before they affect operations and guaranteeing high network infrastructure availability, dependability, and performance.
• With specialised teams monitoring, debugging, and fixing network problems, managed network services offer round-the-clock support and maintenance, guaranteeing uninterrupted operation and reducing downtime.
• While MSPs take care of routine network operations, maintenance, and optimisation, organisations may concentrate on key business activities and strategic initiatives by outsourcing network management.

Report Objectives

• To determine and forecast the global Managed Network Services Market based on type, vertical, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
• To forecast the size of the market segments concerning five central regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Managed Network Services Market.
• Analyze each submarket concerning individual growth trends, prospects, and contributions to the overall Managed Network Services Market.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Managed Network Services Market.
• To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscape.
• Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.

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