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Press release content from Business Wire. The AP news staff was not involved in its creation.

The Worldwide Managed Network Services Industry is Expected to Reach $82.3 Billion by 2026 - ResearchAndMarkets.com

October 12, 2021 GMT

DUBLIN--(BUSINESS WIRE)--Oct 12, 2021--

The “Global Managed Network Services Market by Type (Managed LAN, Managed Wi-Fi, Managed WAN, Managed Network Security, Managed VPN, Network Monitoring), Organization Size (Large Enterprises and SMEs), Deployment Mode, Vertical, and Region - Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global Managed Network Services Market size to grow from USD 57.4 Billion in 2021 to USD 82.3 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period.

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The managed network security to record a higher growth rate during the forecast period

In the managed network services market by type, the managed network security is expected to record a higher growth rate during the forecast period. The threats to systems and data impede business innovation, limit productivity, and damage compliance efforts. Managed network security services protect enterprise perimeters from all manner of security threats.

MSPs employ strong security controls and safeguards to protect enterprise network services and customer information from external exploits, and continuously verify technologies and security operational processes through internal and external compliance audits.

Large Enterprises are expected to hold a larger market share during the forecast period

By Organisation size, large enterprises are expected to hold the largest market size. The major reason for large enterprises to adopt managed network services is consistent and reliable services with a global reach and operational cost reductions.

Large enterprises these days realize outsourcing some of the network operations is beneficial; hence, adopt managed network services. These enterprises work under tremendous pressure and time constraints to uphold their position in the market and maintain their customer base.

Cloud Deployment is expected to have a higher growth rate during the forecast period

By Deployment Mode, cloud is expected to have a higher growth rate. Cloud-managed network service providers manage an enterprise’s technology infrastructure or end-user systems.

Services are provided using the subscription model. MSPs monitor and manage servers and other hardware, software, and applications. They offer helpdesk services and storage and backup of data and software. MSPs upload and configure the system components to ensure customers are fully operational with updated hardware and software.

BFSI segment is expected to have a larger market size during the forecast period

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By Verticals, BFSI segment is expected to hold the larger market size during the forecast period. BFSI offers tremendous opportunities for the growth of the managed network services market, as the vertical faces a significant need for improved connectivity and internet access to carry out financial transactions with ease and better security.

Financial institutions and insurance firms handle crucial commercial data, such as transaction passwords, account numbers, and credit/debit card details, which need the utmost security.

APAC to have a higher growth rate during the forecast period

By region, APAC to grow at the highest CAGR during the forecast period. The enormous population in the region has led to an extensive pool of subscriber base for companies.

The vast and diverse geographies and the wide adoption of smart devices and internet mandate the need for reliable and secure internet connectivity, driving the market for managed network services.

The number of internet users in this region has grown by a great extent; hence, several companies in the region have started deploying advanced communications solutions to cater to the rising communication demand for high-speed data and superior voice quality.

Market Dynamics

Drivers

  • Need to unburden the It staff
  • New connectivity demands increase complications in the It environment
  • Saving capital expenditure and operational expenditure by adopting managed network services
  • Increasing trend of digital transformation across the globe
  • Rise in demand for secure It infrastructure during the COVID-19 pandemic

Restraints

  • Concerns over data privacy and security
  • Increase in regulations and compliances

Opportunities

  • Exponential growth in the global Ip traffic and cloud traffic
  • Opportunity to provide value-added services above and beyond core network infrastructure and become true business partners
  • Increasing demand for managed network services among small and medium-sized enterprises

Challenges

  • Monitoring complex, multi-technology physical and virtual networks across customer networks
  • Managed network service providers struggling with marketing and sales efforts

Companies Mentioned

  • Aryaka Networks
  • AT&T
  • BT Group
  • Bigleaf Networks
  • Brennan IT
  • Cisco
  • Colt Technology Services
  • Comarch
  • Commscope
  • DXC Technology
  • Ericsson
  • Flexiwan
  • Fujitsu
  • GTT Communications
  • Global Cloud Xchange
  • Huawei
  • IBM
  • Lumen
  • Masergy
  • NTT
  • Oman Data Park
  • Optanix
  • Orange Business Services
  • Scloudx
  • Servsys
  • Sify
  • Singapore Telecommunications Limited
  • T-Systems
  • Telefonica
  • Telstra
  • Verizon
  • Vodafone
  • Wipro

For more information about this report visit https://www.researchandmarkets.com/r/aavxor

View source version on businesswire.com:https://www.businesswire.com/news/home/20211012005964/en/

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KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY NETWORKS SECURITY

SOURCE: Research and Markets

Copyright Business Wire 2021.

PUB: 10/12/2021 12:28 PM/DISC: 10/12/2021 12:28 PM

http://www.businesswire.com/news/home/20211012005964/en