Selbyville, Delaware, March 10, 2021 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on the managed network service market which estimates the market valuation for managed network service will cross US$ 95 billion by 2027. The need to lower Capital (CAPEX) and Operating Expenditure (OPEX) followed by an increasing trend of digital transformation is expected to drive the industry growth.
The growing demand for managed network services is primarily driven by the increasing need across enterprises to improve network management capabilities and optimize application performance. Majority of the enterprises across the globe are focusing on gaining a competitive edge over other market players through an upgraded network infrastructure. Managed network services provide enhanced security from inappropriate web content, improve voice quality & call routing, and offer better network management from built-in Quality of Service (QoS).
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The managed VPN service segment is anticipated to grow at a CAGR of around 10% from 2021 to 2027. Managed VPN services assist in the designing, configuration, and management of a firewall followed by a secure encrypted tunnel for data transmission over the Internet. Large & mid-sized enterprises are deploying VPN services across their business operations for fast, scalable, and resilient networks. Reliable features, such as data confidentiality, authentication, and integrity, are enabling the demand for managed VPN services from enterprises. With the emergence & transition toward remote access and high enterprise mobility, managed VPN services are increasingly gaining traction in the global market.
The large enterprise segment is expected to hold a major share by 2027. Growth is attributed to the consistency & reliability offered by managed network services. It helps companies to ensure low operational costs and global network reach. Large enterprises have a presence across diverse geographic locations and invest heavily in the latest technologies to increase their overall business productivity & efficiency. These factors are expected to drive the demand for managed network services across large enterprises in the market.
The IT & telecom segment is projected to witness exponential growth over the forecast period. The growing number of smartphones and increasing internet penetration have placed immense pressure on the current telecom network. Network operators are focused on upgrading their network infrastructure and providing enough bandwidth to remove network congestion. The increasing demand for cloud-based services and the roll-out of 5G network services across countries are expected to enable the demand for managed services across the industry.
North America is estimated to grow significantly in the global managed network services market at a CAGR of 5% over the forecast period. Growth is attributed to the increasing demand for high-speed networks and growing competition among key players in the networking industry to provide a better customer experience. The rising adoption of cloud networking is an important factor behind the growth of managed network services. The widespread presence of prominent service providers, followed by technology developments is fueling the regional market growth.
Market players operating across various geographies are focusing on the development of innovative solutions to amplify their customer base. For instance, in October 2020, Lightstream Managed Services, LLC unveiled an advanced portfolio of managed services consisting of multiple security modules. The launch provides security to endpoints, edge, and cloud infrastructure. This initiative helped the company to expand its service portfolio and serve diverse corporate customers.
Some major findings of the managed network service market report include:
- Transformation of voice and data networks to a converged IP platform is expected to contribute to the market growth.
- North America is expected to hold a major market share due to the rising adoption of managed services and widespread presence of MSPs.
- Major players operating in the managed network service market are Verizon, Inc., Tata Communications Ltd., Cisco Systems, Inc., Orange SA, and BT Group Plc.
- Companies operating in the market are focusing on integrated service development and strategic collaborations with other market leaders to enhance their market position.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Managed network services industry 360º synopsis, 2016 – 2027
2.2 Business trends
2.3 Regional trends
2.4 Type trends
2.5 Organization size trends
2.6 Application trends
Chapter 3 Managed Network Services Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.3.1 Global outlook
3.3.2 By region
3.3.2.1 North America
3.3.2.2 Europe
3.3.2.3 Asia Pacific
3.3.2.4 Latin America
3.3.2.5 Middle East & Africa
3.3.3 Industry value chain
3.3.3.1 Suppliers
3.3.3.2 Managed network services technology providers
3.3.3.3 Marketing & distribution channels
3.3.4 Competitive landscape
3.3.4.1 Strategy
3.3.4.2 Distribution network
3.3.4.3 Business growth
3.4 Managed network services industry ecosystem analysis
3.4.1 Managed service providers
3.4.2 Cloud service providers
3.4.3 System integrators
3.4.4 Third party service providers
3.4.5 Vendor matrix
3.5 Technology & innovation landscape
3.5.1 Network virtualization
3.5.2 AI & machine learning
3.5.3 Commercialization of 5G
3.5.4 Network-layer wireless routing
3.5.5 Cloud managed WLAN services
3.6 Regulatory landscape
3.6.1. 802 11ac standards
3.6.2 Control and Provisioning of Wireless Access Points (CAPWAP)
3.6.3 General Data Protection Regulation (GDPR)
3.6.4 3GPP Release 13
3.6.5 Sarbanes-Oxley Act of 2002
3.6.6 WLAN Authentication and Privacy Infrastructure (WAPI)
3.6.7 Secure India National Digital Communications Policy 2018-Draft 66
3.6.8 Personal Data Protection Bill, 2019 66
3.6.9 Recommendations on Cloud Services by the Telecom, Regulatory Authority of India (TRAI)
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Growing demand to reduce administration and maintenance costs
3.7.1.2 Lack of IT resources and in house expertise
3.7.1.3 Growing government spending on ICT sector
3.7.1.4 Demand for continuous coverage for enterprise networks
3.7.1.5 Rising demand for digital transformation across the enterprises
3.7.2 Industry pitfalls & challenges
3.7.2.1 Slow adoption of outsourced managed services
3.7.2.2 Data privacy and security concerns
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.