Dublin, April 24, 2024 (GLOBE NEWSWIRE) -- The "Managed MPLS Market Report by Service (Level 3 VPN, Level 2 VPN), End User (IT and Telecommunication, Healthcare, BFSI, Retail, Manufacturing, Government, and Others), and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global managed MPLS market reached US$ 64.6 Billion in 2023. Looking forward, the market is projected to reach US$ 107.3 Billion by 2032, exhibiting a growth rate (CAGR) of 5.8% during 2023-2032.
Significant growth in the information technology (IT) and telecommunication industry across the globe is creating a positive outlook for the market. In line with this, the increasing smartphone penetration and the growing number of internet-enabled devices are favoring the market growth. Managed MPLS directs data from one network node to the next using labels instead of long network IP addresses, avoiding complex lookups in a routing table.
Additionally, the rising need for secure communications across diverse business units and good data management has increased the usage of MPLS networks, which is acting as another growth-inducing factor. Apart from this, the widespread adoption of MPLS to boost data security on cloud storage, owing to the transition from conventional workplace methods to work-from-home scenarios during the COVID-19 pandemic, is providing an impetus to the market growth.
Moreover, the growing demand for high-quality service for video conferencing and voice-over-internet protocol (VoIP) is positively influencing the market growth. Besides this, increasing data breaches and attacks in the BFSI industry, extensive research and development (R&D) activities, and the increasing need for secure connectivity and effective means of data management among businesses are anticipated to drive the market growth.
Market Segmentation
The report provides an analysis of the key trends in each sub-segment of the global managed MPLS market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on service, end-user, and region.
Breakup by Service:
- Level 3 VPN
- Level 2 VPN
Breakup by End-user:
- IT and Telecommunication
- Healthcare
- BFSI
- Retail
- Manufacturing
- Government
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
- AT&T Inc.
- BT Global Services Limited (BT Group plc)
- Cisco Systems Inc.
- Lumen Technologies Inc.
- Nippon Telegraph and Telephone Corporation
- Orange SA
- Syringa Networks LLC
- T-Mobile US Inc. (Deutsche Telekom AG)
- Verizon Communications Inc.
- Vodafone Group PLC
Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
1. What was the size of the global managed MPLS market in 2023?
2. What is the expected growth rate of the global managed MPLS market during 2024-2032?
3. What are the key factors driving the global managed MPLS market?
4. What has been the impact of COVID-19 on the global managed MPLS market?
5. What is the breakup of the global managed MPLS market based on the service?
6. What is the breakup of the global managed MPLS market based on the end user?
7. What are the key regions in the global managed MPLS market?
8. Who are the key players/companies in the global managed MPLS market?
Key Attributes
| Report Attribute | Details |
| No. of Pages | 141 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (US$) in 2023 | 64.6 Billion |
| Forecasted Market Value (US$) by 2032 | 107.3 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/su3t5i
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