Network Engineering Services Market worth $76.3 billion by 2027, growing at a CAGR of 9.4%: Report by MarketsandMarkets

Chicago, July 18, 2023 (GLOBE NEWSWIRE) -- The global Network Engineering Services Market size is expected to grow from USD 48.7 billion in 2022 to USD 76.3 billion in 2027, at a Compound Annual Growth Rate (CAGR) of 9.4% during the forecast period, according to a new report by MarketsandMarkets™. New technology trends like software-defined networking (SDN), Ultra-Low latency and network functions virtualization (NFV) are changing how networks are deployed and managed. The current business ecosystem has increased the demand for digital transformation, access from anywhere, and secure access, with enterprises and SMEs needing more networking, cloud, and ICT service assistance. Innovations in networking, 5G, semiconductor technology, cloud, IoT, and flexibility in protocol customization create opportunities for people and businesses that are never seen before. Network services are required to accommodate high speed, seamless access from anywhere, and a data exchange experience that can cater to consistent traffic upsurge. The growing demand for upgrades to smart technology for networks, cloud inclusion, threats, budgetary constraints, remote access, and the need for skilled network engineers are expected to grow, driving the demand for network engineering services.

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241 - Pages

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Network engineering service is a suite of services including assessment, planning, and deployment of network models. The services consist of design and implementation of the user network, interface networking including wired, wireless, wide area networking, remote access Virtual Private Network (VPN), Remote Desktop Protocol (RDP), network authentication, firewalls, and traffic management for all types of infrastructure and network components in the ecosystem. Network engineering is responsible for providing technology assessment, design, and engineering services in support of the activities of IT operations groups. In addition, network engineering provides consulting for networking technologies and solutions, and helps enterprises improve their network efficiency.

North America is expected to be the largest revenue contributor to the network engineering services market globally, as the region is an early adopter of network solutions and has advanced IT infrastructure. As global and emerging technology trends continue to drive the network to evolve at an accelerated pace, enterprises are accelerating their modernization, deploying new applications, expanding into public or multi-cloud architecture, and adopting new infrastructures to achieve goals like network flexibility, agility, and security.

The market for network engineering services is made up of companies that sell these services, which include designing, developing, and maintaining computer networks that offer wireless, data, voice, and video network services internally. Network engineering service providers collaborate with consultants, telecom firms, businesses, ISPs, and others to conceive, organize, and carry networking demands. Almost all industries require networking services either for internal consumption or for their products and services. High-definition live streaming, AI applications will benefit greatly from fiber speeds and ultra-low latency. As fiber networks, cloud technology and IoT devices become the standard, the quantity and sophistication of these applications are anticipated to skyrocket. All these businesses depend on network engineering service providers, thus contributing to high demand in the market.

Top Trends in Global Network Engineering Services Market

• Due to their numerous benefits over conventional on-premises solutions, including scalability, flexibility, and cost effectiveness, cloud-based services are growing in popularity. As a result of this development, businesses are increasingly in need of network engineering services to make sure their networks can accommodate cloud-based applications and services.
• The Internet of Things (IoT) is a trend that is quickly expanding as more firms use IoT devices to gather and analyse data. Due to the necessity for businesses to ensure that their networks can accommodate the significant amount of data traffic created by IoT devices, this trend is increasing the demand for network engineering services.
• The next generation of cellular network technology, or 5G, is anticipated to have much reduced latency and far faster speeds than 4G. Network engineering services are in great demand as a result of this development since businesses need to make sure that their networks can accommodate the 5G standard's high bandwidth requirements.
• Businesses need security and compliance more and more as their reliance on networks grows. Due to the necessity for businesses to ensure that their networks are safe and consistent with industry standards, this trend is boosting the demand for network engineering services.
• A distributed computing paradigm called edge computing puts processing and storage capabilities closer to the customers. The demand for edge computing-focused network engineering services is being driven by this trend.
• A sort of outsourcing arrangement known as managed network services entails a third-party supplier managing the network infrastructure of a company. The trend of organisations hiring professionals to handle their network administration duties is anticipated to continue in the upcoming years.

Key Industry Development

• In contrast to conventional on-premises solutions, cloud-based network engineering services provide a number of benefits, including scalability, flexibility, and cost-effectiveness. As a result, they are growing in popularity. In the upcoming years, this trend is anticipated to persist as more companies use cloud-based solutions.
• Businesses need security and compliance more and more as their reliance on networks grows. The need for network engineering services with a focus on security and compliance is being driven by this trend.
• Network engineers are increasingly using AI and ML to automate processes, boost performance, and locate and fix issues. As AI and ML become more advanced, this tendency is anticipated to continue in the years to come.
• A distributed computing paradigm called edge computing puts processing and storage capabilities closer to the customers. The demand for edge computing-focused network engineering services is being driven by this trend.
• A sort of outsourcing arrangement known as managed network services entails a third-party supplier managing the network infrastructure of a company. The trend of organisations hiring professionals to handle their network administration duties is anticipated to continue in the upcoming years.

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