Chicago, March 12, 2024 (GLOBE NEWSWIRE) -- The global Managed Network Services Market size is projected to grow from USD 65.7 billion in 2023 to USD 89.9 billion by 2028 at a CAGR of 6.5% during the forecast period., according to a new report by MarketsandMarkets™. A trend toward outsourced network management is emerging within a dynamic market populated by diverse players. Businesses increasingly recognize the value of outsourcing network management to secure greater operational efficiency, optimized resource utilization, and reduced costs. Partnering with MSPs alleviates internal resource constraints, allowing organizations to stay at the forefront of technology while focusing on core competencies. Managed network services unlock global reach for organizations even without dedicated internal resources, eliminating the burden of network infrastructure setup, monitoring, and maintenance and liberating them to pursue their core business objectives. This service model emerges as a compelling alternative to the costly, time-consuming, and resource-intensive in-house approach, particularly for SMEs where cost plays a crucial role. Managed network services eliminate the complexities of network management and installation, offering a strategic pathway to agility, cost-effectiveness, and freedom for businesses.
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Managed Network Services Market Dynamics:
Drivers:
- Digitalization demands agile networks for superior customer experiences.
- Managed Network Service (MNS) providers emerge as strategic partners, bridging skill gaps and enabling market access.
- Advancements in cloud tech, widespread mobile device use, and growing tech adoption contribute to MNS growth.
Restraints:
- Outsourcing hesitations due to concerns over exposing critical business details.
- Security is a top concern for enterprises selecting managed network services.
- Concerns arise as vendors have control over data storage, raising access worries.
Opportunities:
- Managed network providers must surpass mere infrastructure provision.
- Enterprises expect providers to actively drive digital solutions.
- Providers can offer services beyond core infrastructure in the evolving landscape.
List of Key Players in Managed Network Services Market:
- IBM (US)
- Cisco (US)
- Ericsson (Sweden)
- Verizon (US)
- Huawei (China)
- AT&T (US)
- BT Group (UK)
- Telefonica (Spain)
- T-Systems (Germany)
- NTT (Japan)
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Managed WAN is expected to hold the largest market in the Managed Network Services market during the forecast period.
Among types, the Managed WAN is expected to hold the larger market size with managed network services in 2028. Enterprises rely on WAN networks to connect their branch offices, ensure uninterrupted connectivity to remote locations, and invest heavily in the WAN infrastructure, bearing the resulting maintenance costs. The traditional WAN needs to catch up with the pace of business today. Hence, enterprises look for a solution that has the flexibility of the internet, the stability and quality of MPLS, and WAN optimization.
By vertical, BFSI is estimated to hold the largest market share in 2023
By verticals, the BFSI sector is expected to hold the largest market share. 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. The vertical is highly regulated with a large number of compliances and regulations. To cope with the changing regulations, BFSI institutions must evolve regarding technology adoption to meet the regulatory needs.
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Based on region, North America holds the largest market size in the Managed Network Services market during the forecast period.
North America boasts a thriving MNS market driven by its strong technology adoption and societal digitization. As enterprises in the region navigate rapid IT infrastructure shifts towards cloud and virtualization, the pressure on network management intensifies. Consequently, they seek cost-effective solutions through outsourcing, leveraging MNS providers for high-standard management and operation. Notably, North America is home to leading MNS players like Cisco, IBM, Verizon, and AT&T, further solidifying its position in this critical market.
Key players in the Managed Network Services market are 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. These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. These players can focus on developing innovative Managed Network Services market technologies and offerings owing to the emergence of new application areas for Managed Network Services markets. These companies offer several product offerings and have operations worldwide. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach.
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