USD 266.8 billion
Report ID: SQMIG45H2035 | Region: Global | Published Date: May, 2023 | Pages: 157 | Tables: 62 | Figures: 75
Global Managed Network Services Market size was valued at USD 266.8 billion in 2021 and is poised to grow from USD 267.4 billion in 2022 to USD 656.90 billion by 2030, growing at a CAGR of 13.7% during the forecast period (2023-2030).
The global market for Managed Network Services is experiencing significant growth due to its ability to reduce downtime and redundancy while providing tailored value-added services like application testing, service catalogue building, and expert consultancy. This market expansion is supported by the utilization of multiple monitoring tools and the management of various infrastructure layers by specialized teams. An example is the recent launch of BMC's "BMC Helix ITSM" in April 2021, a centralized system that integrates observability, AIOps, and cloud-native capabilities. This system offers complete visibility into IT infrastructure, application performance, network performance, and cloud monitoring tools, accompanied by personalized dashboards for individual users and teams. Managed network services involve outsourcing management functions to third-party providers, enabling businesses to enhance operational efficiency and reduce operating expenses. The growing preference for outsourcing management functions to cloud service providers and Managed Network Service providers is driving market growth. Additionally, organizations are leveraging advanced technologies such as machine learning and augmented reality, along with their existing IT infrastructure, to facilitate digital transformation and meet various business requirements. Managed Network Services offer cost-effective functionalities without compromising quality, ensuring reliable and consistent service delivery for different business processes. With the rise in cyber threats, organizations are incorporating managed security services (MSSs) into their business models. To address this, Managed Network Service Providers (MSPs) are developing advanced offerings capable of detecting and mitigating cyber risks. For example, IBM introduced the IBM Center for Government Cybersecurity in June 2021, specifically designed to cater to the cybersecurity needs of federal agencies. Despite the market's growth prospects, challenges such as limited knowledge and experience in integrating new technologies and implementing Managed Network Services could hinder its expansion. Concerns regarding the effectiveness of Managed Network Service models, data security, privacy protection, and the need for skilled resources are also expected to somewhat limit market growth.
Global Market Size
USD 266.8 billion
Managed WAN (Wide Area Network)
Managed WAN (Wide Area Network)
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Global Managed Network Services Market is segmented by type, End-User, and region. Based on type, the market can be segmented into Managed LAN (Local Area Network) and Managed WAN (Wide Area Network). Based on End-User, the market is segmented into IT and telecom and BFSI (banking, financial services, and insurance). Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Managed Network Services Market Analysis by Type
By type, the market can be segmented into Managed LAN (Local Area Network) and Managed WAN (Wide Area Network). The Managed WAN segment is currently the dominating segment in the global managed network services market. Wide Area Networks (WANs) play a crucial role in connecting geographically dispersed locations and facilitating efficient communication and data transfer across different sites. As businesses expand their operations globally, the demand for managed WAN services has significantly increased. Organizations rely on managed WAN services to ensure reliable connectivity, optimize bandwidth usage, and enhance network performance.
The Managed LAN segment is the fastest-growing segment in the global managed network services market. Local Area Networks (LANs) are essential for interconnecting devices within a specific geographic location such as an office building or a campus. With the proliferation of connected devices and the increasing demand for real-time collaboration and communication, organizations are seeking robust and reliable managed LAN services. Managed LAN services offer businesses the ability to design, implement, and manage their local networks efficiently.
Managed Network Services Market Analysis by End-User
By End-User, the market can be segmented into IT and telecom and BFSI (banking, financial services, and insurance). The IT and Telecom sector dominated the global managed network services market. The IT and Telecom industry heavily relies on robust and efficient network infrastructure to deliver their services and ensure seamless connectivity. Managed network services play a vital role in this sector by providing network design, implementation, monitoring, and security solutions. With the growing demand for digital transformation, cloud computing, and mobile technologies, the IT and Telecom industry requires advanced managed network services to meet the evolving connectivity needs.
The BFSI sector is the fastest-growing segment in the global managed network services market. Banking, financial services, and insurance institutions require secure, highly available, and efficient network infrastructure to support their operations. Managed network services cater to the unique needs of this sector by offering robust network security, seamless connectivity, and compliance with regulatory requirements. With the increasing digitization of financial transactions, the need for managed network services in BFSI is on the rise.
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North America dominated the global Managed Network Services market. The region's dominance can be attributed to the presence of a robust technological infrastructure and a high adoption rate of advanced technologies among businesses. The United States, in particular, holds a significant share in the market due to the presence of major IT companies and a strong emphasis on digital transformation initiatives.
On the other hand, the Asia-Pacific (APAC) region is experiencing rapid growth in the Managed Network Services market. The region is witnessing significant advancements in technology infrastructure, particularly in emerging economies such as China and India. These countries have a large and expanding base of small and medium-sized enterprises (SMEs) that are increasingly relying on Managed Network Services to streamline their operations.
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Managed Network Services Market Drivers
Increasing preference for outsourcing management functions to specialized service providers
Managed Network Services Market Restraints
Lack of knowledge and experience in integrating new technologies
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Global Managed Network Services market is characterized by a diverse range of players offering comprehensive Managed Network Services solutions. These companies focus on providing customized value-added services, such as application testing, expert consultancy, and service catalog building. To gain a competitive edge, market players emphasize technological advancements and innovation in their service offerings. They also invest in research and development activities to enhance their capabilities and expand their service portfolios. Furthermore, strategic partnerships, collaborations, and mergers and acquisitions are common strategies employed by companies to strengthen their market position and meet the evolving demands of customers.
Managed Network Services Market Top Player’s Company Profiles
Managed Network Services Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Managed Network Services market analysis, the market is witnessing significant growth due to the benefits it offers, such as reduced downtime, customized value-added services, and improved operational efficiency. North America dominated the market with its mature technological infrastructure, while the Asia-Pacific region is experiencing rapid growth fueled by the adoption of cloud-based technologies and digital transformation initiatives. Outsourcing management functions to specialized service providers is a key driver, enabling businesses to focus on core competencies while leveraging expertise and advanced technologies. However, the lack of knowledge and experience in integrating new technologies and implementing Managed Network Services poses a restraint. The competitive landscape comprises a diverse range of players emphasizing technological advancements, innovation, and strategic partnerships. Additionally, the adoption of cloud-based Managed Network Services emerges as a prominent trend, offering flexibility, scalability, and cost efficiency.
|Market size value in 2021||USD 266.8 billion|
|Market size value in 2030||USD 267.4 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global Managed Network Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Managed Network Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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