Managed Network Services Market Size, Share, Growth Analysis, By Type(Managed LAN (Local Area Network) and Managed WAN (Wide Area Network)), By End-User(IT and Telecom, and BFSI (Banking) - Industry Forecast 2024-2031

Managed Network Services Market size was valued at USD 267.4 billion in 2022 and is poised to grow from USD 304.03 billion in 2023 to USD 849.19 billion by 2031, growing at a CAGR of 13.7% in the forecast period (2024-2031).

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. 'IBM (US)', 'Cisco Systems (US)', 'Verizon Communications (US)', 'AT&T (US)', 'NTT Communications (Japan)', 'Orange Business Services (France)', 'BT Group (UK)', 'CenturyLink (US)', 'Deutsche Telekom (Germany)', 'Fujitsu (Japan)', 'Telefonica (Spain)', 'Tata Communications (India)', 'Cognizant (US)', 'Accenture (Ireland)', 'HCL Technologies (India)', 'Wipro (India)', 'Dimension Data (South Africa)', 'Huawei Technologies (China)', 'Fujitsu (Japan)', 'Infosys (India)'

One significant driver for the Managed Network Services market is the increasing preference for outsourcing management functions to specialized service providers. Businesses across various industries are recognizing the benefits of entrusting their network management to experts, allowing them to focus on core competencies while leveraging the expertise and advanced technologies offered by Managed Network Service providers. This driver is fueled by the need for improved operational efficiency, cost reduction, and access to a wide range of value-added services, contributing to the market's growth.

One key market trend in the Managed Network Services market is the increasing adoption of cloud-based Managed Network Services. Businesses are leveraging cloud technologies to enhance their network infrastructure, reduce costs, and improve scalability. Cloud-based Managed Network Services offer flexible and on-demand access to network resources, allowing companies to easily scale up or down as per their requirements. This trend is driven by the growing need for agility, cost efficiency, and the ability to quickly adapt to changing business needs, contributing to the overall growth of the market.

North America dominated the 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.