Major players in the managed network services market are International Business Machines Corporation, Cisco Systems Inc., Telefonaktiebolaget LM Ericsson, Verizon Communications Inc., Huawei Technologies Co Ltd., AT&T Inc., BT Group plc, T-Systems International GmbH, NTT DATA Corporation, Fujitsu Limited, Lumen Technologies Inc., Colt Technology Services Group Limited, Telstra Corporation Limited, Singtel Optus Pty Limited, GTT Communications Inc., Telefonica S.A, and Brennan IT.
The global managed network services market is expected to grow from $63.51 billion in 2022 to $70 billion in 2023 at a compound annual growth rate (CAGR) of 10.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The managed network service market is expected to grow to $102.27 billion in 2027 at a CAGR of 9.9%.
The managed network services market includes revenues earned by entities by support and maintenance services, managed network design services, managed network monitoring services, managed network implementation services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
A managed service provider (MSP) is a third-party organisation that administers a customer’s IT infrastructure, operations, and services remotely. These are used by firms that provide clients with access to teams of professionals in a wide variety of network-related capabilities.
North America was the largest region in the managed network services market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the managed network services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of managed network services are managed LAN, managed Wi-Fi, managed VPN, managed WAN, network monitoring and managed network security.Managed LAN refers to an industrialized service that provides full management of the LAN and WLAN infrastructure.
The organization size is small businesses, medium businesses and large enterprises. The deployment modes are on-premises and cloud and are used in banking, financial services, insurance, retail and e-commerce, IT and telecom, manufacturing, government, education, healthcare, media and entertainment and others.
Increasing adoption of mobile and internet is expected to propel the growth of the managed network services market going forward.The internet is a globally linked network system that allows for global communication and access to digital resources.
Managed network services is the monitoring and upkeep of a company’s information technology and is benificial for internet users or IT field consumers with controlled costs and also reduces risks. For instance, in January 2023, according to the Cyber crew, a UK-based non-profit organization that works in computers, mobile phones, and gaming, in 2020, approximately 87% of adults in the UK owned smartphones and it has the second-highest smartphone penetration rate in the world at 78.9%. Additionally, the percentage of mobile internet users was 72% in 2020. Therefore, the increasing adoption of mobile and the internet is driving the growth of managed network services.
Technological advancements are a key trend gaining popularity in the managed network services market.Major companies operating in the managed network services market are focused on developing new technological solutions to strengthen their position.
For instance, in February 2022, Fujitsu, a Japan-based company operating in managed network services, introduced a new software virtualized radio access network (vRAN) technology with support for 5G Standalone (SA).This includes AI and quantum-inspired Digital Annealer technologies for enhancing computing resources.
The developed vRAN technology would address the challenges of conventional vRANs, delivering high performance with low energy consumption and provide the potential to reduce overall system CO2 emissions by 50% while offering users high-quality, stable communications.
In March 2022, Magna5, a US-based IT service management company, acquired TCG Network Services for an undisclosed amount.This acquisition strengthens Magna5’s position as a powerful competitor in the lower middle market for cybersecurity, data recovery, and cloud services.
This move strengthens their capacity to provide best-in-class technology. TCG Network Services is a US-based company operating in managed network services.
The countries covered in the managed network services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The managed network services market research report is one of a series of new reports that provides managed network services market statistics, including managed network services industry global market size, regional shares, competitors with a managed network services market share, detailed managed network services market segments, market trends and opportunities, and any further data you may need to thrive in the managed network services industry. This managed network services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.