Northbrook, IL -- (SBWire) -- 10/15/2021 --According to a new market research report "Managed Network Services Market by Type ( Managed LAN, Managed Wi-Fi, Managed WAN, Managed Network Security, Managed VPN, Network Monitoring), Organization Size (Large Enterprises and SMEs), Deployment Mode, Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets™, the market size to grow from USD 57.4 billion in 2021 to USD 82.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period.
The presence of various key players in the ecosystem has led to competitive and diverse market. Businesses rely on outsourced network management to generate efficiencies, resulting in better usage of resources and reduced expenditure. Organizations turn to MSPs for help rather than struggling to keep pace with technology. With managed network services, global network services are made available for organizations that do not have global resources available internally, eliminating the hassle of building, monitoring, and maintaining their network and giving them the freedom to focus on the core business. Hence, managed network services are an attractive alternative to the costly, time-consuming business of in-house network management services, which are difficult to install and manage for SMEs where cost is a significant factor.
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The managed network security to record a higher growth rate during the forecast period
In the managed network services market by type, the managed network security is expected to record a higher growth rate during the forecast period. The threats to systems and data impede business innovation, limit productivity, and damage compliance efforts. Managed network security services protect enterprise perimeter from all manner of security threats. MSPs employ strong security controls and safeguards to protect enterprise network services and customer information from external exploits, and continuously verify technologies and security operational processes through internal and external compliance audits.
Large Enterprises are expected to hold a larger market share during the forecast period
By Organization size, large enterprises are expected to hold the largest market size. The major reason for large enterprises to adopt managed network services is consistent and reliable services with a global reach and operational cost reductions. Large enterprises these days realize outsourcing some of the network operations is beneficial; hence, adopt managed network services. These enterprises work under tremendous pressure and time constraints to uphold their position in the market and maintain their customer base.
Cloud Deployment is expected to have a higher growth rate during the forecast period
By Deployment Mode, cloud is expected to have a higher growth rate. Cloud-managed network service providers manage an enterprise's technology infrastructure or end-user systems. Services are provided using the subscription model. MSPs monitor and manage servers and other hardware, software, and applications. They offer helpdesk services and storage and backup of data and software. MSPs upload and configure the system components to ensure customers are fully operational with updated hardware and software.
Healthcare sector is expected to have a higher growth rate during the forecast period
By Verticals, Healthcare sector is expected to have a higher growth rate. Healthcare organizations have invested heavily in technology, such as cloud, mobility, and IoT, to deliver increased quality of care and reduce cost while maintaining regulatory compliance and a competitive position in the market. This vertical is always under immense pressure where regulations, cost restrictions, skills/staffing issues, and compliance and cybersecurity challenges compete for resources and funding. Managed network services empower the healthcare institutions to easily manage the HIPAA-compliant networks for deploying and maintaining mobile healthcare applications and internet access for patients and visitors.
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North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global managed network services market during the forecast period. North America is a frontrunner in terms of technology adoption and digitization of society. Enterprises and service providers in this region are continuously changing their network infrastructure to cope with advanced technologies. The rapid changes in the IT infrastructure, such as cloud and virtualization, have significantly increased the pressure on network administrators to manage the network infrastructure. Hence, enterprises are outsourcing network services with high standard network management and lower operating costs.
The key and emerging market players in the managed network services market include 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), Singtel (Singapore), GTT Communications (US), Global Cloud Xchange (UK), Brennan IT (Australia), Sify (India), Aryaka Networks (US), SCloudX (US), Optanix (US), DXC Technology (US), Oman Data Park (Oman), Servsys (US), FlexiWAN (Israel), Bigleaf (US), Wipro (India) and Comarch (Poland). These players have adopted several organic and inorganic growth strategies, including new product launches, partnerships and collaborations, and acquisitions, to expand their offerings and market shares in the global managed network services market.
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Managed Network Services Market Worth $82.3 Billion by 2026
Managed Network Services Market size to grow from USD 57.4 Billion in 2021 to USD 82.3 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.5%,