Managed Network Services Market Size Worth $112.44 Billion by 2028 at 10.9% CAGR Driven by Digital Transformation, Global Analysis by The Insight Partners

NEW YORK, July 20, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Managed Network Services Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Managed LAN, Managed Network Security, Managed Monitoring, Managed VPN, Managed WAN, and Managed Wi-Fi), Deployment (Cloud and On-Premise), Organization Size (Large Enterprises and SMEs), and End-Use Vertical (BFSI, Government, IT & Telecommunication, Manufacturing, Media & Entertainment, Retail & e-Commerce, and Others)", the global managed network services market size is projected to reach $112.44 billion by 2028 from $60.35 billion in 2022; it is expected to grow at a CAGR of 10.9% during 2022–2028.

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Managed Network Services Market Report Scope & Strategic Insights:

Managed Network Services Market: Competitive Landscape and Key Developments

Accenture PLC; Cisco Systems, Inc.; Cognizant Technology Solutions Corporation; Fujitsu, Ltd.; HCL Technologies Ltd.; Huawei Technologies Co., Ltd.; Kyndryl Holdings Inc.; NTT Ltd.; Tata Consultancy Services; and Verizon Communications, Inc. are among the key managed network services market players profiled during this study. In addition, several other important market players were studied and analyzed during the course of this market study to get a holistic view of the market and its ecosystem.

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In 2022, Kyndryl and Red Hat announced Strategic Partnership to Advance IT Automation for Multicloud Infrastructure. The partnership helped the customers embrace open, differentiated automation technologies and managed services to modernize core business applications and IT infrastructure while enabling scalable enterprise operations and greater resilience with advanced security capabilities.

In 2022, Bertelsmann selected Verizon Business for the second time to transform its global network infrastructure, becoming one of the company's global network transformation partners. Verizon will deploy a Network-as-a-Service (NaaS) solution, which focuses on a globally managed Software Defined-WAN (SD-WAN) network underpinned by virtualized security functions across Bertelsmann's operations in the Americas as well as subsidiaries across the APAC and EMEA regions.

The managed network services market is broadly segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle-East and Africa (MEA), and South America (SAM). Europe is pioneering digital transformation. The region has several large enterprises focusing on increasing efficiency through advanced technologies while reducing expenditure on in-house IT teams.

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Decision makers in such enterprises are approaching various managed service providers to manage their CAPEX better, increase usage of advanced technologies, reduce cyber threats and increase productivity, among others. Such trends are driving the managed network services market growth. Also, several key technology-based startups, coupled with many SMEs, are providing great growth opportunities for the managed network services market in the region.

In terms of revenue, North America accounted for the largest global managed network services market share. North America is the most technologically advanced region, with major economies such as the US, Canada, and Mexico. Technological advancements have led to a highly competitive market in the region.

The increasing demand for CAPEX and OPEX reduction has led to the widespread adoption of software-defined wide area network (SD-WAN) and Secure access service edge (SASE) in the region. Such requirements are mostly met by availing of managed services, boosting managed network services market size in the region. Additionally, IT spending among North American SMEs is predicted to increase because SMEs are expanding their businesses by implementing innovative and enhanced IT services. With limited resources, SMEs require safe and reliable solutions from technology partners to maintain business continuity and connections with colleagues and customers. Such factors are promoting the managed network services market growth in the region.

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Managed Network Services Market Analysis: End-Use Vertical Overview

Based on end-use vertical, the managed network services market is segmented into BFSI, government, IT & telecommunication, manufacturing, media & entertainment, retail & e-commerce, and others. IT & telecommunication enterprises are among the largest adopters of managed network services, especially the smaller and medium-sized enterprises, as they are increasingly utilizing the public cloud, automated services, and exploring advanced digital technologies.

Managed network service providers offer solutions to help the IT and telecommunication industry to manage total cost of ownership (TCO), reduce capital expenditure (CAPEX) and operational expenditure (OPEX), support newer applications in demand, connect efficiently with customers and partners, and sustain their business operations. Thus, the growing demand for managed network services from large and small IT companies is aiding the demand for managed network services, which helps drive the segment's growth and assists the market growth.

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BFSI enterprises, owing to increasing cyber threats and the growing stringency of data privacy laws, are under tremendous pressure to ensure their customers' data security. Without compromising security measures, BFSI enterprises are availing the offerings of managed network services market players while optimizing expenditure. This allows them to comply with regulations, ensure safety, and reduce expenditure on in-house IT teams and infrastructure. Such factors are strongly boosting managed network services market size.

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Intelligent Network Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Information Cognition, Resource Management, Traffic Prediction and Classification, Performance Prediction, Configuration Extrapolation); Enterprise Size (Large Enterprises, SMEs); End-User (Cloud Service Providers, Telecom Service Providers, Managed Network Service Providers, Others) and Geography

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