NEW YORK, Oct. 19, 2023 /PRNewswire/ -- The Managed Network Services (MNS) Market size is projected to increase by USD 15.77 billion, accelerating at a CAGR of 4.32% during the forecast period. The key driver for market growth is the increasing adoption of IoT solutions, which connect hardware, software, and communication services to create smart environments in various sectors. IoT enables intelligent devices to manage and monitor objects remotely. It also supports managed network services, facilitating seamless machine-to-machine communication. This growth in IoT adoption is set to drive the global managed network services market. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy full report here
Data privacy and security risks in managed network services, especially in cloud environments, is expected to be a challenge to market growth. The complex nature of cloud security management, based on various open-source code components, can lead to vulnerabilities. Cyber attackers can exploit these vulnerabilities due to the open architecture and shared resources of cloud systems. To address these issues, market players must employ encryption, multi-factor authentication like biometrics, and adhere to regulatory guidelines for cloud security controls. These challenges could potentially hinder market growth during the forecast period.
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The Managed Network Services (MNS) Market is segmented by End-user (BFSI, Retail and e-commerce, IT and telecom, Healthcare, and Others), Deployment (Cloud and On-premise), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
Significant market share growth is expected in the Banking, Financial Services, and Insurance (BFSI) segment during the forecast period. The expansion of mobile commerce (m-commerce) and electronic commerce (e-commerce) in regions like North America, Europe, as well as emerging economies such as India and China, serves as a driving force for the banking and financial services sector. This sector deals with critical financial and banking data, including customer financial and account information, cardholder data, transaction details, and personal information.
The Asia-Pacific (APAC) region is expected to make a significant 29% contribution to the global market's growth between 2022 - 2027. North America has consistently proven to be a highly profitable market for managed network services. This is primarily due to its early adoption of advanced technologies in industries such as manufacturing, retail, and banking, leading to a heightened demand for managed network services.
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Key Companies in the Managed Network Services (MNS) market:
- Accenture Plc
- AT and T Inc.
- Brennan VDI Pty Ltd.
- BT Group Plc
- Cisco Systems Inc.
- Colt Technology Services Group Ltd.
- Deutsche Telekom AG
- Fujitsu Ltd.
- GTT Communications Inc.
- Huawei Technologies Co. Ltd.
- Infosys Ltd.
- International Business Machines Corp.
- Lumen Technologies Inc.
- Nippon Telegraph And Telephone Corp.
- Orange SA
- Singapore Telecommunications Ltd.
- Tata Consultancy Services Ltd.
- Telefonaktiebolaget LM Ericsson
- Telefonica SA
- Telstra Ltd.
- Verizon Communications Inc.
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Managed Multiprotocol Label Switching (MPLS) Market: The managed multiprotocol label switching (MPLS) market size is estimated to grow at a CAGR of 6.41% between 2022 and 2027. The market size is forecast to increase by USD 7,239.8 million.
Managed Network Services (MNS) Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.32% |
Market growth 2023-2027 |
USD 15.77 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
3.86 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 29% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, AT and T Inc., Brennan VDI Pty Ltd., BT Group Plc, Cisco Systems Inc., Colt Technology Services Group Ltd., Deutsche Telekom AG, Fujitsu Ltd., GTT Communications Inc., Huawei Technologies Co. Ltd., Infosys Ltd., International Business Machines Corp., Lumen Technologies Inc., Nippon Telegraph And Telephone Corp., Orange SA, Singapore Telecommunications Ltd., Tata Consultancy Services Ltd., Telefonaktiebolaget LM Ericsson, Telefonica SA, Telstra Ltd., and Verizon Communications Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
TOC:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Sizes
- Five Forces Analysis
- Market Segmentation by End-User
- Market Segmentation by Deployment
- Market Segmentation by Geography
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, & Trends
- Company Landscape
- Company Analysis
- Appendix
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SOURCE Technavio
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