Global Managed Network Services Industry Expected to Reach $ 82.3 Billion by 2026



DUBLIN, October 12, 2021– (BUSINESS WIRE) – The ‘Global Managed Network Services Market By Type (Managed LAN, Managed Wi-Fi, Managed WAN, Managed Network Security, Managed VPN, Network Monitoring), Organization Size ( large companies and SMEs), deployment The Mode, Vertical and Region report – Forecast until 2026 “has been added to ResearchAndMarkets.com offer.

The global managed network services market size will grow from $ 57.4 billion in 2021 to $ 82.3 billion by 2026, at a compound annual growth rate (CAGR) of 7.5% during the period forecast.

Managed network security to record higher growth rate over the forecast period

In the Type Managed Network Services market, Managed Network Security is expected to register higher growth rate during the forecast period. Threats to systems and data hamper business innovation, limit productivity, and hamper compliance efforts. Managed Network Security Services protect corporate perimeters from all kinds of security threats.

MSPs use strong security controls and safeguards to protect corporate network services and customer information from external exploits, and continually verify security technologies and business processes through compliance audits. internal and external.

Large companies are expected to hold a larger market share during the forecast period

By organization size, large companies should hold the largest market size. The main reason large enterprises are adopting managed network services is for consistent and reliable services with global reach and lower operating costs.

Nowadays, large companies are realizing that outsourcing certain network operations is beneficial; therefore, adopt managed network services. These companies work under enormous pressure and time constraints to maintain their market position and retain their customers.

Cloud Deployment Expected To Have Higher Growth Rate During Forecast Period

In deployment mode, the cloud is expected to have a higher growth rate. Cloud-managed network service providers manage the technology infrastructure or end-user systems of an enterprise.

Services are provided using the subscription model. MSPs monitor and manage servers and other hardware, software, and applications. They provide support and storage and backup services for data and software. MSPs download and configure system components to ensure clients are fully operational with updated hardware and software.

BFSI Segment is expected to have larger market size during the forecast period

By Verticals, BFSI segment is expected to hold the largest market size during the forecast period. BFSI offers huge opportunities for managed network services market growth as the vertical market faces a significant need for improved connectivity and internet access to perform financial transactions with ease and better security. .

Financial institutions and insurance companies manage crucial business data, such as transaction passwords, account numbers, and credit / debit card details, which require the utmost security.

APAC will have a higher growth rate during the forecast period

By region, APAC is expected to grow at the highest CAGR during the forecast period. The huge population of the region has led to a large base of subscribers for businesses.

The large and diverse geographies and widespread adoption of smart devices and the internet are driving the need for reliable and secure internet connectivity, driving the market for managed network services.

The number of Internet users in this region has increased considerably; as a result, several companies in the region have started to deploy advanced communication solutions to meet the growing demand for high-speed data communication and superior voice quality.

Market dynamics

Conductors

  • Need to offload IT staff

  • New connectivity requirements increase complications in the IT environment

  • Save capital and operating expenses by adopting managed network services

  • Growing trend of digital transformation across the world

  • Increased demand for secure IT infrastructure during the COVID-19 pandemic

Constraints

Opportunities

  • Exponential growth in global IP traffic and cloud traffic

  • Opportunity to provide value-added services beyond basic network infrastructure and become true business partners

  • Growing demand for managed network services among small and medium businesses

Challenges

  • Monitoring of complex and multi-technology physical and virtual networks on customer networks

  • Managed network service providers struggling with marketing and sales efforts

Companies mentioned

For more information on this report, visit https://www.researchandmarkets.com/r/aavxor

View the source version on businesswire.com: https://www.businesswire.com/news/home/20211012005964/en/

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