December 5, 2023

Managed Network Services Market Size and Share: A Comprehensive Report

The global managed network services market is experiencing robust growth, fueled by the ever-increasing demand for bandwidth and the imperative to reduce operational costs. As businesses increasingly embrace cloud-based applications and services while the number of connected devices surges, the need for efficient network management has never been more critical.

Rapid Bandwidth Growth Fuels Managed Network Services Demand

In recent years, the managed network services market has witnessed significant growth, as Managed Service Providers (MSPs) assist businesses in automating operations and enhancing efficiency. They optimize networks by implementing industry best practices in design, implementation, maintenance, and security, reducing downtime and ensuring regulatory compliance. MSPs also support businesses as they adopt emerging technologies like cloud computing and the Internet of Things (IoT).

Businesses Turn to MSPs for Expert Network Management

Managed network service providers are becoming the preferred choice for organizations looking to outsource network management. MSPs oversee all aspects of a business’s networks, including security, storage, voice, and wireless communication. They proactively analyze network performance data, addressing issues before they impact customers. Regular reporting keeps clients informed without delving into technical minutiae.

Cost Efficiency and Resource Optimization through Outsourcing

Outsourcing network management to MSPs can save organizations time and money, often proving more cost-effective than maintaining an in-house IT staff. MSPs offer the expertise and resources to keep up with the latest technology trends, ensuring businesses stay competitive. Furthermore, businesses that rely on outsourced network management can achieve operational efficiencies, optimizing resource utilization and reducing expenditure.

Cloud Computing’s Impact on Managed Network Services

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The rising adoption of cloud computing is a key driver in the growth of managed network services. In the United States, nearly 78% of businesses have embraced some form of cloud computing, accompanied by a 51% adoption rate of big data solutions. This shift is transforming companies from managing their IT departments to engaging third-party providers for network management. Digitalization is reshaping business operations and fueling demand for managed network services to effectively manage and secure networks.

Steady Growth Expected in Security and Network Monitoring

The managed network services market is expected to experience substantial growth in security and network monitoring services. Security services provided by MSPs play a pivotal role in mitigating cyber threats, encompassing firewalls, intrusion prevention systems, anti-virus software, and email security.

North America Leading the Market

North America is positioned to dominate the global managed network services market, followed by Europe, with the Asia Pacific region expected to witness significant growth. Factors such as increasing awareness of cloud technology solutions, a growing demand for secure networks, high-speed internet availability, and business collaboration needs contribute to the market’s growth.

Key Market Players

Leading players in the managed network services market include AT&T, BT Group, CenturyLink, Dell Technologies, Fujitsu, HCL Technologies, HPE, IBM, Infosys, Intel, Microsoft, and others. These players are actively pursuing strategies like mergers and acquisitions to expand their product portfolios and strengthen their market presence.

Global Industry Analysis (2018 – 2021) – Growth Trends and Market Forecast (2022 – 2029)

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This press release first seen on Brilad