(MENAFN- GlobeNewsWire - Nasdaq) Westford, USA, Oct. 07, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Managed Network Services market will attain the value of USD 849.19 billion by 2031, with a CAGR of 13.7% during the forecast period (2024-2031). The managed network services market is growing exponentially, with several major factors driving the rise of Internet of Things (IoT) solution. Also, increases in information technology costs are trying to resolve the costs of their basic systems and, with increasing procedures, making managed services an attractive option for businesses. They provide fuel for the growth of the market, as organizations are looking to increase their networks, security and performance. Download a detailed overview:
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Managed Network Services Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 304.03 Billion |
| Estimated Value by 2031 | USD 849.19 Billion |
| Growth Rate | Poised to grow at a CAGR of 13.7% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Expansion of 5G Networks and IoT Integration |
| Key Market Drivers | Rising Adoption of Cloud-Based Solutions |
Managed WAN Segment to Dominate Due to Rise in Demand for Monitoring
The managed WAN segment is the dominant segment in the global managed network services market. Wide Area Networks (WANs) play an important role in the connecting geographically dispersed areas and facilitating efficient communications and data transfers. As enterprises expand their operations around the world, WAN infrastructure the demand for monitoring has increased dramatically. Organizations rely on WAN service monitoring to ensure reliable connectivity, optimize bandwidth utilization, and increase network performance.
BFSI Segment to Drive Market Due to Increasing Digitization of Financial Transactions
The BFSI service is the fastest growing segment in the global managed network services market. Banks, finance and insurance companies require a secure, highly available and efficient network infrastructure to support their operations. Managed network services address the unique needs of this segment by providing robust network security, seamless connectivity, and compliance with regulatory requirements. The increasing digitization of financial transactions is driving the need for network services that managed in BFSIs has increased.
North America is Dominating Due to Greater Emphasis on Digital Transformation Initiatives
North America dominated the global managed network services market. The dominance of this sector can be attributed to strong technology infrastructure and greater adoption of advanced technologies in industry especially due to the presence of leading-edge IT companies and greater emphasis on digital transformation initiatives.
On the other hand, the managed network services market in Asia-Pacific (APAC) is growing rapidly. The sector has experienced tremendous growth in technology, especially in emerging economies such as China and India. These countries have small and medium enterprises (SMEs) that rely heavily on managed web services to facilitate their operations.
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Drivers
Rising Adoption of Cloud-Based Solutions Increasing Demand for Reliable and Scalable IT Infrastructure
Restraints
High Initial Costs and Budget Constraints Security Concerns and Data Privacy Issues
Prominent Players in Managed Network Services Market
The following are the Top Customer Data Platform Companies
IBM (US) Cisco Systems (US) Verizon Communications (US) AT&T (US) NTT Communications (Japan) Orange Business Services (France) BT Group (UK) CenturyLink (US) Deutsche Telekom (Germany) Fujitsu (Japan) Telefonica (Spain)
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Key Questions Answered in Managed Network Services Market Report
How big is the global managed network services market? What are the key drivers of global managed network services market size? Who are the key players in the global managed network services market? Which is the fastest growing region in the global managed network services market?
This report provides the following insights:
Analysis of key drivers (rising adoption of cloud-based solutions, increasing demand for reliable and scalable IT infrastructure), restraints (high initial costs and budget constraints, security concerns and data privacy issues), opportunities (expansion of 5G networks and IoT integration), influencing the growth of Managed Network Services Market. Market Dynamics: Comprehensive information about the various products offered by the dominant players in the managed network services market. Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Managed Network Services Market. Market Growth: Detailed information on profitable growing industries. Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market. Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Mr. Jagraj Singh
Skyquest Technology
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