Managed Network Services Market is expected to reach US$ 112,441.87 Million by 2028
managed network services market is projected to reach US$ 112,441.87 million by 2028
According to the new research report on "Managed Network Services Market Forecast to 2028 – COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 112,441.87 million by 2028, registering a CAGR of 10.9% from 2022 to 2028.
Europe includes well-established economies such as France, Germany, Russia, the UK, Italy, and the rest of Europe. In Europe, several industries are robustly focusing on adopting advanced technologies, which is considered an important factor for the region's prosperity. The high adoption rate of digital transformation by enterprises of all sizes in Europe is thus strongly supporting managed network services market growth. There is a growing understanding that there is a need for action to foster the digital transformation of European businesses, especially for SMEs and traditional sectors.
Moreover, Interreg Europe, co-funded by the European Union, is a European cooperation program that strives to bring together the different regional and local government authorities to develop sustainable and innovative solutions to overcome regional developmental challenges. Their policy aims to provide an overview of their good practices and policies on fostering SMEs' digital transformation, focusing on traditional sectors and SMEs with low digital maturity. Multiple European businesses plan to adopt new digital technologies as part of the digital transformation trend. Such factors are expected to aid the managed network services market growth.
The List of Companies - Managed Network Services Market
Cisco Systems, Inc.
Huawei Technologies Co., Ltd.
Kyndryl Holdings, Inc.
Tata Consultancy Services Limited
During the COVID-19 pandemic, managed network services market witnessed high growth rates. Most enterprises started functioning remotely, thus requiring better network infrastructure and security. SD-WAN adoption rates increased, as did network traffic and usage of public clouds. Companies started shifting workloads to the cloud to increase efficiency and to avoid disruptions from the pandemic-related restrictions. Hence, increased demand for managed service providers boosted the growth of managed network services market.
The managed network services market is segmented into type, deployment, organization size, and end-use vertical. Based on type, the market is segmented into managed LAN, managed network security, managed monitoring, managed VPN, managed WAN, and managed Wi-Fi. On the basis of deployment, the managed network services market is bifurcated into cloud and on-premise. By organization size, the market has been segmented into large enterprises and SMEs. On the basis of application, the managed network services market has been segmented into BFSI, government, IT & telecommunication, manufacturing, media & entertainment, retail & e-commerce, and others.