Managed Network Services Market worth US$ 112,441.87 million by 2028 - Exclusive Report by The Insight Partners

The managed network services market is projected to reach US$ 112,441.87 million by 2028 from US$ 60358.48 million in 2022; it is expected to grow at a CAGR of 10.9% during 2022-2028.

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The digital transformation uses technologies to create new or modify existing business processes and customer experiences to meet the ever-changing business environment. Digital transformation has common goals, such as improving efficiency, adding value, and promoting innovation. As companies are increasingly adopting digital transformation to deliver better customer experiences and compete more effectively, there is a growing need for services that support such modernization of information technology (IT) within different enterprises. The rising digital transformation is also boosting certain other factors, such as migration of workloads to the cloud and rapid growth in data generation. Companies continually migrated their workloads to the cloud for better flexibility and portability. As such migrations are relatively complex, large enterprises and small and medium enterprises (SMEs) seek MSPs for managed network services. Considering the advantages provided by MSPs in aiding technology adoption, the fast digital transformation is expected to boost the managed network services market size strongly.

Top Companies Mentioned:
• Cisco Systems, Inc.
• Cognizant
• Fujitsu Limited
• Huawei Technologies Co., Ltd.
• Kyndryl Holdings, Inc.
• NTT Limited
• Tata Consultancy Services Limited
• Verizon
• HCL Technologies

Impact of COVID-19 Pandemic on Managed Network Services Market Growth

During the COVID-19 outbreak, the continuous growth in COVID-19 patient pool size compelled government authorities to impose stringent travel bans across the US and other regions in the first three quarters of 2020, which led to significant disruptions of the normal functioning of various enterprises. Implementing containment measures such as trade bans, travel restrictions, and workplace workforce limitations impacted various businesses' manufacturing, supply, and sales. Hence enterprises had to adapt to the changing environment to remain afloat and minimize losses. Hence enterprises strongly adopted work-from-anywhere (WFA) trends and digital transformation. Since most enterprises could not handle such drastic changes, demand for managed network services increased profoundly. Such service providers aided enterprises, of different sizes, in efficiently adapting to the changed circumstances without the requirement for heavy investment in IT infrastructure. This strongly boosted managed network services market growth. Key managed network services market players witnessed a sharp increase in demand, increasing their market share. Post Q4 of 2020, most countries eased the restrictions, but enterprises continued their alignment with the service providers owing to the cost savings. Hence, the pandemic positively impacted the managed network services market growth.

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Market Insights - Managed Network Services Market

By 2026, more than 85% of large enterprises are expected to seek assistance from managed network service providers for migrating applications to the cloud. Growth in data generation has paved the way for problems in managing such data. In 2021, enterprises contributed to creating, capturing, and replicating about 46 zettabytes of data. Most enterprises cannot derive valuable business insights from such huge amounts of generated data. Artificial intelligence (AI) and machine learning(ML) can be utilized for harnessing meaningful insights from such data; however, for doing so, companies first need to address certain critical aspects, including multi-cloud data management, data privacy, and data governance. For all such requirements, MSPs can strongly aid businesses by offering cost-effective solutions without requiring huge investments. While enterprises are willing to adopt digital transformation, they face a challenge in integrating their legacy systems with the technologically advanced newer technology. Either the required skill of the in-house IT team is inadequate, or integration cost becomes higher than expected. By partnering up with an MSP, all such challenges are easily transferred to the MSP without requiring additional investment in the workforce or infrastructure. Hence, the growing adoption of digital transformation is expected to boost the managed network services market size.

Deployment-Based Insights
The managed network services market, by deployment, is segmented into cloud and on-premise. On-premise is expected to remain the largest segment during the forecast period, despite recording much slower growth rates than the cloud segment. Hybrid setups have also been considered under the on-premise segment. The cloud segment is growing considerably due to several advantageous characteristics, such as scalability and cost-effectiveness, which are expected to propel the growth of the managed network services market. The cloud-managed network services platform also reduces repair and maintenance costs and enhances customer satisfaction. The subscription model (which includes the monthly or yearly model) is mostly used to deliver such services.

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Key Elements that the report acknowledges:
• Growth rate and market size over the analysis timeframe.
• Key factors stimulating and hindering market expansion.
• Leading vendors and suppliers of the market.
• Exhaustive SWOT analysis of each company.
• Detailed PEST analysis by region.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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