Managed Network Services MarketDemand Supply Growth Factors Latest Rising Trend and Forecast to 2030

The "Managed Network Services Market" size is expected to reach US$ 1,43,468.71 million by 2030 from 60,936.40 million in 2022, with an estimated CAGR of 11.5% from 2023 to 2030.

The growing demand for digital transformation in various enterprises is likely to boost the managed network services market growth. Businesses are rapidly embracing significant network technologies to support business initiatives and gain a competitive advantage. Managed network services are a major contributor to a robust IT infrastructure. The growing emphasis of organizations on creating a digital workplace with minimum network downtimes has become a major driving factor for product demand.

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Companies Profiled in this report includes:

• Cisco Systems Inc
• Cognizant Technology Solutions Corp
• Fujitsu Ltd
• Huawei Investment & Holding Co Ltd
• Kyndryl Holdings Inc
• NTT Ltd
• Tata Consultancy Services Ltd
• Verizon Communications Inc
• HCL Technologies Ltd

Furthermore, the growing advancements in artificial intelligence technology and high penetration of mobility will further accelerate the growth of the managed network services market. The managed network services offer significant scope for SMEs to grow and realize business goals. IT spending among SMEs is predicted to increase significantly, as SMEs are under constant pressure to expand by implementing innovative and enhanced IT services. The US government had proposed an IT budget of US$ 109.4 billion for 2022. Thus, increasing demand for managed network services among SMEs and a rise in IT spending are the key factors propelling the managed network services market growth.

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Managed Network Services Market Segmentation:

By Type:
• Managed LAN
• Managed Network Security
• Managed Monitoring
• Managed VPN
• Managed WAN
• Managed Wi-Fi

By Deployment:
• Cloud
• On-Premise

By Organization Size:
• Large Enterprises
• SMEs

By End-Use Vertical:
• BFSI
• Government
• IT & Telecommunication
• Manufacturing
• Media & Entertainment
• Retail & e-Commerce

The managed network services help government agencies optimize their technology and protect sensitive information, while being budget friendly. Managed networks handle all the security and infrastructure needs of a government agency. All government agencies, both state and local agencies, rely heavily on documentation. From generating bills for residences and businesses to printing licenses and documentation, government agencies have a substantial demand for copying, printing, and sending documents to the agency at a high cost. Managing risk becomes complicated as government agencies work with tight and fluctuating budgets. Government agencies rely on taxpayer funds to update their technology and are forced to spend their budget during the fiscal year or lose it. The managed network service providers help government departments securely connect to the cloud, primary and urgent care providers to access the healthcare network, and private organizations to deliver critical data and applications to a distributed workforce. Thus, the growing adoption of managed network services from government agencies is anticipated to drive the market managed network services growth during the forecast period.

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