Managed Network Services Market Growth Global Industry Size, Recent Trends, Demand and Share Estimation by 2028 with Top Players

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.

Companies are rapidly adopting significant network technologies to gain an edge in business and support initiatives. However, various macroeconomic factors such as the COVID-19 pandemic and political factors in different regions have negatively impacted many industry verticals, leading to significant losses. In response, companies are seeking cost-effective and flexible expenses while focusing on their core business to remain competitive. Managed network services can help reduce costs while maintaining competitiveness, with reports suggesting that nearly half of all enterprises saved around 25% of their IT spending by using these services. By replacing inefficient IT systems and reducing downtime, managed service providers can increase productivity, which is expected to drive market growth in the coming years.

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The List of Companies -
1. HCL Technologies
2. Cisco Systems, Inc.
3. Cognizant
4. Fujitsu Limited
5. Huawei Technologies Co., Ltd.
6. Kyndryl Holdings, Inc.
7. NTT Limited
8. Tata Consultancy Services Limited
9. Verizon

The European region comprises several well-established economies, including France, Germany, Russia, the UK, Italy, and the rest of Europe. Industries in Europe are increasingly adopting advanced technologies, which is seen as a significant driver of regional growth. This adoption of digital transformation is particularly important for small and medium-sized enterprises (SMEs) and traditional sectors, with the Interreg Europe program, co-funded by the European Union, aimed at developing sustainable and innovative solutions to overcome regional developmental challenges. As part of the trend towards digital transformation, many European businesses are planning to adopt new digital technologies, which is expected to support the growth of the managed network services market.

The Asia Pacific region's managed network services market is led by China, with Japan and India following closely behind. China's market is growing rapidly and is one of the fastest globally. Chinese companies have been at the forefront of technology adoption in the region, driven by their focus on digitalization and innovation to gain a competitive advantage. Moreover, managed service providers have been instrumental in helping these companies migrate their workloads to the public cloud, contributing to the revenue growth of managed network services market players in China.

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Impact of COVID-19 Pandemic on Managed Network Services Market Growth
The outbreak of COVID-19 resulted in several challenges for enterprises worldwide, such as supply chain disruptions and strict government restrictions. Consequently, businesses had to reconfigure their operations and accommodate employees remotely, leading to a surge in demand for managed network services. However, many companies needed more infrastructure to support such a sudden and significant shift, and small MSPs struggled to meet the increasing demand. Despite the challenges, large enterprises and SMEs continued to adopt digital transformation and sought the assistance of MSPs for scalability. Although vaccination drives have commenced, businesses continue collaborating with MSPs due to the benefits offered, such as cost reduction and cloud migration. Therefore, the managed network services market outlook post-COVID appears promising for all MSPs.

While large enterprises were the primary revenue generators for the managed network services market, the trend is quickly shifting as SMEs increasingly rely on managed network service providers. With advantages such as decreased capital expenditure and better focus on core competencies, SMEs are adopting digital transformation at an increasing rate. The IT spending of SMEs is also rising year on year. However, managing the move to the cloud can be challenging for smaller businesses. Additionally, SMEs are more vulnerable to security breaches, making managed network services an attractive option for such companies. With the growing trend of work from anywhere (WFA), SMEs must update their IT infrastructure to keep up. The COVID-19 pandemic has only added to this pressure, leading to growth opportunities for managed network services providers in the SME sector.

To stay competitive, companies have increasingly adopted managed network services, resulting in significant growth rates for the industry. This trend is expected to continue driving growth in the managed network services market.

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