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Networking Support Services Market Size & Forecast 2024-2033
Networking Support Services Market Size
According to The Business Research Company's, The networking support services market size has grown steadily in recent years. It will grow from $919.09 billion in 2023 to $959.61 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to increasing complexity of network infrastructures, rising dependence on digital communication, security concerns and cyber threats, business expansion and globalization, evolution of work practices and remote collaboration..
The networking support services market size is expected to see strong growth in the next few years. It will grow to $1258.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to adoption of cloud-based services, increased emphasis on data privacy and compliance, integration of advanced technologies, shift to hybrid work models, focus on network performance optimization.. Major trends in the forecast period include 5g implementation and iot expansion, focus on customer experience, globalization and cross-border networking, green networking initiatives, skills shortage and training needs..
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Market Drivers and Trends:
The increasing demand for cloud-based solutions is expected to propel the growth of the networking support services market going forward. Cloud-based solutions refer to a type of service that provides on-demand computing resources via the Internet, where users can get access to as many resources as they need on a pay-per-use basis. Cloud-based solutions are used in networking support services to provide organizations with the management, visibility and scale need to operate distributed cloud and on-premises to the user-specific networks to enhance security, and location infrastructure. For instance, in 2022, according to a report issued by Thales Group, a France-based information technology company, approximately 98% of corporations store at least some of their data on the cloud and it is estimated that 60% of all corporate data is in cloud storage. Furthermore, according to Gartner, a US-based IT research firm, around 48% of tech companies invest in cloud computing technology innovations in 2021. Therefore, the increasing demand for cloud-based solutions is driving the growth of the networking support service market.
Technological advancements are a key trend gaining popularity in the networking support service market. Major companies operating in the networking support service market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Ciena, a US-based telecommunications networking equipment and software services provider, launched Colt Technology Services (Colt), a new technology that offers greater adaptability, and adjustability, and is fully programmable. The Colt IQ Network is intended to provide high-bandwidth connectivity on demand. With built-in tools like Zero-Touch Provisioning (ZTP), network auto-discovery, and actual network tracking and accessibility, Colt can simplify implementation, procedure, and troubleshooting.
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Major Key Players of the Market:
Cisco Systems Inc.; Verizon Communications Inc.; AT&T Inc.; Cloudflare Inc.; International Business Machines Corporation; DXC Technology Company; Hewlett Packard Enterprise Ltd.; Arista Networks Inc.; NVIDIA Corporation; Dell Inc.; Extreme Networks Inc.; Juniper Networks Inc.; NetScout Systems Inc.; Riverbed Technology LLC; VMware Inc.; Check Point Software Technologies Ltd.; Palo Alto Networks Inc.; Brocade Communications Systems; Ciena Corporation; Huawei Technologies Co. Ltd.; F5 Networks Inc.; Citrix Systems Inc.; Infosys Limited; Wipro Limited; HCL Technologies Ltd.; Tech Mahindra Pvt. Ltd.; Tata Consultancy Services Ltd.; Cognizant Technology Solutions Corporation; Red Hat Inc.; Splunk Inc.; Proofpoint Inc.; Symantec Corporation
Networking Support Services Market 2024 Key Insights:
• The networking support services market will grow to $1258.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Rising Demand For Cloud-Based Solutions Propels Growth In Networking Support Services Market
• Technological Advancements Reshape The Landscape Of Networking Support Services Market
• North America was the largest region in the networking support service market in 2023
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