Managed network services market to gain massive proceeds across IT and telecom sector

The global managed network services market is poised to record appreciable growth through 2027, given the rising focus of industry players towards the introduction of technological advancements.

According to the latest study by Global Market Insights, Inc., the global managed network services market share is estimated to exceed USD 95 billion by 2027.

Citing a recent collaboration between prominent market players, Verizon Business, an IT and communication service provider, and Cisco were in news in February 2021 for the expansion of their longstanding strategic partnership. These managed network services providers have added three new SD-WAN managed services offerings to their extensive product portfolio.

Impelled by such initiatives, the market is further driven by increasing demand for managed VPN services that help in the configuration, designing, and management of a firewall and a secure encrypted tunnel for the transmission of data over the internet. The managed VPN service segment is expected to depict a remarkable CAGR of nearly 10 per cent through 2027.

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This is because several mid and large-sized enterprises are considering the deployment of VPN services across their business operations for resilient, fast, and scalable networks. The rise in demand is also attributed to a number of reliable features comprising integrity, data confidentiality, and authentication. In addition, these services are also gaining traction due to the rising inclination towards high enterprise mobility and remote access.

North America managed network services industry is slated to expand at an appreciable CAGR of 5 per cent through the estimated period. This growth is ascribed to the rising competition amongst major players for the provision of a better customer experience and the surging demand for high-speed networks. The increasing adoption of cloud networking is a significant factor fostering the growth of managed network services in the region.

The regional industry is further propelled by the extensive presence of eminent managed network services companies, comprising Cisco Systems, Inc., AT&T Inc., and IBM Corporation.

The IT & telecom segment in the managed network service market is expected to account for a remarkable share of the overall revenue through 2027 due to rising internet penetration and the increasing number of smartphones. Network operators are also focusing on the provision of adequate bandwidth and the upgradation of network infrastructure for the removal of network congestion. The launch of 5G network services coupled with the increasing demand for cloud-based services is expected to drive the demand for managed services over the coming years.

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Moreover, managed network services are also witnessing a high demand from large enterprises as these services help organizations in ensuring global network reach and low operational costs. The segment is estimated to hold a dominating share by 2027. These enterprises have a wide geographical presence and make heavy investments in the latest technologies for increasing their business efficiency and productivity.

On the whole, the rising trend of transforming data and voice networks to a converged IP platform will augment managed network services market share through the forecasted period.