Managed Network Services Market Growing at CAGR of 9.0% | Key Players Cisco, IBM, HCL, Ericsson, HP
The Managed Network Services Market size is expected to grow from USD 38.60 billion in 2016 to USD 59.38 billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 9.0%. The global managed network services market has been segmented by service, organization size, end-use vertical, and region.
The report provides an in-depth analysis of market drivers, restraints, opportunities, and analysis of the key players in the managed network services ecosystem along with their respective profiles and recent developments with respect to the managed network services market. It indicates the rate of growth, delivery, and implementation of services across various geographic regions. Increasing need for managed network services solutions and demand for standard strategic business processes are the major factors driving the growth of the managed network services market. Improved operational efficiency and lower operating cost are also creating growth opportunities in the various segments of the market. Managed network services help organizations to improve their business processes at lower operating cost. I It also fulfils the need of the network security of the managed network services market. Therefore, organizations are adopting the managed network services technology on a large scale. Managed network services provide benefits such as easy monitoring of the network at low cost. The managed network security services market is expected to grow at a CAGR during the forecasted period.
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North America holds the largest market share in 2016, while the APAC is expected to be the fastest-growing region in terms of the CAGR during the forecast period, The significant presence of various service providers, networking providers, telecom carriers, and technology service vendors in APAC is driving the market’s growth in the region. Moreover, many emerging players in the managed network services market have a presence in countries across APAC.
BFSI is expected to grow at a high CAGR during the forecast period
The BFSI industry is witnessing a growth in the managed network services market across regions. Moreover HR, government and defense, legal, BFSI, retail & eCommerce, real estate, and manufacturing verticals are some of the early adopters of the managed network services to serve their clients better.
Although there are many growth drivers of the managed network services market, the market faces some challenges. The main challenge faced by the managed network service providers is meeting compliance standards, while managing threats and delivering best services to the clients.
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Accenture (Dublin, Ireland), Alcatel-Lucent Enterprise (Paris, France), AT&T Inc. (Texas, U.S.), Cisco Systems, Inc. (California, U.S.), Ericsson (Stockholm, Sweden), HCL Technologies Limited (Noida, India), Hewlett Packard Enterprise Development LP (California, U.S.), Huawei Technologies Co., Ltd. (Shenzhen, China), International Business Machines (IBM) Corporation (New York, U.S.), LG Networks, Inc. (Dallas, U.S.), and Wipro Limited (Bangalore, India) are some of the key players in the managed network services market. These companies are adopting organic strategies such as new product launches and product enhancements to increase their market share and market penetration. The companies are also following the inorganic strategies such as partnerships, contracts, collaborations, and acquisitions.
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