Managed Network Services (MNS) Market size to grow by USD 15.77 billion between 2022 - 2027 | Market is Driven by the Increased adoption of IoT solutions- Technavio

NEW YORK, Oct. 19, 2023 /PRNewswire/ -- The Managed Network Services (MNS) Market size is projected to increase by USD 15.77 billion, accelerating at a CAGR of 4.32% during the forecast period. The key driver for market growth is the increasing adoption of IoT solutions, which connect hardware, software, and communication services to create smart environments in various sectors. IoT enables intelligent devices to manage and monitor objects remotely. It also supports managed network services, facilitating seamless machine-to-machine communication. This growth in IoT adoption is set to drive the global managed network services market. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy full report here

Data privacy and security risks in managed network services, especially in cloud environments, is expected to be a challenge to market growth. The complex nature of cloud security management, based on various open-source code components, can lead to vulnerabilities. Cyber attackers can exploit these vulnerabilities due to the open architecture and shared resources of cloud systems. To address these issues, market players must employ encryption, multi-factor authentication like biometrics, and adhere to regulatory guidelines for cloud security controls. These challenges could potentially hinder market growth during the forecast period.

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The Managed Network Services (MNS) Market is segmented by End-user (BFSI, Retail and e-commerce, IT and telecom, Healthcare, and Others), Deployment (Cloud and On-premise), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

Significant market share growth is expected in the Banking, Financial Services, and Insurance (BFSI) segment during the forecast period. The expansion of mobile commerce (m-commerce) and electronic commerce (e-commerce) in regions like North America, Europe, as well as emerging economies such as India and China, serves as a driving force for the banking and financial services sector. This sector deals with critical financial and banking data, including customer financial and account information, cardholder data, transaction details, and personal information.

The Asia-Pacific (APAC) region is expected to make a significant 29% contribution to the global market's growth between 2022 - 2027. North America has consistently proven to be a highly profitable market for managed network services. This is primarily due to its early adoption of advanced technologies in industries such as manufacturing, retail, and banking, leading to a heightened demand for managed network services.

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Key Companies in the Managed Network Services (MNS) market:

• Accenture Plc
• AT and T Inc.
• Brennan VDI Pty Ltd.
• BT Group Plc
• Cisco Systems Inc.
• Colt Technology Services Group Ltd.
• Deutsche Telekom AG
• Fujitsu Ltd.
• GTT Communications Inc.
• Huawei Technologies Co. Ltd.
• Infosys Ltd.
• International Business Machines Corp.
• Lumen Technologies Inc.
• Nippon Telegraph And Telephone Corp.
• Orange SA
• Singapore Telecommunications Ltd.
• Tata Consultancy Services Ltd.
• Telefonaktiebolaget LM Ericsson
• Telefonica SA
• Telstra Ltd.
• Verizon Communications Inc.

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Software-defined Wide Area Network (SD-WAN) Market: Software-defined Wide Area Network Market size is estimated to grow by USD 11.20 billion between 2022 and 2027 accelerating at a CAGR of 29.7% during the forecast period.

Managed Multiprotocol Label Switching (MPLS) Market: The managed multiprotocol label switching (MPLS) market size is estimated to grow at a CAGR of 6.41% between 2022 and 2027. The market size is forecast to increase by USD 7,239.8 million.

TOC:

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Sizes
5. Five Forces Analysis
6. Market Segmentation by End-User
7. Market Segmentation by Deployment
8. Market Segmentation by Geography
9. Customer Landscape
10. Geographic Landscape
11. Drivers, Challenges, & Trends
12. Company Landscape
13. Company Analysis
14. Appendix

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SOURCE Technavio