Managed Network Security Services to be highly Demanded, Clocking an 8% CAGR: Fact.MR
Published : 13 Oct 2021 Industry: Technology
A recently published report by Fact.MR predicts that demand for managed network services will accelerate impressively, registering a CAGR of 8% to reach US$ 130 Bn by the end of the forecast period 2021-2031. Need to establish a robust online security apparatus to streamline workflows and prevent data breaches is spurring sales.
Historical estimates suggest that the industry has been flourishing impressively, with a documented CAGR of a staggering 10% from 2016 to 2020. Prospects have further heightened since the COVID-19 pandemic. With nearly every organization switching over to remote working, the need for advanced data protection solutions during the pandemic has majorly inclined.
A survey conducted by NTT Ltd. reveals that 45% of corporate entities globally are likely to outsource their operations over the next 18 months. Amongst all services, cloud-based infrastructure is set to increase to 77%. Most of these outsourced services are related to security management. Moreover, the advent of quantum computing will also open renewed growth frontiers for managed network services in the future.
Key Takeaways from the Market Study
- Managed network security services to be most demanded, growing at 8% CAGR
- Managed VPN services expected to be valued at nearly US$ 50 Bn by 2031
- MNS for healthcare providers to be fastest growing, registering a 7.5% CAGR
- High telehealth dependence to widen MNS deployment in the U.S, capturing 31% revenue
- China to emerge as the largest MNS market, accounting for half of global sales
- Global managed network services market to surpass US$ 60 Bn by 2021
“Growing workflow complexities arising as a result of diversifying operations is heightening security concerns, prompting them to avail managed network security services, heightening expansion prospects,” says a Fact.MR analyst.
Key managed network services providers are leveraging strategies such as partnerships with government authorities or regional service providers, introduction of new management services and acquiring existing small and medium-scale service providers.
- In April 2021, South Korea, Asia's fourth-largest economy, and Cisco announced the launch of a collaborative framework under Cisco's Country Digital Acceleration (CDA) program in April 2021 to accelerate digitization across the country and power an inclusive recovery from the COVID-19 pandemic.
- In October 2021, AT&T Inc. announced that the U.S Air Force has selected the company’s FirstNet® high-speed broadband communications platform to deliver reliable and on-priority communications to its public safety personnel and first responders across 15 bases
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global managed network services market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study indulges essential insights on the market on the basis of service type (managed voice, managed VPN, managed security services, managed conferencing and managed WAN/SD WAN), enterprise type (small enterprise, medium enterprise and large enterprise) and end use vertical (banking & securities, insurance, communication media & services, healthcare providers, manufacturing and natural resources, retail, wholesale trade, transportation, transport, utilities, education and government) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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Consultant – Technology