Northrook, IL -- (SBWIRE) -- 03/11/2020 -- According to a new market research report "Managed Network Services Market by Service (Managed Internet Access and Network Provisioning, VPN, Data Storage, Network Monitoring, Network Security, and Hosted IP Telephony), Organization Size, End-Use Vertical, and Region – Global Forecast to 2021", published by MarketsandMarkets™, the Managed Network Services Market 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%.

With changes in the implementation trend of technology, the need for utilizing and creating a network that is efficient and highly dynamic has increased. This has considerably affected the market for managed network services to grow subsequently in the coming years.

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"Managed network security services are expected to grow at the highest CAGR during the forecast period"
The managed network services market of the software solutions is expected to grow at an impressive CAGR during the forecast period, as there is an increasing demand for network security services with data backup solutions. Network security is one of the widely required service areas, in terms of managed network services. Considering the severity and necessity of security for networking infrastructure, managed network security segment is considered to be the widely deployed service segment.

"Telecom and IT vertical is expected to grow at a higher growth rate during the forecast period of 2016–2021"
The telecom and IT end-use vertical is estimated to hold the largest market share in 2016. The telecom and IT opt for managed network services as it benefits organizations to enable enhanced voice quality, apt and proper network management, and better call routing. The main reason why telecom and IT businesses choose managed network services is the reliability and consistency they offer. The Quality of Service (QoS) and Class of Service (CoS) is maintained to offer better call quality and to order voice traffic.

"Asia-Pacific region is expected to witness a high growth during the forecast period"
North America is estimated to hold the largest market share in 2016, while APAC will be the fastest growing region in terms of CAGR. There are numerous vendors offering enterprise cloud solutions, managed services, managed security, collaboration services, network management services, and cloud solutions to a vast range of industries. This region is proving to be quite a rich space, in terms of existence of several multinational corporations, government organizations, and many midsized, as well as, large telecommunication and IT organizations.

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The major application providers in the managed network services market include 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).

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