According to the research report titled ‘Managed Network Services Market Size By Type, By Organization Size (Large Enterprises, SMEs), By Application (IT & Telecom, BFSI, Healthcare, Manufacturing, Government, Retail & Consumer Goods), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report, global managed network services market is expected to generate lucrative returns over the forecast period 2021-2027.
 

As per the report findings, increasing government initiatives towards enhancing internet connectivity, flourishing retail sector, rapid digitization of businesses, and rising preference towards managed Wi-Fi services at events and shows are primary factors stimulating global managed network services market growth.
 

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Moreover, increasing solution adoption across several application segments such as IT & telecom, BFSI, healthcare, and government is also likely to facilitate industry expansion.
 

For the record, managed network services are networking applications, functions, and services that are outsourced by enterprises for remote operation, monitoring, and maintenance by an MSP (managed service provider). These services include transport services like conventional leased WAN and LAN lines, standard network access, and software-defined WAN connections having virtual network services.
 

Based on product fragmentation of worldwide managed network services market, managed Wi-Fi segment is slated to register a CAGR of 18.1% over the forecast period, owing to extensive demand for provision of high speed and density Wi-Fi hotspots to attendees at events and shows.
 

Moving on to application ambit, IT & telecom segment accounted for 30% market share and is expected to witness remarkable growth over the analysis period. This can be attributed to mounting demand in the IT & telecom sector brought on by the advent of 4G technology and the upcoming 5G technology.
 

Elaborating on regional scope, Latin America market is touted to expand at 10% CAGR over the assessment period, primarily driven by increasing government initiatives towards expanding rural internet connectivity, digitizing businesses, and providing e-citizen services throughout the region.
 

Meanwhile, Middle East & Africa market is projected to witness a CAGR of 11% through 2027, owing to the emergence of a multitude of small-scale IT companies, along with a robust regional retail sector.
 

Top contenders in global managed network services industry sphere are Telia Company AB, Telefonica S.A., Tata Communications Ltd., Singapore Telecommunications Ltd. (Singtel), PCCW Enterprises Ltd., Orange S.A., Oracle Corp., NTT Ltd., Masergy Communications Inc., IBM Corp., Huawei Technologies Co. Ltd., GTT Communications Inc., Global Cloud Xchange, DXC Technology Company, Colt Technology Services Group Ltd., Cisco Systems Inc., China Telecom Corp. Ltd., Lumen Technologies Inc., BT Group plc, and AT&T Inc. among others.