LONDON, Nov. 20, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s networking support services global market report 2023, the global networking support services market is poised for substantial growth, with the market size expected to reach $1,120.55 billion in 2027, exhibiting a Compound Annual Growth Rate (CAGR) of 6.0%. This projection, from $838.14 billion in 2022 to $886.56 billion in 2023, is driven by the escalating demand for cloud-based solutions. Organizations increasingly seek cloud-based networking support services to attain enhanced management, visibility, and scalability for their distributed cloud and on-premises networks. A 2022 report by Thales Group indicates that approximately 98% of corporations store some data in the cloud, with an estimated 60% of all corporate data residing in cloud storage. This burgeoning demand for cloud-based solutions is set to be a key driver propelling the networking support services market forward.
The surge in demand for cloud-based solutions is the primary driver of growth in the networking support services market. Cloud-based solutions, offering on-demand computing resources via the Internet, enable organizations to manage distributed cloud and on-premises networks effectively. This technology enhances security and location infrastructure, aligning with the evolving needs of modern enterprises.
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The market is witnessing a trend of consolidation and partnerships among prominent players to strengthen their market positions globally. Advanced versions of cloud management platforms are being introduced to enhance service portfolios. For instance, Hewlett Packard Enterprise (HPE) recently launched an updated version of its cloud management platform, HPE Aruba Networking Central, offering AI for IT operations (AIOps) and advanced network capabilities.
The networking support services market is segmented based on type, organization size, deployment type, and end-user industry. Notable segments include LAN-as-a-Service, WAN-as-a-Service, small and medium enterprises (SMEs) and large enterprises, on-premise and cloud deployment, and various end-user industries such as BFSI, IT and Telecommunication, Government and Public Sector, Healthcare and Life Sciences, Manufacturing, Retail and Consumer Goods, Transportation and Logistics, among others.
North America, as the second-largest region in the networking support services market, is poised for significant growth, with a market value of $204,363.6 million in 2022. This region benefits from substantial technological advancements and the development of advanced Software-as-a-Service (SaaS) solutions in network services.
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Businesses operating in the networking support services market can leverage this comprehensive report to gain strategic insights and capitalize on emerging opportunities. The market analysis provides a deep understanding of current trends, key drivers, and potential challenges. With detailed segmentation and regional analysis, companies can tailor their strategies to target specific market segments and geographic areas. Additionally, insights into competitive landscapes and the activities of major players offer valuable information for partnerships, acquisitions, or product development.
Networking Support Services Global Market Report 2023 by The Business Research Company provides insights on the networking support services market size, networking support services market segments, networking support services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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