DUBLIN, June 14, 2023 /PRNewswire/ — The “Cloud Managed Network Market by Component (Solutions, Services), Organization Size (Large Enterprises, SMEs), Deployment Mode (Public Cloud, Private Cloud), Vertical (BFSI, Transport and Logistics, Manufacturing) and Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global cloud managed network market size is projected to grow from USD 21.6 billion in 2022 to USD 36.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period.
SMEs segment to grow at a higher CAGR during the forecast period
The growth in the number of SMEs worldwide is also driving the demand for managed services to meet network requirements and security compliance. SMEs face challenges such as the lack of skilled IT personnel, unscheduled downtime, and cybersecurity risks. Cloud managed network providers can help SMEs to overcome these challenges while managing their IT costs.
Health Care and Life Science segment is to grow at the highest CAGR during the forecast period
In the healthcare industry cloud computing has a huge potential to improve healthcare related functions such as telehealth and virtual care, medication adherence, drug anti-theft and counterfeiting measures, resource inefficiency, personal data privacy, and the uniformity of medical records.
This sector deals with sensitive patient information, and IT and network security are major concerns. In the US, cloud managed network help overcome security and application management challenges and meet various compliances set by the Healthcare Information Portability and Accountability Act (HIPAA).
Cloud managed network reduce EHR (Electronic Health Record) latency, enable quicker backup and restoration, allow easier accommodation of data and workload expansion, and streamline data management. This allows healthcare professionals to better serve their patients and provide regular updates.
North America region to record the highest market share in the Private LTE market in 2022
North America is expected to have the largest share in the overall cloud managed network market. The growth is attributed to the rising deployments of own high-speed private networks to optimize the security of business applications. The US holds a major portion of the adoption of cloud managed network in this region.
Also, the expansive demand for critical business applications with security, upgradeability, and scalability requirements is fueling the market growth. Owing to the presence of big companies, such as IBM, Cisco, and HPE, cloud managed network are easily available at competitive prices. End users in the US are also well versed with the technology; this boosts it adoption significantly.
Market Dynamics
Drivers
- Need to Streamline Network Operations
- Rising Demand for Secure, High-Speed Network Access
- Rising Adoption of Cloud-Based Applications – SaaS
Restraints
- Lack of Infrastructure in Developing and Underdeveloped Economies
- Data Security and Privacy Concerns
Opportunities
- AI and Ml to Create More Opportunities
- Growth in Anything-As-A-Service Technologies
Challenges
- Increase in Regulations and Compliances
- Integration with Third-Party Applications
Case Study Analysis
- Clarks Simplifies It Operations while Reducing Network Maintenance and Facilities Costs
- Huawei Cloudcampus Enables Cloud Transformation for Jin Jiang Hotel
- Extreme’s Cloud-Enabled Infrastructure Deployed by as Colour for Operational Efficiencies and Competitive Advantage
- Kemet Electronics Corporation Mobilized Manufacturing and Sales Facilities with Aruba
Companies Mentioned
- Accenture
- Accrets International
- Cisco
- Cloudscape Technologies
- Commscope
- D-Link
- Dyntek
- Engenius Technologies
- Ericsson
- Extreme Networks
- Fujitsu
- HPE
- Huawei
- IBM
- Infoblox
- Inhand Networks
- Iricent
- Juniper Networks
- Kalyx
- Mindsight
- Nec
- Ntt Data
- Total Communications
- Veracloud
- Zyxel Networks
For more information about this report visit https://www.researchandmarkets.com/r/pwb4ko
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
