Managed Network Services Market Size, Share, Growth Analysis, By Type(Managed LAN (Local Area Network) and Managed WAN (Wide Area Network)), By End-User(IT and Telecom, and BFSI (Banking, Financial Services, and Insurance)), By Region - Industry Forecast 2024-2031

Global Managed Network Services Market size was valued at USD 267.4 billion in 2022 and is poised to grow from USD 304.03 billion in 2023 to USD 849.19 billion by 2031, growing at a CAGR of 13.7% in the forecast period (2024-2031).

Businesses who hire managed service providers (MSPs) to handle their networking applications, operations, and services for them to be remotely operated, watched over, and maintained are using managed network services. Managed network services cover everything from traditional leased WAN and LAN lines for basic network access and transport to more recent software-defined WAN (SD-WAN) connections and virtual network services. Virtual private networks (VPNs), unified messaging, network administration, managed security services, WAN optimization, and other managed services are available in addition to network access and transport. 

In addition to hosting virtual network activities, managed service providers (MSPs) generally host managed enterprise network services in their own data centres and facilities. MSPs include everything from little specialized service providers to massive traditional national and international telecom companies. Service-level agreements (SLAs), which are contracts outlining the performance and quality criteria under which the managed service will be provided, are the standard that MSPs give to their clients. Employers must use managed service providers as they lower risk. Managed services enable continuous network monitoring as opposed to outsourcing IT only when a problem emerges. Every aspect of maintenance and upgrades is also taken care of by a managed service provider.