New York, June 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Networking Support Services Global Market Report 2023" - https://www.reportlinker.com/p04442293/?utm_source=GNW
, NVIDIA Corporation, Dell Inc., Extreme Networks, Juniper Networks Inc., NetScout Systems Inc, Riverbed Technology, VMware Inc., Check Point Software Technologies Ltd., and Palo Alto Networks.
The global networking support services market is expected to grow from $838.14 billion in 2022 to $886.56 billion in 2023 at a compound annual growth rate (CAGR) of 5.8 %. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The networking support services market is expected to reach $1,120.55 billion in 2027 at a CAGR of 6.0%.
The networking support services market includes revenues earned by entities by providing cloud backup services, VoIP (Voice Over Internet Protocol), monitoring services, data backup and restoration, firewall services and network connectivity.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
A networking support service refers to a service that focuses on the maintenance of a current business network. It enables updating systems more easily, ensuring the security of business data, and reducing the cost of investing in cutting-edge technology.
North America was the largest region in the networking support service market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in networking support services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of networking support services are LAN-as-a-service and WAN-as-a-service.LAN as a service refers to a cloud-based service for setting up and handling distribution facilities, including wire and local radio stations and it is used to provide security, reliability, visibility, and tracking of network connection to ensure all devices are connected and working in optimal condition.
Major organization sizes are small and medium enterprises (SMEs) and large enterprises that deploy services using different modes such as on premise and cloud in various end-user industries that include banking, financial services and insurance (BFSI), it and telecommunication, government, and public sector, healthcare and life sciences, manufacturing, retail, and consumer goods, transportation and logistics, and others.
The increasing demand for cloud-based solutions is expected to propel the growth of the networking support services market going forward.Cloud-based solutions refer to a type of service that provides on-demand computing resources via the Internet, where users can get access to as many resources as they need on a pay-per-use basis.
Cloud-based solutions are used in networking support services to provide organizations with the management, visibility and scale need to operate distributed cloud and on-premises to the user-specific networks to enhance security, and location infrastructure.For instance, in 2022, according to a report issued by Thales Group, a France-based information technology company, approximately 98% of corporations store at least some of their data on the cloud and it is estimated that 60% of all corporate data is in cloud storage.
Furthermore, according to Gartner, a US-based IT research firm, around 48% of tech companies invest in cloud computing technology innovations in 2021. Therefore, the increasing demand for cloud-based solutions is driving the growth of the networking support service market.
Technological advancements are a key trend gaining popularity in the networking support service market.Major companies operating in the networking support service market are adopting new technologies to sustain their position in the market.
For instance, in March 2023, Ciena, a US-based telecommunications networking equipment and software services provider, launched Colt Technology Services (Colt), a new technology that offers greater adaptability, and adjustability, and is fully programmable.The Colt IQ Network is intended to provide high-bandwidth connectivity on demand.
With built-in tools like Zero-Touch Provisioning (ZTP), network auto-discovery, and actual network tracking and accessibility, Colt can simplify implementation, procedure, and troubleshooting.
In January 2021, Logically, a US-based provider of managed IT services to small and midsize organizations acquired Network Support Co. for an undisclosed amount. Through this acquisition, Logically’s IT service provider will continue to expand its footprint, services, and industry leadership. Network Support Co. is a US-based company that offers networking support services such as IT support to manage and maintain its clients’ IT systems.
The countries covered in the networking support services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The networking support services market research report is one of a series of new reports that provides networking support services market statistics, including networking support services industry global market size, regional shares, competitors with networking support services market share, detailed networking support services market segments, market trends, and opportunities, and any further data you may need to thrive in the networking support services industry. This networking support services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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