The global network advisory services market is estimated to garner a moderate revenue by the end of 2031 by growing at a CAGR of ~18% over the forecast period, i.e., 2022 – 2031.
Further, the market generated a modest revenue in the year 2021. The growth of the market can primarily be attributed to the surge in the information and communications technology (ICT) worldwide. For instance, the global ICT spending in 2020 accounted for more than USD 4,800,000 million and is expected to increase by ~5% annually between 2021-2023.
Organizations are adopting cloud-based technology and embracing digitalization to accelerate their revenue growth. In order to get the best possible outcome and productivity, an automated, software -defined and agile network is required. This is done by network advisory service providers who plan the strategy, roadmap, architecture, and transformation for it leading to faster achievement of business goals. In other word, network advisory service requires taking client challenges and applying strategies to create opportunities in service to their growth. With the increasing digital transformation of businesses as well rising threat of network security along with rising incidences of data breach, the demand for network advisory services is on the rise amongst the digital businesses and services providers, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global network advisory services market during the forecast period. It was found that, in the year 2018, there was a mega breach reported, involving ~1 million compromised records, which accounted for approximately USD 39 million.
Increasing Incidences of Network Failures – Network failures are attributed to human error at the design, operational, or architectural level, which is responsible for the growing emphasis on network advisory services by organizations worldwide. For instance, it has been estimated that over 80 % of network failures are caused by human error.
Rising Digitization – It is estimated that, ~60% of the global GDP is to be digitized by 2022.
Growing Adoption of Cloud Computing Technology – According to a recent data, an estimated 90% of workloads and compute instances were processed by cloud data centers in 2021.
Upsurge in Spending on Digital Tools – According to estimates, spending on digital tools in the energy distribution and retail industries expected to increase from about USD 12 billion in 2020 to over USD 33 billion by 2030.
The global network advisory services market is segmented and analyzed for demand and supply by enterprise into large enterprise and SMEs. Amongst these segments, the large enterprise segment is anticipated to garner the largest revenue by the end of 2031, backed by the growing number digital enterprises opting for network advisory services worldwide as precautionary measures for working with a hassle-free network and system. According to a survey with over 40% of large and mid-sized enterprise respondents, it was found that, a single hour of downtime in network, systems, applications or other hardware, can cost more than USD 1 million to their enterprises.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global network advisory services market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2031, backed by the increasing adoption of virtualization technology by businesses in the region, as well as the rising server virtualization in businesses. For instance, by 2019, over 90% of businesses in North America adopted server virtualization technology, whereas another 5% of businesses planned their adoption in the next 2 years.
The global network advisory services market is further classified on the basis of region as follows:
Our in-depth analysis of the global network advisory services market includes the following segments:
By Service Type
FREQUENTLY ASKED QUESTIONS
Increasing digitalization amongst various industries, upsurge in the adoption of network virtualization technology, rising number of cyberthreats are some of the major factors anticipated to drive the growth of the market.
The market is anticipated to attain a CAGR of ~18% over the forecast period, i.e., 2022 – 2031.
Changing regulatory policies, need for continuous monitoring and maintenance of networks are some of the factors estimated to hamper the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Cisco Systems, Inc., Huawei Technologies Co. Ltd., IBM Corporation, Fujitsu Limited, Hewlett Packard Enterprise Company, Capgemini Services SAS, Telefonaktiebolaget LM Ericsson, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by service type, enterprise, industry, and by region.
The large enterprise segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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