Network Consulting Services Market Expected to Reach $27.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Network Consulting Services Market," The network consulting services market was valued at $14.7 billion in 2021, and is estimated to reach $27.9 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031.

Network consulting services offer full lifecycle services, from strategy and evaluation through design and deployment to continuous monitoring and maintenance, to assist customers to meet the possibilities and problems of networking infrastructure. By strategically prioritizing and connecting your networking, operational, and business demands, these network consulting services enable you to make the most of technologies like software-defined networking (SDN) and network functions virtualization (NFV).

According to network consulting services market research, the IT & telecom and BFSI segments collectively accounted for around 40.2% market share in 2021, with the former constituting around 23.6% share. The education and healthcare segments are expected to witness considerable CAGRs of 9.6% and 8.0%, respectively, during the forecast period.

The current estimation of 2031 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has high impact on the growth of the network consulting services market, as an increasing number of commercial wireless connectivity networks, growing adoption of cloud computing solutions, and surging adoption of automation and machine learning systems (ML) provide lucrative opportunities for the growth of the network consulting services market. Therefore, during the forecast period, the need to manage costs in post-COVID-19 environments will undoubtedly be a significant growth driver for the use of network consulting services market analysis across various verticals.

Numerous workers are now working from home for the first time as a result of the rising COVID-19 instances throughout the globe. The risk to network security has escalated due to this distant workforce. Businesses require the appropriate solutions to support network infrastructure flexibility and protection for remote working. Prior to making any more network improvements, network consulting services assist firms in identifying their network risks and weaknesses. As a result, during the pandemic, network consulting services have risen in popularity. popular. Consequently, COVID-19 has had a significant impact on the network consulting services market forecast data.

Region-wise, Asia-Pacific held a significant global network consulting services market share, due to the region’s expanding 5G and wireless connectivity penetration, China currently dominates the regional market for Asia-Pacific. The main drivers of the growth of the network consulting services market size is in Asia-Pacific are the rapid advancements in the network as a service (NaaS) technology and the rise in awareness for personalized network design and planning. Moreover, rapid urbanization and an increase in ICT to enhance the network infrastructure and streamline technological network performance management are the primary factors that drive the growth of the network consulting services industry in Asia-Pacific, North America, and Europe.

KEY FINDINGS OF THE STUDY

• By type, in 2021, network designing & planning was the highest revenue contributor to the market, with $9,158.6 million in 2021. However, the network testing segment is estimated to reach $6,053.3 million by 2031, at a significant CAGR of 5.9% during the forecast period.

• By organization size, the large enterprise segment was the highest revenue contributor to the market, with $11,114.1 million in 2021. However, the SME segment is estimated to reach $5,609.9 million by 2031, at a significant CAGR of 4.7% during the forecast period.

• By end-use vertical, the IT & telecom segment was the highest revenue contributor to the market, with $3,471.1 million in 2021. However, the BFSI segment is estimated to reach $4,193.4 million by 2031, at a significant CAGR of 5.7% during the forecast period.

• Region-wise, the network consulting services market growth was dominated by Asia-Pacific. However, North America and Europe are expected to witness a significant growth rate during the forecasted period.

Key players profiled in the report include Accenture plc, Capgemini SE, Cisco Systems, Inc., Dell Technologies Inc., Telefonaktiebolaget LM Ericsson, Fujitsu Limited, IBM Corporation, Oracle Corporation, Hewlett Packard Enterprise Company, and Huawei Technologies Co., Ltd. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the network consulting services industry.