Network consulting services market to reach $27.9 bn by 2031

Allied Market Research published a report, titled, “Network Consulting Services Market by Type (Network Designing and Planning, Network Testing, Others), by Organization Size (SMEs, Large Enterprise), by Vertical (BFSI, Healthcare, Education, Energy and Utilities, IT and telecom, Government, Retail, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global network consulting services industry generated $14.7 billion in 2021, and is anticipated to generate $27.9 billion by 2031, witnessing a CAGR of 6.7% from 2022 to 2031.

A surge in internet penetration, rise in consumer awareness of network consulting services and an increase in the need for flexible and upgraded network infrastructure drive the growth of the global network consulting services market. However, high server downtime and cost related to server consultancy system restrict the market growth. Moreover, the adoption of machine learning (ML) and big data analytics such as the internet of things (IoT) and artificial intelligence (AI) in rapid development in IT and wireless networking technologies are expected to present new opportunities in the coming years.

Covid-19 Scenario
The outbreak of the Covid-19 pandemic had a positive impact on the global network consulting services market, as network consulting services have become increasingly popular during the lockdown.

Many companies and individuals have started performing remote employment since the pandemic. Businesses require the appropriate technologies to provide network infrastructure agility and security for remote working. When making any additional modifications to the network, firms may use network consulting services to identify their network risks and weaknesses.
The IT and telecom segment to maintain its leadership status throughout the forecast period

Based on vertical, the IT and telecom segment held the highest market share in 2021, accounting for nearly one-fourth of the global network consulting services market, and is estimated to maintain its leadership status throughout the forecast period. IT & telecommunications engage in a server-based atmosphere to run their business, and protect with the aid of sophisticated network operations such as the deployment of network design & plan and network testing. This factor fuels the growth of the network consulting services market. However, the education segment is projected to manifest the highest CAGR of 9.6% from 2022 to 2031, owing to benefits such as reducing manual work and promoting automation. The rapid growth in the adoption of connected devices and rise in awareness concerning advanced technology such as AI, blockchain, big data, and cloud computing in various online learning platforms to enhance education facilities drives the growth of the market.

The network designing & planning segment to maintain its leadership status throughout the forecast period
Based on type, the network designing & planning segment held the highest market share in 2021, accounting for more than three-fifths of the global network consulting services market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 7.2% from 2022 to 2031. Widespread acceptability of superior network planning and design that are cost-effective and have higher connectivity performance has motivated the network consulting services market to expand.

The Specialty Stores segment to maintain its lead position during the forecast period
Based on organization size, the large enterprise segment accounted for the largest share in 2021, contributing to around three-fourths of the global network consulting services market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 7.3% from 2022 to 2031, as large enterprises can deploy network consulting services depending on the network infrastructure, organization’s business functioning, and quality requirements.

CT Bureau