LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global network consulting market to grow at a CAGR of close to 7% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global network consulting market for 2017-2021. The report also presents the vendor landscape and a corresponding profile of the top five vendors operating in the market. It also examines key emerging trends and their impact on the current and future markets.
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Technavio ICT analysts highlight the following four market drivers that are contributing to the growth of the global network consulting market:
- Adherence to regulatory guidelines and compliance
- Proliferation of enterprise data volume
- Upsurge in IT consolidation and IT reform
- Shift from CAPEX to OPEX business model
Adherence to regulatory guidelines and compliance
Regulatory bodies have set up several compliance standards such as Payment Card Industry Data Security Standard (PCI DSS), Financial Industry Regulatory Authority (FINRA), Sarbanes–Oxley (SOX) Act, Control Objectives for Information and Related Technologies (COBIT), and National Institute of Standards and Technology (NIST) to ensure transparency and security among organizations. Companies must follow the guidelines of the regulatory bodies while securing their confidential data through network security processes.
Legal and ethical rules frequently change in sectors like the finance, energy, and environment, which make it difficult for the organizations in these sectors to adapt quickly to the new norms of the regulatory bodies. Hence, most of the organizations are adopting network consultancy services such as governance, risk, and compliance (GRC) to ensure transparency and risk management practices in organizations.
“Network consultancy services ensure that organizational networking systems adhere to regulatory standards and compliance. They provide precise information and detailed architecture related to regulatory standards,” says Amit Sharma, a lead analyst at Technavio for enterprise application research.
Proliferation of enterprise data volume
An enormous amount of data is being generated through different digital sources such as the Internet, mobile devices, and social media. With the increasing volume, variety, and velocity of data, commonly known as 3Vs, organizations are facing challenges to analyze and manage large databases efficiently.
To manage the high volume of unstructured data, IT executives are increasingly spending on data analytics and network analytics services. IT decision-makers require a holistic picture of their IT architecture to select suitable network analytics solutions. At present, large enterprises are mainly subscribing to network consulting services to evaluate network analytics solutions.
Upsurge in IT consolidation and IT reform
IT consolidations in organizations are taking place to improve operational efficiency and achieve economies of scale. The ever-increasing consolidation of IT infrastructure such as data centers and networking systems in the organizations is forcing the C-suite executives to implement advanced IT service delivery models such as shared and managed IT services.
The continuous change in technology and the need for IT modernizations in different industry verticals such as the manufacturing, BFSI, telecom, and healthcare are the key factors for the growing adoption of IT services.
“The increasing pace of digital transformation has increased the demand for network consulting services. These services enable upgrading and consolidation of the network infrastructure in enterprises to ensure efficiency, compliance, and security,” says Amit.
Shift from CAPEX to OPEX business model
Cloud computing is a dynamic IT service delivery model, which requires network planning and other IT consulting services to deploy cloud-based services. The network consulting services have introduced integrated suite of services, which help organizations to migrate from the existing ICT infrastructure to cloud-based operating model. Enterprises choose public, private, or hybrid cloud computing deployment model depending on their business requirements and IT budgets.
Enterprises are shifting from CAPEX to OPEX business model to leverage cost efficiencies. This change has boosted the adoption of cloud-based networking services. NaaS provides on-demand network services with pay-per-use pricing model; wherein clients pay only for the resources used. This is in contrast to the traditional network connectivity services model that involved fixed bandwidth usage charges and high CAPEX.
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