According to IMARC Group’s latest report, titled “Network as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.’ The study provides a detailed analysis of the industry, including the global network as a service market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Network as a Service Market?
The global network as a service market size reached US$ 14.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 77.6 Billion by 2028, exhibiting a growth rate (CAGR) of 32.3% during 2023-2028.
What is Network as a Service?
Network-as-a-Service (NaaS) represents a cloud-based technology solution that involves the leasing of networking assistance from service providers. It comprises the hiring of software, management tools, hardware, lifecycle services, and licenses without building, owning, or maintaining the setup infrastructure. NaaS can aid in replacing load balancers, firewall appliances, hardware-centric virtual private networks (VPNs), and multiprotocol label switching (MLPS) connections. The network infrastructure is also virtualized via flexible operating expenses (OpEx). The service is given to the customers in exchange for a subscription and can be scaled as per the requirement of the user. As a result, NaaS finds widespread applications across various sectors, such as retail, information technology (IT), banking, financial services and insurance (BFSI), and healthcare.
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What are the growth prospects and trends in the Network as a Service industry?
The expanding IT industry across the globe and the escalating demand for this solution for video conferencing, operating VPNs, wide area network (WAR) optimization, and running secure web gateways are among the primary factors driving the network-as-a-service market. Besides this, the elevating requirement for this platform by small, medium, and large-sized organizations for converting physical networking elements to sharable virtual resources is further augmenting the market growth.
Moreover, several technological advancements, including the integration of connected devices with the internet of things (IoT), virtual reality (VR), and augmented reality (AR) solutions to offer enhanced technical flexibility and data security to the organizations and improved access to private and public gateways is also catalyzing the global market. Apart from this, the inflating need for this solution, as it delivers enhanced connectivity with smart devices, computing systems, remote offices, and data centers, is acting as another significant growth-inducing factor. Furthermore, the extensive utilization of 5G technologies and the growing popularity of the pay-per-use pricing model are expected to bolster the network-as-a-service market in the coming years.
Who are the key players operating in the industry?
The report covers the major market players including:
- Akamai Technologies Inc.
- AT&T Inc.
- Broadcom Inc.
- Ciena Corporation
- Cisco Systems Inc.
- GTT Communications Inc.
- Hewlett Packard Enterprise Development LP
- International Business Machines Corporation
- Juniper Networks Inc.
- Nokia Corporation
- Oracle Corporation
- Telstra Corporation Limited
- Verizon Communications Inc.
- VMware Inc.
- Dell Technologies Inc.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- LAN-as-a-Service
- WAN-as-a-Service
Breakup by Application:
- Cloud-based Services
- Bandwidth on Demand
- Integrated Network Security-as-a-Service
- Wide Area Network
- Virtual Private Network
Breakup by End Use Industry:
- Healthcare
- BFSI
- Retail and E-Commerce
- IT and Telecom
- Manufacturing
- Transportation and Logistics
- Public Sector
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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