Rising demand for cloud computing as well as subscription business models are the major factors driving the Global Network as a Service Market during the forecast period.
According to TechSci Research report, "Network as a Service (NaaS) Market - Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028, the Global Network as a Service Market is expected to register robust growth during the forecast period, 2024-2028."
The industry is expanding at a tremendous rate owing to technological innovation and the trend of users toward cloud-managed network services. Vertical organizations deploy network services to efficiently use resources, minimize capital expenditures, improve service quality, and increase uptime. NaaS allows users/customers to rent network services from their cloud provider. It is a cloud model that provides network services via the internet in a subscription (pay-per-use) model.
Network services are provided by network service providers, cloud providers, etc. for networks and network security resources such as VPNs, WANs, and firewalls. This allows customers to manage and operate their networks without maintaining network infrastructure, optimizing resource allocation, and computing resources as a single integrated module. It offers services through a subscription-based business model that provides enterprise-wide area network (WAN) services. This includes integrated hardware, software, licenses, and managed services.
NaaS allows businesses and organizations to have subscription hardware, managed services and full/true NaaS. It is a framework that leverages open application programming interfaces (APIs), network transformation, service lifecycle automation, and model-driven abstraction. NaaS enables users to streamline new services and automate order-to-service processes and technology adoption. It also improves the customer experience by eliminating manual intervention from the service fulfillment process and provides error-free service activation, reducing time to issue resolution.
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The Global Network as a Service Market is segmented on the basis of type, service, and end user. Based on type, the market is further segmented into WAN-as-a-service, LAN-as-a-service. WAN-as-a-service is expected to dominate the market during the forecast period. It is a cloud-based Wide Area Network (WAN) model intended to replace traditional WANs that rely on hardware. Use connection protocols such as Multiprotocol Label Switching (MPLS) that are difficult to manage. WANaaS replaces hardware appliances delivered via the cloud. A vertical can configure his WAN with a simple internet connection and software. WANaaS is a specialized managed service suitable for large to medium-sized businesses as it enables rapid deployment, optimizes user productivity and experience, and reduces costs.
Based on end user, the market is further split into IT & Telecom, BFSI, healthcare, retail & e-commerce, others (government, education etc.). IT & Telecom sector is expected to dominate the market during the forecast period. This growth is due to increased use cases and adoption of cloud services and IT infrastructure. Network infrastructure plays a vital role in the IT and telecom sector as it minimizes the digital divide by providing fast network services, addressing bandwidth constraints at an affordable price. Sharing active and passive infrastructure enables high-speed internet access and allows you to grow your network profitably. Network-as-a-Service solutions are a key building block for 5G networks, and the telecom sector is expected to see significant adoption of the NaaS platform.
On the basis of region, the market is segmented into North America, APAC, Europe, South America, and MEA. North America is expected to dominate the market during the forecast period. The main driver is the presence of key players such as Palo Alto, Amdocs, Megaport, Akamai, and Cisco Systems Inc. which have driven the growth of the market. Major companies are investing heavily in data center research and development, and network infrastructure is contributing to growth. Additionally, the massive adoption of IoT and cloud-based services is driving the growth of the Network-as-a-Service market. Businesses and organizations are retrofitting traditional network infrastructures with advanced IT infrastructures, network virtualization solutions, and cloud computing services. Cloud providers and communication service providers are embracing and implementing cloud platforms to cut complexity.
Key market players in the Global Network as a Service Market include: -
- Cisco Systems Inc.
- Verizon Communications Inc.
- IBM Corporation
- NEC Corporation
- Oracle Corporation
- AT&T Inc.
- Juniper Networks Inc.
- DXC Technology Company
- VMware Inc.
- Ciena Corporation
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“North America is expected to dominate during the forecast period as the region is to home to many companies which are operating worldwide. IT & Telecommunication sector is expected to dominate the market as network is widely used in this sector. As 5G shall capture the market all over the world, IT & Telecommunication is expected to be the major end user for the Network as a Service Market owing to quick adoption of cloud & 5G services worldwide,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Network as a Service Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (WAN-as-a-service, LAN-as-a-service), By Service (Bandwidth on Demand (BoD), Wide Area Network (WAN), Virtual Private Network (VPN)), By End User (IT & Telecom, BFSI, Healthcare, Retail & E-Commerce, Others (Government, Education etc.)), By Region,” has evaluated the future growth potential of Global Network as a Service Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Network as a Service Market.
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