Pune, India, May 23, 2022 (GLOBE NEWSWIRE) -- The network as a service market size was USD 9.58 billion in 2021. The market is projected to grow from USD 11.64 billion in 2022 to USD 80.73 billion in 2029 at a CAGR of 31.9% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Network as a Service Market (NaaS), 2022-2029.” Factors such as increased adoption of cloud technology from BFSI and IT & telecommunication along with an increasing portfolio of services will boost the growth of the market during the forecast period. Additionally, increased adoption of technology by SMEs and large-scale organizations will increase the footprint of the market.
Key Industry Development
February 2021: KDDI Corporation announced its new SD-WAN solution based on Cisco SD-WAN in terms of its SD-WAN product range. KDDI aims to offer intense solutions for the U.S. through Cisco's worldwide Managed Services Partner (MSP) Programme.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 31.9% |
| 2029 Value Projection | USD 80.73 Billion |
| Base Year | 2021 |
| Network as a Service Market Size in 2021 | USD 9.58 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 180 |
| Segments covered | Type, Enterprise Size, Application, End-user and Geography |
| Network as a Service Market Growth Drivers | Increasing Inclination Toward Cloud technology to Drive Market Growth |
| Lack of Standardization and High Cost of Implementation Hinders Market Growth |
Increased Demand for NaaS During COVID-19 to Augment Market Growth
The COVID-19 pandemic had a positive impact on the market of network as a service due to organizations adopting work from home strategy for a majority of the duration. This prompted organization to deploy VPNs for ease of use and ensuring no security lapses occur. Additionally, an increasing number of reliable vendors utilizing NaaS was observed. Also, rising number of corporate locations, increased bandwidth requirement from each platform, and increased use of application use per person triggered an inflated volume for the market.
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Drivers & Restraints
Adoption of Cloud Technology to Augment Market Growth During Forecast Duration
Factors such as increasing investments & rising collaborative efforts in various technological fields including cloud computing, network virtualization, and Software-Defined Networking (SDN) will boost the network as a service market growth during the forecast period. Additionally, rising awareness about benefits offered by cloud services, such as cost-effective measures and on-premises support, will further fuel the growth of the market. Also, rising requirements from organizations for on-demand access for infrastructures, applications, and other IT services will increase the footprint of the market.
However, lack of standardization is expected to limit the growth of the market during the forecast period. Also, higher implementation costs will further cause hindrances to the growth of the market.
Report Coverage
The market for network as a service offers in-depth qualitative and quantitative insights by offering critical aspects such as market size & volume and all possible segments and sub-segments. Additionally, the report focuses on ongoing industry developments and future market trends. Also, factors which will affect the market in a positive/negative manner during the forecast are mentioned.
What does the Report Provide?
The Network as a Service Market report offers in depth analysis of various factors, which are influencing the market growth. Additionally, the report provides insights into the regional analysis of different regions. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration that contribute in boosting the market.
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Segments
Based on type, the market is divided into WAN as a service and LAN as a service.
By enterprise size, the market is broken into small and medium-sized enterprise and large enterprise.
With respect to application, the market is segmented across wide area networks, virtual private network, cloud-based services, bandwidth on demand, and others (integrated network security as service).
By end-user, the market is fragmented across BFSI, IT & telecommunication, manufacturing, healthcare, retail, and others (transportation).
In terms of geography, the market is categorized into North America, Asia Pacific, Europe, the Middle East & Africa, and South America.
Regional Insights
North America to Occupy Substantial Market Share due to Extensive R&D Activities
North America will witness the largest network as a service market share during the intended forecast due to rising investments in R&D coupled with increasing network expansion technology. Additionally, the region possesses high infrastructure growth in terms of data centers and network infrastructures, further triggering a growth in the volume of the market. Presence of prominent players in the region and increased focus toward innovative technologies will increase the footprint of the market.
Asia Pacific will occupy the fastest growing CAGR during the forecast period due to rising opportunities in cloud-based networking and rising demand for NaaS from emerging economies such as India and China.
Europe holds considerable market share in terms of global contribution due to rising adoption of technology and increasing awareness regarding network services.
Major Players Network as a Service Market Profiled in the Report:
- Cisco Systems, Inc.
- Verizon Wireless Inc.
- IBM Corporation
- Oracle Corporation
- Cloudflare, Inc.
- Global Cloud Exchange
- Telefonica S.A.
- Aryaka Networks, Inc.
- NEC Corporation
- VMware, Inc.
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Major Table of Contents:
- Global Network as a Service Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
-
- WAN as a Service
- LAN as a Service
-
- By Enterprise Size (USD)
- Small & Medium Size Enterprise
- Large Enterprises
- By Application (USD)
- Wide Area Network
- Virtual Private Network
- Cloud Based Services
- Bandwidth on Demand
- Others (Integrated Network Security as a Service)
- By End-User(USD)
- BFSI
- IT & Telecom
- Manufacturing
- Healthcare
- Retail
- Others (Transportation, Etc)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Network as a Service Market Size Estimates and Forecasts, By Segments, 2018-2029
- By Type (USD)
-
- WAN as a Service
- LAN as a Service
-
- By Enterprise Size (USD)
- Small & Medium Size Enterprise
- Large Enterprises
- By Application (USD)
- Wide Area Network
- Virtual Private Network
- Cloud Based Services
- Bandwidth on Demand
- Others (Integrated Network Security as a Service)
- By End-User(USD)
- BFSI
- IT & Telecom
- Manufacturing
- Healthcare
- Retail
- Others (Transportation, Etc)
- By Country (USD)
- United States (By Type)
- Canada (By Type)
- Mexico (By Type)
- By Type (USD)
- South America Network as a Service Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- By Type (USD)
-
- WAN as a Service
- LAN as a Service
-
- By Enterprise Size (USD)
- Small & Medium Size Enterprise
- Large Enterprises
- By Application (USD)
- Wide Area Network
- Virtual Private Network
- Cloud Based Services
- Bandwidth on Demand
- Others (Integrated Network Security as a Service)
- By Type (USD)
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