Pune, India, Oct. 06, 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. Fortune Business Insights™ shares this information in its report titled “Network as a Service Market, 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
October 2020 –Cloudflare Inc. launched "Cloudflare One," a cloud-based network as a service solution. It integrated with major identity management and endpoint security companies to provide secure, quick, dependable, and cost-effective network services. It replaces numerous appliances and WAN technologies with a unified network that offers cloud-based security, performance, and control via a single user interface.
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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 & 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 |
Halt on International Trade Activities During Pandemic Led to Market Decline
The outbreak of COVID-19 led to the downfall in demand due to restrictions in international trade activities. Halt in various end-user industries, such as mining, food & beverage, and others, affected the demand for the product negatively.
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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.
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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 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:
- 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
- By End-User(USD)
- BFSI
- IT & Telecom
- Manufacturing
- Healthcare
- Retail
- Others
- By Country (USD)
- Brazil (By Type)
- Argentina (By Type)
- Rest of Latin America
- By Type (USD)
- Europe 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
- By End-User(USD)
- BFSI
- IT & Telecom
- Manufacturing
- Healthcare
- Retail
- Others
- By Country
- United Kingdom (By Type)
- Germany (By Type)
- France (By Type)
- Italy (By Type)
- Spain (By Type)
- Russia (By Type)
- Benelux (By Type)
- Rest of Europe
- By Type (USD)
- Asia Pacific 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
- By End-User(USD)
- BFSI
- IT & Telecom
- Manufacturing
- Healthcare
- Retail
- Others
- By Country (USD)
- China (By Type)
- India (By Type)
- Japan (By Type)
- South Korea (By Type)
- ASEAN (By Type)
- Oceania (By Type)
- Rest of Asia Pacific
- By Type (USD)
FAQ’s
How much will the network as a service market be worth in future?
By 2029, the network as a service market size is expected to reach USD 80.73 billion.
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