Pune, July 11, 2024 (GLOBE NEWSWIRE) -- Network-as-a-Service [NaaS] Market Growth Analysis:
“According to the SNS insider research, the Network-as-a-Service (NaaS) Market size was valued at US$ 19.2 Billion in 2023 and would reach up to US$ 285.9 billion by the end of the year 2032, growing a CAGR rate of approximately 35% during the forecast period 2024-2032.”
The Network-as-a-Service market growth is driven due to widespread cloud-based services, and proliferation of IoT devices that require a decent network infrastructure, and a desire for scalable networks. Enterprises are adopting Network-as-a-Service to simplify operations, lower costs and provide the flexibility needed as business demands evolve. The Govt. investment in IT infrastructure has boosted the market globally. According to U.S. govt. report, the investment done by the civilian agency was around $5 Bn, followed by the Department of Health and Human Services around $ 2 Bn, in FY 23-25.
Additionally, the surge in remote work and digital transformation projects are also driving business needs for Network-as-a-Service offerings. In Addition to that, Software-defined networking summarizes the lower-level functionality as it relates to network services as it is a major milestone in network architecture that helps enable unified communications and collaboration (UC&C) applications.
In terms of wireless Telecommunication, the major key players such as Reliance Jio, Vodafone, BSNL, etc. are competing for market growth and customer building. With almost 460 million customers, Reliance Jio dominates the market. By the end of 2023, Reliance Jio's operating income was approximately 1.2 trillion Indian rupees.
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Major Players Analysis Listed in this Report are:
- Juniper Networks, Inc.
- Cisco Systems, Inc.
- IBM Corporation
- VMware Inc.
- NEC Corporation
- Aryaka Networks, Inc.
- AT&T, Inc.
- Alcatel Lucent S.A
- Brocade Communication Systems, Inc.
- Ciena Corporation
- Other Players
Recent Developments
- Akamai Technologies acquired Ondat in March 2023 with a major focus on enhancing cloud-based storage capabilities.
- Meanwhile, Cloudflare Inc. collaborated with Kyndryl in May 2023 and aimed to deliver managed WAN services leveraging Versa Networks' technology and reflecting a strategic move towards enhancing network management capabilities across diverse geographical regions.
Network-as-a-Service [NaaS] Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 19.2 Billion |
| Market Size by 2032 | US$ 285.9 Billion |
| CAGR | CAGR 35 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Accelerated cloud service adoption among major and small businesses. • For mission-critical business applications, high dependability and security are required. |
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Segment Analysis
Based on Type, the WAN segment led the market with 66% of the revenue share in 2023.
This dominance is driven by the widespread adoption of WAN services across various industry sectors, offering integrated solutions that connect multiple devices and offices into cohesive data center systems. The WAN market has shown a surge due to the proliferation of cloud services, which necessitate easy access to reliable data from remote locations. For Instance, SD-WAN (Software-defined wide area network) had also recorded $ 1Bn revenue in 2023, as this market has improved connectivity and streamlined operation.
Based on Enterprise, the Large Enterprises segment led the market with more than 40% of the revenue share in 2023.
The growth is driven by their extensive adoption of NaaS and Platform as a Service (PaaS). Virtualization technologies enable these enterprises to gain comprehensive control over resources and support trends like BYOD (bring your own device), thereby optimizing operational costs and enhancing productivity.
Based on the Industry, the IT and telecommunication segment led the market with 27% of the revenue share in 2023.
The IT & Telecommunication sector held the largest market share, owing to the sector's rapid transition from traditional to virtualized enterprise networks. Cloud-enabled virtualization technologies are empowering telecom carriers and network service providers to deliver agile services over existing infrastructures, addressing bandwidth limitations and capital expenditure concerns. The adoption of Network 5G in recent times has boosted the market as it reached around USD 2 billion in 2023. The major reason to push the adoption is the ongoing function of the Industries, Logistic, Healthcare, and smart cities.
Network-as-a-Service [NaaS] Market Key Segmentation:
By Type
- WANaaS
- LANaaS
By Enterprise Size
- Large Enterprises
- SMEs
By Industry
- Healthcare
- BFSI
- IT & Telecommunication
- Manufacturing
- Retail
- Others (Transportation)
By Application
- Bandwidth on Demand
- Virtual Private Network
- Cloud-based Services
- Wide Area network
- Others
Regional Analysis
North America emerged as the leader in revenue share with over 39.5% in 2023, driven by the region's advanced IT infrastructure and widespread adoption of cloud computing. The presence of major tech companies and continuous investments in data center innovations further boost the Network-as-a-Service adoption in the region.
In Quarter (1) 2024, the largest vendor in cloud infrastructure services provider Amazon Web Services (AWS) took an overall market share of 31 percent, with Microsoft Azure holding 25 percent, and Google Cloud holding 10 percent. All three vendors account for two-thirds of total spending in the first quarter of 2024. These are major Cloud vendors that use their cloud services for ML, data analytics, or reporting, cloud-native development, and other services.
Asia-Pacific is the second largest market with a significant growth rate and holds a second position in the Network-as-a-Service Market due to a diverse customer base and increasing digitalization efforts in countries like China and India.
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(Report Covers Latest Industry Insights and Updates, SWOT Analysis, Key Players Analysis & Forecast Study)
Key Takeaways
- The rapid adoption of NaaS is driven by the cost-efficiency and scalability benefits.
- Increasing integration of 5G and IoT technologies accelerating the NaaS market growth.
- Large enterprises leading in NaaS adoption, leveraging virtualization for enhanced network management.
- IT & Telecommunication sectors dominating Network-as-a-Service adoption, transitioning from traditional to cloud-enabled networks.
- North America leading the market with a high revenue share, supported by robust IT infrastructure and cloud computing uptake.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Network-as-a-Service Market Segmentation, By Type
8. Network-as-a-Service Market Segmentation, By Enterprise
9. Network-as-a-Service Market Segmentation, By Industry
10. Network-as-a-Service Market Segmentation, By Application
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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