Network as a Service Market to Boom at A Hefty CAGR of 16.26% During The Forecast Period 2023-2032

Market Research Future Published a Half Cooked Research Report on Global Network as a Service Market Research Report.

Network as a service (Naas) is a business model that provides virtual networking service and is utilized to integrate cloud networking framework and cloud computing services. Market Research future (MRFR) has recently published a detailed report suggesting that the global market for NaaS is anticipated to expand from USD 7.464 Billion in 2023  to USD 42.8 billion by 2032 at a strong CAGR of 16.26.% during the forecast period (2023-2032)

Market Drivers and Restraints:

Rapid development in network virtualization, increasing demand for cloud computing and adoption of cloud-based services over the traditional practices, and inclination towards subscription-based (pay per use) business models are some of the major drivers that are empowering the proliferation of the global network as a service market. The emergence of software-defined networking (SDN), network virtualization, rise in the need for global connectivity and increasing awareness about the economic benefits of NaaS are factors inducing the demand for NaaS in the global market. The challenges faced by global enterprises network for supporting the distributed workforce in multiple international locations is creating a huge demand for NaaS and is expected to grow the NaaS market globally. Potential benefits of network as a service such as reduction in network traffic, optimization of bandwidth usage, faster deployment, network transparency, reduced hassle for network management and maintenance are positively impacting the expansion of the global NaaS market. However, privacy data security and privacy concerns are likely to hinder the growth of the global NaaS market.

Market Segmentation:

The global network as a service market has been segmented on the basis of type, service, component, deployment and end-user. On the basis of type, the NaaS market is segmented into local area network (LAN) and wide area network (WAN). By service, the market is divided into network virtual function (NVF), WAN connection, data center, bandwidth on demand and others. Component of NaaS market includes infrastructure and technology service. By deployment, it is divided into on-cloud and on-premise.

The end-users of NaaS includes IT and telecommunication, BFSI, manufacturing, healthcare, retail, transportation and others. Due to the growing application of NaaS and constant adjustment for cost-effective IT infrastructure operations, IT & communication and BFSI are expected to dominate the global NaaS market during the forecast period.

Detailed

Regional Analysis

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By region, the global network as a service market is segmented into North America, Europe, Asia-Pacific and the rest of the world. Inclination towards the adoption of advanced technology, intense research and development in telecom industry, increase in the number cloud-based services and other factors are driving the market in North America. This region is anticipated to hold the largest market share during the forecast period. Expanding telecommunication network, adoption of cloud-based services and interment in IT infrastructural projects in developing economies is fuelling the growth of NaaS market in Asia-Pacific region and it is anticipated to project the fastest growth in the global NaaS market. Whereas, the market in the European region is profited due to extensive government initiatives, leading to the expansion of NaaS market in this region.

Competitive Analysis:

The surge of new players is triggering competition among the service providers in the global network as a service market. The strategic collaboration of the prominent players with other players in the global network as a service market is sharpening the competitive edge of the global market. In April 2018, Aryaka Networks Inc. (U.S.) has partnered with China Mobile International leading to the alleviation of confusion surrounding new Chinese regulation that limits cross-border communications.

The key players in the global network as service market are Alcatel Lucent (U.S.), Brocade Communications Systems Inc. (U.S.), Ciena Corporation (U.S), Cisco Systems (U.S.), IBM Corp. (U.S.), Juniper Networks (U.S.), NEC Corp. (Japan), VMware (U.S.), Aryaka Networks Inc. (U.S.), AT&T (U.S.) among others.