Pune,India, Dec. 18, 2023 (GLOBE NEWSWIRE) — Global network as a service market size was valued at USD 13.63 billion in 2022 and is projected to reach USD 155.17 billion by 2030, exhibiting a CAGR of 35.3% during the forecast period. 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. This information is provided by Fortune Business Insights™ in its research report titled Network as a Service Market Forecast, 2024-2030.
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Key Industry Development-
- Hewlett Packard Enterprise (HPE) introduced an updated version of its cloud management platform, HPE Aruba Networking Central, at its Atmosphere event, providing AI for IT operations (AIOps) and developed network capabilities.
- 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.
Key Takeaways
- The combined coordination of the software with application lifecycle management systems is expected to drive market growth.
- Growing Adoption of Network as a Service across Key Industries Supported Market Growth
- Surge in Adoption of Cloud Services among Enterprises to Drive Market Growth
- Increasing Need for Wireless Communication for Industrial and Commercial Operations to Surge the Demand for Network as a Service
Discover the Leading Players Featured in the Report-
“Companies leading the Network as a Service Market are Amdocs Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Megaport Limited (Australia)Hewlett Packard Enterprise (Aruba Networks) (U.S.), NEC Corporation (Japan), ARTERIA Networks Corporation (Japan), NTT Group (Japan), Cisco Systems Inc. (U.S.), Cloudflare, Inc. (U.S.), Verizon Communications Inc. (U.S.)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 35.3% |
| 2030 Value Projection | USD 155.17 Billion |
| Base Year | 2022 |
| Network as a Service Market Size in 2022 | USD 13.63 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 180 |
| Segments covered | Type, Enterprise, Application, End-User, Industry, Regional |
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Drivers and 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.
Growing Need for Wireless Communication to Fuel the Demand for Network as a Service. The growing demand for wireless communication in commercial and industrial operations drives the demand for Network as a Service. For enabling efficient operations and seamless connectivity, wireless communication is important.
Segments
By Type
- WAN as a Service
- LAN as a Service
By Enterprise Type
- Small and Medium-sized Enterprise
- Large Enterprise
By Application
- Wide Area Network
- Virtual Private Network
- Cloud-based Services
- Bandwidth on Demand
- Others
By End User
- Corporate Customers
- Individual Customers
By Industry (Corporate Customers)
- BFSI
- IT & Telecommunication
- Manufacturing
- Healthcare
- Retail
- Others
Regional Insights-
North America to Lead the Market Share Owing to Technological Maturity
North America is anticipated to hold the biggest network as a service market share during the projected period. The market growth in the region is credited to its technological advancements in data centres and network infrastructure and extensive research & development in network expansion technology.
Asia Pacific is projected to reach the highest CAGR during the projected period as China and India are likely to surge the demand for NaaS.
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Competitive Landscape –
Key Players in the Market Focus on Data Centre Offerings to Drive Market Growth
Key players focus on making their position strong in the market with the help of partnerships, mergers, and acquisitions. Strategic planning is one of the most used among businesses to back their position in the market. One of the leading key players, such as Fortinet, Inc., focuses on providing networks and designing.
FAQs
How big is the Network as a Service Market?
Network as a Service Market size was USD 13.63 Billion in 2022
How fast is the Network as a Service Market growing?
The Network as a Service Market will exhibit a CAGR of 35.3% during the forecast period, 2023-2030.
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