Global Network as a Service Market to Reach US$ 59.1 Billion by 2027, Propelled by Increasing Need for Networking Technologies

August 16, 2022

According to the latest report by IMARC Group, titled Network as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global network as a service market reached a value of US$ 10.8 Billion in 2021. Network-as-a-Service (NaaS) refers to a cloud-based virtualized network infrastructure that uses software, hardware, networking services, operating expense (OpEX), and management tools to enable users to rent and manage networks. It assists in minimizing hardware costs by eliminating the need for hardware-centric virtual private networks (VPNs), firewall appliances, and multiprotocol label switching (MLPS) connections. Naas allows third-party members to configure routers, optimize wide area networks (WANs), scale business requirements while adhering to the pay-per-use model, monitor service-centric procedures, and activate salient features. Apart from this, it offers flexibility, ultra-simple configuration, secured connectivity, isolation from customer traffic, data protection, ease of adding new elements, and common service intelligence. Based on these properties, NaaS finds extensive applications in various corporate entities.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Network as a Service Market Trends:

The rapid growth in the information technology (IT) sector and the increasing industrial need for high-performance cloud or on-premises networking technologies are primarily driving the market growth. NaaS is widely adopted across sectors to enable focus on their core competencies, which is supporting the market growth. In line with this, the increasing establishment of data centers and virtual infrastructures that rely on the cloud for data storage are favoring the market growth. Furthermore, the rising awareness amongst small and medium-sized enterprises (SMEs) regarding innumerable benefits of NaaS, such as optimized bandwidth usage, transparent network visibility, and reduced network maintenance and management hassles, is acting as another growth-inducing factor. Moreover, the advent of the pay-per-use business model and software-defined networking (SDN), along with the large-scale integration of connected devices with cloud computing, the Internet of Things (IoT), and virtual and artificial reality (AR/VR), are impelling the market growth. Such advancements offer enhanced connectivity with smart gadgets and computing systems. Additionally, the extensive utilization of NaaS to perform multiple tasks, including operating VPNs, running secure web gateways, and conducting video conferencing, especially during the COVID-19 pandemic, is contributing to the market growth. Other factors, such as the growing uptake of fifth-generation (5G) networks and strategic collaborations amongst key players to engineer network function virtualization (NFV)-based cloud-native solutions to replace traditional networking models, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 59.1 Billion by 2027, growing at a CAGR of 32.5% during 2022-2027.

Market Summary:

  • On the basis of the type, the market has been bifurcated into LAN-as-a-Service and Wan-as-a-Service.
  • Based on the application, the market has been categorized into cloud-based services, bandwidth on demand, integrated network Security-as-a Service, and wide area network, and virtual private network.
  • On the basis of the end use industry, the market has been segregated into healthcare, BFSI, retail, e-commerce, IT and telecom, manufacturing, transportation and logistics, and public sector.
  • On a regional basis, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some of the key players being Akamai Technologies Inc., AT&T Inc., Broadcom Inc., Ciena Corporation, Cisco Systems Inc., GTT Communications Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Juniper Networks Inc., Nokia Corporation, Oracle Corporation, Telstra Corporation Limited, Verizon Communications Inc. and VMware Inc. (Dell Technologies Inc.).

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Global Network as a Service Market to Reach US$ 59.1 Billion by 2027, Propelled by Increasing Need for Networking Technologies
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