Global WiFi As A Service Market to Reach US$ 19.1 Billion by 2032, Impelled by Rising Incidences of Cybercrime Activities

March 08, 2022 | Technology & Media

According to the latest report by IMARC Group, titled "WiFi As A Service Market Report by Component (Professional Services, Managed Services), Location Type (Indoor, Outdoor), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), End Use Industry (Telecom and IT, BFSI, Education, Healthcare, Hospitality, Transportation, Retail, and Others), and Region 2024-2032," the global WiFi as a service market reached a value of US$ 5.7 Billion in 2023. WiFi as a service (WaaS) refers to a software model that is widely utilized by multiple enterprises for providing internet connectivity across organization. This advanced network solution generally integrates three essential components, including software, infrastructure and managed services, for offering reliable web access to businesses on a subscription basis. Additionally, it also provides a centralized network management system for location-based and business intelligence services. Consequently, it aids in improved visibility, pre-scheduled hardware refreshes, excellent user experience while enhancing business processes. Due to the rising demand for high-speed internet connectivity, it is gaining widespread prominence on the global level.

Global WiFi As A Service Market Trends:

The global market is primarily driven by continual technological advancements. In line with this, the introduction of cloud-based solutions is creating a positive outlook for the market. Along with this, rapid digitization and the increasing incidences of cybercrime activities across the corporate segment have encouraged multiple businesses to heavily invest in the deployment of Wi-Fi-as-a-service solutions, thereby propelling the market growth. Since the installation of WaaS is cost- and time-efficient, offers a fast and reliable data network and can be managed through the network operating center, this is providing a boost to the market growth. Furthermore, the escalating demand for WaaS solutions across the banking, financial services and insurance (BFSI) sector for reducing latency and enabling security protection is positively influencing the market growth. Moreover, the rising utilization of WaaS in the healthcare industry for monitoring patients remotely is also favoring the market growth. Other factors, including continuous improvements in the information technology (IT) infrastructure and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 19.1 Billion by 2032, growing at a CAGR of 13.92% during 2024-2032.

Market Summary:

  • On the basis of the component, the market has been bifurcated into professional and managed services.
  • Based on the location type, the market has been segregated into indoor and outdoor.
  • On the basis of the enterprise size, the market has been segregated into large and small and medium-sized enterprises.
  • Based on the end-use industry, the market has been categorized into telecom and IT, BFSI, education, healthcare, hospitality, transportation, retail and others.
  • On the basis of the region, the market has been divided 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 the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players are Arista Networks Inc., Cisco Systems Inc., CommScope Inc., Extreme Networks, Fortinet Inc., Fujitsu Limited, Hewlett Packard Enterprise Development LP, Huawei Technologies Co. Ltd., Juniper Networks Inc., Riverbed Technology Inc., Rogers Communications Inc., Singtel, Telstra Corporation Limited and Viasat Inc.

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Global WiFi As A Service Market to Reach US$ 19.1 Billion by 2032, Impelled by Rising Incidences of Cybercrime Activities
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