Network-as-a-Service Market Expands as Businesses Seek Flexible, Scalable Network Solutions to Optimize Costs

Network-as-a-Service Market surges as companies adopt scalable network solutions, offering cost optimization, simplified management in network deployment.

AUSTIN, TEXAS, UNITED STATES, May 21, 2024 /EINPresswire.com/ -- Market Scope and Overview

The SNS Insider report estimates that the Network-as-a-Service Market, valued at USD 17.31 billion in 2023, is poised for a remarkable trajectory, reaching a staggering USD 143.0 billion by 2031. This translates to a phenomenal compound annual growth rate (CAGR) of 30.2% during the forecast period 2024-2031.

The Network-as-a-Service Market thrives on several key factors. The burgeoning hybrid work model presents a significant opportunity. Businesses require adaptable network solutions to cater to a workforce that seamlessly transitions between remote and in-office settings. NaaS empowers this mobility by offering cloud-based networking that guarantees secure, consistent connectivity.

Furthermore, the ever-expanding information technology (IT) and telecommunication sector is a significant driver. As businesses increasingly leverage cloud services and IT infrastructure, the need for robust network solutions rises. NaaS offers a cost-effective and efficient way to manage network infrastructure, diminishing the digital divide by providing affordable high-speed network services. This addresses bandwidth scarcity concerns, a growing issue hindering productivity.

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Some of the Major Key Players Studied in this Report are:

➤ Cisco Systems
➤ Juniper Networks
➤ IBM Corporation
➤ NEC Corporation
➤ VMware
➤ Aryaka Networks
➤ AT&T
➤ Alcatel Lucent
➤ Brocade Communication Systems
➤ Ciena Corporation
➤ Others

Market Segmentation Analysis

The Network-as-a-Service Market can be segmented by vertical. The IT & telecommunications sector held the largest revenue share in 2023, accounting for a commanding 25.1%. This dominance is projected to continue, with an anticipated compounded annual growth rate of 33% during the forecast period. The driving force behind this dominance is the ever-increasing adoption of cloud services and IT infrastructure within the IT & telecommunications sector. Network infrastructure plays a critical role in bridging the digital divide by enabling high-speed, affordable network services. Additionally, NaaS addresses bandwidth scarcity concerns, a prevalent issue within the sector.

Market Segmentation and Sub-Segmentation Included Are:

By Type

➤ WANaaS
➤ LANaaS

By Enterprise size

➤ Large Enterprises
➤ SMEs

By Vertical

➤ BFSI
➤ Retail
➤ IT & Telecommunication
➤ Manufacturing
➤ Media and Entertainment
➤ Education
➤ Healthcare
➤ Government
➤ Others

By Application

➤ UCaaS/Video Conferencing
➤ Cloud and SaaS Connectivity
➤ Virtualized Private Network (VPN)
➤ Bandwidth on Demand
➤ Multi-Branch Connectivity
➤ WAN Optimization
➤ Secure Web Gateway
➤ Network Access Control
➤ Other Applications

Impact of the Russia-Ukraine War

The ongoing Russia-Ukraine conflict has cast a shadow over various sectors, including the Network-as-a-Service Market. While the precise impact of this geopolitical turmoil on NaaS remains unclear, understanding the broader context is crucial. The interplay between economic trends and technological markets significantly influences NaaS. The shift towards cloud services and the rising demand for efficiency-driven technologies like cloud analytics and edge computing all contribute to the NaaS landscape.

Geopolitical tensions disrupt global supply chains, impact regulatory frameworks, and influence investment patterns. These factors, while indirect, pose challenges for NaaS providers, demanding adaptability and strategic planning. However, despite the uncertainties, the Network-as-a-Service Market has demonstrated resilience amidst turbulent geopolitical environments. This is underscored by the burgeoning demand for innovative solutions and the need for agile responses to evolving market dynamics.

Regional Analysis

North America currently leads the global Network-as-a-Service Market, holding a dominant revenue share exceeding 39.5% in 2023. This leadership position can be attributed to the presence of numerous key players like Palo Alto Networks, Amdocs, Megaport, Akamai, and Cisco Systems Inc., who have actively contributed to market growth. These companies invest heavily in research and development, particularly in data center infrastructure, further solidifying North America's position. Additionally, factors like high cloud computing penetration, advanced IT infrastructure, and a thriving concentration of network virtualization solution providers are anticipated to accelerate NaaS adoption within the region.

Asia Pacific is expected to witness the fastest growth rate, projected at a remarkable compounded annual growth rate of 35.5%. This surge is fueled by the vast and diverse customer base in India and China, creating lucrative opportunities within the region.

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Recent Developments

In May 2023: Megaport, a leading Network-as-a-Service provider, joined forces with colocation provider Element Critical to launch a groundbreaking NaaS platform. This collaboration allows customers to leverage Megaport's network infrastructure, software-defined networks (SDNs), and services to connect dedicated assets. All connections are facilitated through a single, unified portal, offering enhanced control and cost-management capabilities. Customers can establish direct connections with multiple data center providers or branch offices, streamlining network management.

Key Takeaways

➤ The Network-as-a-Service Market is propelled by the rise of hybrid work models. Businesses seeking adaptable, secure, and scalable network solutions to empower a distributed workforce will find NaaS an invaluable asset.

➤ The Network-as-a-Service Market offers immense potential across various sectors, particularly IT & telecommunications. This report provides a detailed segmentation analysis, allowing you to identify high-growth verticals where strategic investments can yield significant returns.

➤ The report sheds light on the impact of global events like the Russia-Ukraine War and potential economic slowdowns on the Network-as-a-Service Market. By understanding these influencing factors, you can develop robust strategies to mitigate risks and capitalize on emerging opportunities.

The future of the Network-as-a-Service Market appears bright. The demand for adaptable, secure, and scalable network solutions is expected to rise with the continued adoption of hybrid work models. Additionally, advancements in cloud computing, SDN, and NFV technologies will further propel market growth.

Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. Impact of Ukraine- Russia war
4.2. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Network-as-a-Service (Naas) Market Segmentation, by Type
8.1. Introduction
8.2. Trend Analysis
8.3. WANaaS
8.4. LANaaS

9. Network-as-a-Service (Naas) Market Segmentation, by Enterprise Size
9.1. Introduction
9.2. Trend Analysis
9.3. Large Enterprises
9.4. SMEs

10. Network-as-a-Service (Naas) Market Segmentation, by Vertical
10.1. Introduction
10.2. Trend Analysis
10.3. BFSI
10.4. Retail
10.5. IT & Telecommunication
10.6. Manufacturing
10.7. Media and Entertainment
10.8. Education
10.9. Healthcare
10.10. Government
10.11. Others

11. Network-as-a-Service (Naas) Market Segmentation, by Application
11.1. Introduction
11.2. Trend Analysis
11.3. UCaaS/Video Conferencing
11.4. Cloud and SaaS Connectivity
11.5. Virtualized Private Network (VPN)
11.6. Bandwidth on Demand
11.7. Multi-Branch Connectivity
11.8. WAN Optimization
11.9. Secure Web Gateway
11.10. Network Access Control
11.11. Other Applications

12. Regional Analysis
12.1. Introduction
12.2. North America
12.3. Europe
12.4. Asia-Pacific
12.5. The Middle East & Africa
12.6. Latin America

13. Company Profile

14. Competitive Landscape
14.1. Competitive Benchmarking
14.2. Market Share Analysis
14.3. Recent Developments

15. USE Cases and Best Practices

16. Conclusion

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