The network as a service market is rapidly growing, heading with the rising adoption of cloud technology and demand for data storage solutions and big data analytics. Network as a service (NaaS) is a virtual networking business model used to deliver the network service virtually through the ‘pay as you’ service or subscription model.
With the rapid growth in IoT technologies and on-demand network providers, the market is estimated to perceive vast revenue growth. In this regard, Market Research Future (MRFR) states that the global network as a service market is projected to reach exponential heights by 2027, growing at an impressive CAGR throughout the forecast period (2020-2027).
Advanced Approach of Releasing the Data from a Control Plane Coherent Improvisation Substantiates the Market Size
Additionally, the adoption of operating expenditure (OPEX) saving and mobility boosts the NaaS market growth, driving the software-defined market. Furthermore, the spurring rise in the IT telecommunication industry fosters market growth due to the expansion of various telecom operator networks. Furthermore, the rising inclination towards cloud technology by various SMEs and IoT advances offer significant growth opportunities.
High Installation Costs Required for NaaS Implementations Slows Market Growth
The lack of proper infrastructure and high installation costs required to implement NaaS are some of the major factors impeding the market growth. Nevertheless, opportunities in value-added resellers’ products would support the growth of this market throughout the projected period.
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Network as a Service (NaaS) Market – Segments
The report is segmented into types, components, deployments, end-users, and regions. The type segment is sub-segmented into local area network (LAN) and wide area network (WAN). The component segment is sub-segmented into infrastructure and technology services. The sub-segment service is bifurcated as network virtual function (NVF), WAN connection, data center, bandwidth on demand (BOD), and others.
The deployment segment is sub-segmented into on-cloud and on-premises. The end-user segment is sub-segmented into IT telecommunication, BFSI, manufacturing, healthcare, retail, transportation, and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Global Network-as-a-Service Market – Regional Analysis
North America dominates the global network as a service market. The largest market share attributes to the presence of several notable players and the early adoption of cloud-based deployment services in the region, driving the NaaS adoption to re-structure business functions strategies. Besides, the higher adoption of NaaS across end-user industry verticals drives the growth of the market.
Moreover, technological advances and vast numbers of networks due to the digital revolution across the industries influence the network as a service market growth. The US and Canada, with their increasing NaaS applications, hold considerable shares in the regional market. The North American NaaS market is projected to retain its dominance throughout the estimated period.
Global NaaS Market – Competitive Analysis
The well-established NaaS market appears fragmented due to the presence of several key companies. Service providers incorporate strategic initiatives such as collaboration, mergers acquisitions, expansion, and product launch to gain a competitive advantage. Naas providers focus on innovations and the development of new solutions, fueling the already intensified market competition.
Major Players:
Players leading the global NaaS market include Brocade Communications Systems Inc. (US), Alcatel Lucent (US), Ciena Corporation (US), IBM Corp. (US), Cisco Systems (US), Juniper Networks (US), VMware (US), NEC Corp. (Japan), Aryaka Networks Inc. (US), and ATT (US), among others.
Industry/ Innovation/ Related News
July 15, 2021 --- Verizon Business (the US), a leading one-stop place to manage all business services, announced the availability of its 5G Business Internet in parts of 42 US cities. Verizon’s 5G Businesses Internet is a fixed-wireless Internet offering for businesses of all sizes. Besides, the 5G Business Internet complements Verizon Business’ solutions portfolio, including 5G mobility 5G Edge mobile-edge computing (MEC), managed network-as-a-service (NaaS) and support offerings, SDN, and more.
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