The Network as a Service Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Network as a Service Global Market Report 2024, The network as a service market size has grown exponentially in recent years. It will grow from $20.22 billion in 2023 to $26.2 billion in 2024 at a compound annual growth rate (CAGR) of 29.6%. The growth in the historic period can be attributed to increased demand for scalable solutions, cost-efficiency, rise of remote work.
The network as a service market size is expected to see exponential growth in the next few years. It will grow to $78.61 billion in 2028 at a compound annual growth rate (CAGR) of 31.6%. The growth in the forecast period can be attributed to edge computing expansion, security and compliance requirements, industry-specific networking solutions, flexible subscription models. Major trends in the forecast period include 5G integration, digital transformation initiatives, software-defined networking (SDN) adoption, network security as a service (SECaaS), network analytics and intelligence.
The growing number of cloud-based applications across enterprises is expected to propel the growth of the network as a service market going forward. Cloud-based applications refer to the cloud computing used for data storage. People staying at home have increased the usage of the internet which has surged the demand for high-speed network connection, network as a service utilizes cloud computing that is helpful for the customers to operate their own networks by deploying cloud-based applications and have access to network infrastructure directly and securely. For instance, in 2021, according to Cisco, a US-based technology company, overall data center workloads and compute instances will be more than double those of 2021. The workload and compute instance density for cloud data centers will reach 13.2 by 2021. Therefore, the growing number of cloud-based applications across enterprises is driving the network as a service market growth.
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The network as a service market covered in this report is segmented –
1) By Type: LAN as a Service, WAN as a Service, Bandwidth on Demand (BoD), VPN as a Service, Managed Services
2) By Enterprise Size: Large Enterprises, SMEs
3) By End-User: Banking, Financial Services, And Insurance (BFSI), Government And Public Sector, Healthcare, IT And Telecommunication, Manufacturing, Retail And E-commerce, Other End Users
Major companies operating in the network as a service market are adopting a strategic partnership approach to facilitate the rapid adoption of optical LAN. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in August 2022, Nokia Corporation, a Finland-based telecommunications company, partnered with Furukawa Electric LatAm S.A., a Brazil-based manufacturer of structured cabling. The collaboration establishes Furukawa Electric LatAm as Nokia’s partner for implementing optical LAN solutions in the Latin American enterprise sector, commencing with deployment initiatives in Brazil. Under this agreement, Furukawa Electric LatAm will integrate Nokia’s optical networking equipment into its Laserway passive optical LAN solution. Marketed through its partner ecosystem, this strategic partnership aims to offer advanced optical LAN solutions to enterprises in the Latin American region, enhancing connectivity and network capabilities.
The network as a service market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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