LONDON, Oct. 12, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the network as a service market, 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 more than double 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.
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The global network as a service market size is expected to grow from $12.31 billion in 2021 to $16.52 billion in 2022 at a compound annual growth rate (CAGR) of 34.3%. The global network as a service market size is expected to grow to $56.18 billion in 2026 at a compound annual growth rate (CAGR) of 35.8%.
Product innovations are a key trend gaining popularity in the network as a service market. Major companies operating in the network as a service market are focused on adopting technologies to strengthen their position. For instance, in 2020, Cloudflare Inc., a US-based cloud services provider company that includes network as a service, launched Cloudflare One, which provides cloud-based network as a service solutions for the workers in enterprises. Cloudflare solution is a next-generation firewall and intrusion detection system with unique features where users will be able to access data from desktop and mobile devices, SaaS solutions, and browser isolation.
Major players in the network as a service market are Verizon Communications Inc, Cisco Systems Inc, IBM, Oracle Corporation, Juniper Networks Inc, NEC Corporation, VMware Inc, Aryaka Networks Inc, AT&T Intellectual Property, Hewlett Packard Enterprise Development LP, ALE International SAS, Extreme Networks, Akamai Technologies, CenturyLink and Amazon Web Services Inc.
The global network as a service market analysis is segmented by type into LAN as a service, WAN as a service, bandwidth on demand (BoD), VPN as a service, managed services; by enterprise size into large enterprises, SMEs; by end-user into banking, financial services, and insurance (BFSI), government and public sector, healthcare, IT and telecommunication, manufacturing, retail and e-commerce, other end users.
North America was the largest region in the network as a service market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global network as a service market during the forecast period. The regions covered in the global network as a service market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Network As A Service Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide network as a service market overviews, network as a service market analyze and forecast market size and growth for the whole market, network as a service market segments and geographies, network as a service market trends, network as a service market drivers, network as a service market restraints, network as a service market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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