Farmington, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The Global Networking Services Market Size Was Valued At USD 6.67 Billion In 2022 And Is Expected To Grow At A Compound Annual Growth Rate (CAGR) Of 32.9% From 2022 To 2030. Network service providers and cloud service providers offer network services for VPNs, WANs, firewalls, and other network security tools. It lets customers manage and use their network without having to maintain network infrastructure. It also optimizes resource allocation and computing resources as a single, unified module. It uses a business model based on subscriptions to offer enterprise-wide area network (WAN) services. It has hardware, software, licenses, and hosting services all built in.
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In the global network-as-a-service market, vendors offer network services from third-party providers to customers who don't want to build their own network infrastructure. These companies in the global Network-as-a-Service market sell network services, applications, and resources as products that companies from all over the world can buy for use by many users or customers.
Recent Developments:
- In April 2021, South Korea, Asia's fourth-largest economy, and global technology leader Cisco announced the launch of a collaborative framework under the Cisco National Digital Acceleration (CDA) program to accelerate South Korea's digital journey and drive an inclusive recovery from the COVID-19 pandemic.
- In April 2021, AT&T will provide ERIKS with a global wide area network spanning 17 countries. ERIKS is a Netherlands-based company that builds digital capabilities. AT&T will migrate ERIKS' US transmission network to a fully AT&T-managed network.
- In March 2020, Ericsson's partnership with the Oman Communications Service Provider will enable Oman Telecom to improve operational network efficiency and further enhance the customer experience for users. The company has been an Omantel-managed service partner since 2016.
Segmentation Analysis:
The Global Network Services Market is split by end-user and geography. On the basis of end users, the worldwide Network Services market can be divided into IT & telecom, Manufacturing, Banking, Financial services, Insurance (BFSI), Government, Healthcare, Transport & logistics, and Retail, among others.
The IT & telecommunications and Banking, Financial Services, and Insurance (BFSI) end-user segment is anticipated to dominate the market during the forecast period, owing to the growing number of applications and the need for cost-effective IT infrastructure operations.
Regional Outlook:
North America had the most revenue in 2021, with a share of more than 38.0%. This was because network-as-a-service solutions were being used quickly. There are a lot of big players in the market, like Palo Alto, Amdocs, Megaport, Akamai, and Cisco Systems Inc., which is the main thing that makes the market grow. Big companies are putting a lot of money into research and development for data centres, and the growth of network infrastructure is helping this.
Asia Pacific is expected to grow at a CAGR of 34.1% during the period of the forecast. The growth is because cloud computing services are becoming more popular and more start-ups in the area are using cloud services like SaaS, PaaS, and NaaS. India and China have a large number of customers in many different places. This drives demand and opens up new opportunities for NaaS. Most of the growth is due to better network infrastructure, more demands to cut CAPEX, and government initiatives in the region.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 32.9% from 2023 to 2030 |
| Market Size in 2022 | USD 6.67 Billion |
| By Type | Network Security, Network Auditing and Testing, Network Planning and Designing, Network Consulting, Configuration and Change Management |
| By Applications | IT and Telecommunications, BFSI, Retail, Government and Public Sector, Healthcare, Transportation, Logistics, and Hospitality, Manufacturing, Education, Others |
| By Companies | Cisco Systems, Fujitsu, Vodafone, Verizon, Ruckus Wireless, Aruba, Mojo Networks, Purple, And Others, And Others. |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
NaaS is a simple and effective model for network services that makes it easy for businesses to run their network infrastructure. It helps businesses manage their network infrastructure in a way that is efficient and secure. NaaS providers offer a wide range of network security services, such as secure web gateways, secure Domain Name System (DNS)/Dynamic Host Configuration Protocol (DHCP)/IP Address Management (IPAM) (DDI), DDoS protection, and zero-trust network usage. Businesses have had to move their work to the cloud and give their employees ways to work from home because of the pandemic. So, the need for cybersecurity to protect networks from cyber threats has grown by leaps and bounds. With the help of TLS protocol blocks like IPSec, SSL, and Wireguard, NaaS completely protects network infrastructure by routing traffic through highly encrypted tunnels.
Market Restraints:
The main problem with this market is that it is hard to make sure that NaaS services are compliant while offering them to customers. Security and governance policies should be put in place by marketplace vendors. These are important for businesses to reach their business goals. To make it easier for NaaS solutions to be built, cloud providers must meet strict scalability requirements in terms of storage, computing, and network resource sharing. These requirements include more security, business restructuring, mergers, and consolidations.
Market Opportunity:
Because of the pandemic, organisations all over the world have had to set up ways for people to work from home. Within a few days or a week, businesses moved workers to remote locations and put in place policies that let people work from home. As COVID-19 has more and more effects on businesses, the number of people working from home grows every day. Some companies have told their employees that they can always work from home. As a result, businesses are using service business models for networking, computing, and storage. During the pandemic, the number of businesses using the cloud has gone through the roof. Most businesses use web service business models that are based on as-a-service and subscriptions.
Key Segments Covered:
Top Market Players:
Cisco Systems, Fujitsu, Vodafone, Verizon, Ruckus Wireless, Aruba, Mojo Networks, Purple, And Others, And Others.
Networking Services Market by Types:
- Network Security
- Network Auditing and Testing
- Network Planning and Designing
- Network Consulting
- Configuration and Change Management
Networking Services Market by Applications:
- IT and Telecommunications
- BFSI
- Retail
- Government and Public Sector
- Healthcare
- Transportation
- Logistics, and Hospitality
- Manufacturing
- Education
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, and Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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