Newark, NJ, May 11, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global WiFi as a service market is expected to grow from USD 3.31 billion in 2020 and to reach USD 13.09 billion by 2028, growing at a CAGR of 18.75 % during the forecast period 2021-2028.
The WiFi as a service market is witnessing significant growth in the past years. This growth is attributed to the rise in penetration of internet-connected devices in IT organizations, reduced cost of ownership, the rapid wave in the development of smart cities, an increasing number of small & medium-sized organizations, and increased demand for high-speed and broad web coverage. Moreover, the rising execution of public Wi-Fi in retail stores, public areas, and transportation platforms are propelling the market growth. Additionally, the increasing requirement to save time & money when troubleshooting problems also boosts the market's growth.
Wifi as service (WaaS) is the most innovative internet technology that permits a computer or an automatic device association to the internet utilizing radio surges or a wireless modem. Wifi as a service is executed and configured to pre-eminent serve web entrance demands. The blend of historical and real-time data about wifi web usage permits penetration in terms of ability demands, potential device coherence issues, and restricted demand for application entrance. Some of the advantages of WaaS are that it is cost-effective and has a short life circle that makes it easy to configure for the anticipated modernization in the future.
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The global Wi-Fi as a service market is expected to witness significant growth, owing to the strong emphasis on employee empowerment, the ensuing necessity to deliver digital mobility tools, and the globalization of businesses. Additionally, the rising dependency on the internet and improvements in cloud-based services & Wi-Fi are supported through multiple applications and tools like video game consoles, customer electronics, home networks, and mobile phones is also thrusting the market growth during the forecast period. The cloud connectivity failure and data safety issues are expected to hamper the market growth during the forecast period. The increasing trend of BYOD and enterprise mobility is expected to develop opportunities for market growth during the forecast period.
Key players operating in global WiFi as a service market include Huawei Technologies, HPE, ARRIS, Aerohive Networks, Alcatel-Lucent Enterprise, Singtel, Cisco Systems, Fujitsu, Rogers Communications, D-Link Corporation, Extreme Networks, Telstra Corporation, Edgecore Networks, Viasat, 4ipnet, Arista Networks, Riverbed Technology, and among others. To gain significant markets share in the global WiFi as a service market.
- For example, in March 2020, Extreme Networks is anticipated to assist its worldwide consumer base throughout the COVID-19 outbreak has developed innovation & usable solutions like the Portable Branch Kit to securely & quickly give connectivity to temporarily remote office places.
Indoor segment dominated the market and held the largest market share of 61.23% in the year 2020
On the basis of location type, the global WiFi as a service market is segmented into outdoor and indoor. Indoor segment dominated the market and held the largest market share of 61.23% in the year 2020. This growth is attributed to the rising usage of Wi-Fi network infrastructure-related services in warehouses and offices.
Large enterprises segment dominated the market and held the largest market share of 59.12% in the year 2020
On the basis of organization size, the global WiFi as a service market is segmented into large enterprises and SMEs. Large enterprises segment dominated the market and held the largest market share of 59.12% in the year 2020. This growth is attributed to the rising requirement to control extensive and complex Wi-Fi web infrastructure efficiently.
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Managed service segment dominated the market and held the largest market share of 62.33% in the year 2020
On the basis of services, the global WiFi as a service market is segmented into professional service and managed services. Managed service segment dominated the market and held the largest market share of 62.33% in the year 2020. This growth is attributed to the increased employee productivity, skilled human resources, infrastructure, and industry certifications.
Telecom & IT segment dominated the market and held the largest market share of 20.23% in the year 2020
On the basis of vertical, the global WiFi as a service market is segmented into BFSI, healthcare, government, retail, telecom & IT, education, and others. Telecom & IT segment dominated the market and held the largest market share of 20.23% in the year 2020. This growth is ascribed to the rise in the BYOD trend and the increase in penetration of internet-connected devices in IT companies.
Regional Segment of WiFi as a Service Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global WiFi as a service market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share of 30.14% in the year 2020. This growth is attributed to the sturdy infrastructure & favorable governmental policies. Furthermore, heavy investments in cloud-based solutions and the first execution of new and evolving technologies also propel regional market growth. The market in the Asia Pacific is expected to witness significant growth due to the continuous digital transformation in different industries involving education, retail, and transportation & logistics. Additionally, the rising prominence of SMEs, coupled with TCO reduction, is propelling market growth.
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About the report:
The global WiFi as a service market is analysed on the basis of value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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