Hyderabad, July 03, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Network-as-a-Service Market Report (2023-2028)," the market is estimated at USD 19.29 billion in 2023. It is expected to register a CAGR of 32.36% during the forecast period.
Network-as-a-Service (NaaS) offers vast flexibility to companies alongside performance gains in network infrastructure. Cost-conscious companies can pay only for the networking services they need via on-demand purchasing. Network-as-a-Service (NaaS) also provides greater flexibility to companies in provisioning without having to rearchitect networks or redo contracts.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 19.29 billion |
| Market Size (2028) | USD 78.38 billion |
| CAGR (2023-2028) | 32.36% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | A surge in new data center infrastructures worldwide. |
| Wider flexibility and performance gains in the network infrastructure. |
Who are the Top Companies in the Network-as-a-Service Market?
The Network-as-a-Service market is highly competitive and fragmented. Various small and large players hold a prominent market share, focusing on expanding their customer base.
The significant players holding the Network as a Service market size are:
- AT&T Inc.
- Verizon Communications Inc.
- DXC Technology Company
- Synnex Corporation
- Cisco Systems Inc.
- NEC Corporation
- Hewlett Packard Enterprise Company
- IBM Corporation
- Oracle Corporation
- GTT Communications Inc.
- VMware Inc.
- Telstra Corporation Limited
- CenturyLink Inc.
- Meta Networks Ltd
- Masergy Communications
- Juniper Networks Inc.
- Nokia Corporation (Alcatel Lucent)
- Akamai Technologies
- Broadcom Inc.
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- Payment-as-a-Service Market Report - The payment-as-a-service market was valued at USD 8.3 billion in 2022. It is projected to reach USD 33.6 billion over the next five years, registering a CAGR of 31.23%.
Key Highlights from the Network-as-a-Service Market Report:
Increasing Adoption of Cloud Services to Boost Market Growth
- The demand for cloud-based solutions is escalating with the growing application of technology and consumer inclination toward the cloud. This technology permits the user to access data from remote locations. Increasing awareness about the significance of saving money and resources by transferring data to the cloud is boosting the demand for cloud-based solutions among enterprises.
- Due to these benefits, large enterprises and SMEs are also increasingly adopting cloud-based solutions. Shortly, virtualization and cloud computing will be able to save the setup cost of software by dividing it, eventually leading to the declining use of hardware.
North America to Own Significant Market Share
- As a developed economy, the United States is significantly inclined toward implementing advanced technology, the development of network automation, and the growth in cloud-based services. This contributes to the growth of the network-as-a-service (NaaS) market.
- The immense growth in connected and mobile devices has also spiked the demand for enhanced network services. The United States has always remained at the forefront of technology adoption. Thus, the region has witnessed the highest adoption of connected devices.
- In Canada, the market for NaaS is growing owing to new product rollouts, acquisitions, mergers, and partnerships. This is shaping the market landscape in North America overall.
What are the Latest Developments in the Network-as-a-Service Market?
- In March 2023, Akamai Technologies signed an agreement to acquire Ondat, a cloud-based storage technology provider with a Kubernetes-native platform, to run stateful applications anywhere at scale.
- In November 2022, GDS signed an agreement with DCConnect to utilize SDN to provide its clients with connectivity and network automation solutions. GDS is expanding with numerous strategic settings in Asia and transforming its technology with DCConnect.
Mordor Intelligence has Segmented the Network-as-a-Service Market Based on Type, Application, Industry Vertical, and Geography:
- By Type
- LAN-as-a-Service
- WAN-as-a-Service
- By Application
- Cloud-based Services (vCPE)
- Bandwidth on Demand (BoD)
- Integrated Network Security-as-a-Service
- Wide Area Network (WAN)
- Virtual Private Network (VPN)
- By Industry Vertical
- Healthcare
- BFSI
- Retail and E-commerce
- IT and Telecom
- Manufacturing
- Transportation and Logistics
- Public Sector
- By Geography
- North America
- United States
- Canada
- Europe
- United Kingdom
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Middle East & Africa
- United Arab Emirates
- Saudi Arabia
- Rest of Middle East & Africa
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Network-as-a-Service Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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