New Delhi, April 10, 2023 (GLOBE NEWSWIRE) -- Global network-as-a-Service Market was valued at US$ 20.8 Bn in 2022 and is projected to reach US$ 465.2 Bn by 2031 at a CAGR of 40.7% during the forecast period 2023–2031.
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The network-as-a-service (NaaS) market is rapidly growing and evolving to meet the demands of businesses seeking more flexible and scalable networking solutions. NaaS providers offer networking infrastructure and services on a subscription basis, allowing organizations to customize their network services without the expense of building and maintaining their own infrastructure.
The global NaaS market is expected to continue to grow rapidly as more organizations adopt cloud-based and remote work models. This is particularly true in the wake of the COVID-19 pandemic, which has accelerated the shift towards remote work and digital transformation. Additionally, the market is likely to see increased adoption of 5G networks, which will enable new use cases such as real-time applications and high-bandwidth services. This will create new opportunities for NaaS providers to offer specialized services and customized solutions.
Key Takeaways from the Global Network-as-a-Service (NaaS) Market
- Technology services segment dominated the market with around 57.4% share in 2022.
- The wide area network services segment is estimated to have the highest market share in 2022. However, the enhanced mobile services segment is projected to grow at a fastest CAGR of 45.2% during the forecast period.
- Cloud-based services segment is projected to grow at the fastest CAGR of 43.7% during the forecast period.
- The large enterprise segment is estimated to have the highest market share of 55.4% in 2022. However, the small & medium enterprise segment is projected to grow at a fastest CAGR of 43.7% during the forecast period.
- North America is projected to have the largest hold, with a share of around 40% in the global network-as-a-service market in 2022. In North America, the US majorly contributes to the market growth in the region.
Cloud-Based Services to Grow at CAGR of 43.7% in Global NaaS Market, Fueled by Increasing Adoption and Benefits of Flexibility and Scalability
The cloud-based services segment is projected to have the fastest growth in the network-as-a-service (NaaS) market in the coming years. According to market research, this segment is expected to achieve a compound annual growth rate (CAGR) of 43.7%, which is considerably higher than other NaaS segments, such as SDN and NFV.
This significant growth is driven by the increasing adoption of cloud-based solutions by enterprises across a variety of industries. Cloud-based NaaS solutions provide businesses with the flexibility and scalability required to keep up with the fast-paced and ever-changing business environment of today. The COVID-19 pandemic has further accelerated this shift towards remote work and digital transformation, making cloud-based NaaS solutions even more attractive.
Cloud-based NaaS solutions offer several benefits to businesses, including on-demand access to networking services without the need for expensive infrastructure investments. This allows businesses to scale their networking capabilities as their needs grow while minimizing costs. Additionally, cloud-based NaaS solutions provide a higher level of flexibility, enabling businesses to customize their networking solutions to meet their specific needs.
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North America to Generate more than 40% Revenue Share of Global Network-as-a-Services Market
According to Astute Analytica, North America currently holds a significant revenue share of the Network-as-a-Service market. This can be attributed to the region's early adoption of cloud-based solutions and the presence of several large players. In 2022, the North American NaaS market held over 40% revenue share. Wherein, the telecom industry is identified as the largest end-user of NaaS solutions in North America, accounting for approximately 45% of the total market revenue in 2020. The growth of this industry can be attributed to the increasing demand for high-speed internet and the need for cost-effective networking solutions.
In addition, it was observed a highly fragmented competitive landscape in the NaaS market in North America, with several small and large players competing for market share. However, Cisco Systems, Inc., Juniper Networks, Inc., AT&T Inc., Nokia Corporation, and Verizon Communications Inc., investing heavily in research and development, partnerships, and acquisitions to expand their market share and remain competitive.
It was also found that there is a growing trend of hybrid networking solutions across the US, which combine the benefits of on-premises networking with cloud-based networking. This trend is gaining popularity due to its flexibility, scalability, and security, and we expect it to drive the growth of the NaaS market in the coming years.
Competitive Landscape
The global network-as-a-service (NaaS) market is highly competitive and is expected to continue to intensify in the coming years. Key players in the market are expanding their market share by leveraging advanced technologies and strategic partnerships. Currently, the global network-as-a-service market is dominated by major players such as AT&T, NEC, IBM, Juniper Networks, and Verizon. These companies offer a range of networking services, including virtual private networks (VPNs), software-defined networking (SDN), and network function virtualization (NFV).
Another trend in the market is the emergence of new players offering niche NaaS solutions, such as security-focused NaaS solutions and NaaS for small and medium-sized enterprises (SMEs). These companies are leveraging innovative technologies to provide customized solutions to their clients and are expected to increase their market share in the coming years.
Moreover, cloud service providers such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP) are also entering the NaaS market. These players are leveraging their expertise in cloud computing to provide comprehensive NaaS solutions, which are expected to drive the growth of the market.
Most Prominent Developments in the Global Network-as-a-Survives Market
- January 2021: Cloudflare announced its acquisition of Linc, a provider of network automation and control solutions. The acquisition is expected to enhance Cloudflare's NaaS capabilities, enabling it to provide more advanced networking services to its customers.
- Jan 2021: Cato Networks raises $130 million in funding. Cato Networks announced that it had raised $130 million in a funding round led by Lightspeed Venture Partners. The funding will be used to expand Cato's NaaS platform and accelerate its growth in the market.
- June 2021: Verizon acquires Bluegrass Cellular to expand 5G network. Verizon announced its acquisition of Bluegrass Cellular, a regional wireless carrier in Kentucky. The acquisition is expected to expand Verizon's 5G network coverage in the region and enable it to offer more advanced 5G services to customers.
Some of the Top Market Players Are:
- Aryaka Networks, Inc.
- Ciena Corporation
- Extreme Networks
- Global Cloud Xchange
- Juniper Networks, Inc.
- NEC Corporation
- Silver Peak Systems, Inc.
- SYNNEX Corporation
- Telstra Corporation Limited
- VMware, Inc.
- AT&T Inc.
- Verizon
- Cisco Systems Inc.
- IBM Corporation
- Oracle Corporation
- Other Prominent Players
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