Network-as-a-service Market Business Reach USD 72.2 Billion at a CAGR of 20.8% Forecast to 2031

Network-as-a-service Market size

Network-as-a-service Market size

The major growing factor of network as a service is an increase in investment of advanced technologies.

PORTLAND, PORTLAND, OR, UNITED STATE, November 22, 2023 /EINPresswire.com/ -- Allied Market Research published a new report, titled, " The Network-as-a-service Market Business Reach USD 72.2 Billion at a CAGR of 20.8% Forecast to 2031." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global network-as-a-service market was valued at USD 11.2 billion in 2021, and is projected to reach USD 72.2 billion by 2031, growing at a CAGR of 20.8% from 2022 to 2031.

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The factors propelling the growth of the global network-as-a-service market include increase in use of cloud services by enterprises, surge in the number of small & medium businesses, and rise in the demand for low-cost IT infrastructure and faster data accessibility. Based on enterprise size, the large enterprise segment held the largest share in 2021 and would maintain its dominance though 2031.

The network-as-a-service market is segmented on the basis of type, application, enterprise size, industry vertical, and region. By type, it is segmented into WAN-as-a-service and LAN-as-a-service. By application, it is segmented into WAN optimization, bandwidth on demand, cloud and saas connectivity, network access control, virtual private network, secure web gateway, UCaaS/video conferencing, and others. By enterprise size, the market is categorized into large enterprise and SMEs. By industry vertical, the market is categorized into IT and telecom, BFSI, healthcare, manufacturing, retail and e commerce, government and public sector, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.

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Based on type, the WAN-as-a-service segment held the largest share in 2021, accounting for more than two-thirds of the global network-as-a-service market share, and would maintain its dominance during the forecast period. However, the LAN-as-a-service segment is estimated to witness the fastest CAGR of 22.6% during the forecast period.

Based on industry vertical, the IT and telecom segment held the largest share in 2021, accounting for nearly one-fourth of the global network-as-a-service market, and would lead the trail during the forecast period. However, the retail and e-commerce segment is estimated to witness the fastest CAGR of 23.1% during the forecast period. The report also discusses the BFSI, healthcare, manufacturing, government and public sector, and others.

Based on enterprise size, the large enterprise segment was the largest in 2021, accounting for nearly three-fourths of the global network-as-a-service market share, and is likely to maintain its leadership status during the forecast period. The SMEs segment, however, is expected to manifest the highest CAGR of 21.4% from 2022 to 2031.

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Based on region, the market in North America held the largest share in 2021, accounting for nearly two-fifths of the global network-as-a-service market. However, the market in Asia-Pacific would dominate in terms of revenue and exhibit the fastest CAGR of 23.5% during the forecast period. The other regions analyzed in the study include Europe and LAMEA.

Leading players of the global network-as-a-service market analyzed in the research include NT Communications, Verizon Communications, Inc., Telefonica, Vodafone Group plc, Tata Communications Ltd., Cloudflare, Inc., Wipro Limited, China Mobile, KDDI Corporation, and GTT Communications, Inc.

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Covid-19 Scenario:

• The outbreak of the Covid-19 pandemic positively impacted the growth of the network-as-a-service market, due to the increasing number of smartphone users, growing adoption of connected devices, and growth in the e-commerce industry.

• The demand for network-as-a-service experienced a sharp incline due to the work-from-home culture during the pandemic. This rise in demand contributed to the growth of the cloud networking services in a big way, leading to the growth of the network-as-a-service market.

• Enterprises are striving to minimize operational and running costs around all business functions to recover the losses incurred during the pandemic.

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