Global Network as a Service Market Share Report 2024, Forecast To 2033

25 Sep, 2024

The Network as a Service (NaaS) market has experienced remarkable growth, escalating from $20.22 billion in 2023 to $26.2 billion in 2024, marking a compound annual growth rate (CAGR) of 29.6%. This expansion is driven by a rising demand for scalable solutions, cost efficiency, and the surge in remote work. Projections indicate that the market will soar to $78.61 billion by 2028, with a CAGR of 31.6%. Key growth drivers in this forecast period include the rise of edge computing, heightened security and compliance needs, industry-specific networking solutions, and flexible subscription models. Notable trends include 5G integration, digital transformation initiatives, the adoption of software-defined networking (SDN), and the emergence of network security as a service (SECaaS).

Major Driver In The Network as a Service Market

The proliferation of cloud-based applications across enterprises is fueling the expansion of the network as a service market, as businesses increasingly rely on cloud computing for data storage and processing. The surge in internet usage, particularly with more people working from home, amplifies the demand for high-speed network connections. Network as a service leverages cloud computing to provide direct and secure access to network infrastructure, catering to evolving enterprise needs. As projected by Cisco in 2021, data center workloads and compute instances are set to more than double by 2024. This exponential growth highlights the pivotal role of network as a service in facilitating seamless connectivity for enterprises, driving market expansion in 2023, 2024, and beyond.

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Network as a Service Market Competitive Landscape

China Telecom Corporation Limited, Verizon Communications Inc., China Mobile Limited, AT&T Inc., Deutsche Telekom AG, NTT Communications Corporation, IBM Corp, Cisco Systems Inc., Vodafone Group plc, KDDI Corporation, Orange SA, Telefonica S.A., Oracle Corp, BT Group plc, Lumen Technologies Inc., Telstra Corporation Limited, TELUS Corporation, Singtel, Wipro Limited, Comcast Business, Telia Company AB, Juniper Networks Inc., Colt Technology Services Group Limited, Tata Communications Ltd., Cloudflare Inc., Axians, PCCW Global, GTT Communications Inc., Aryaka Networks Inc., Servsys Corp

Key Network as a Service Market Trend

Major companies operating in the network as a service market are developing innovative products, such as digital orchestrations, to meet larger customer bases, increase sales, and increase revenue. Digital orchestration refers to the coordination, integration, and management of various digital resources, processes, and technologies to achieve a specific outcome or goal. For instance, in October 2023, BT Group Plc, a UK-based telecommunications operator, launched Global Fabric. Global Fabric operates on a network-as-a-service model, emphasizing flexibility, scalability, and resilience in connectivity. Designed to be adaptable and convenient with a pay-as-you-use structure, it enables customers to leverage digital automation and AI. The distinctive feature lies in empowering customers to select and manage their preferred connectivity for applications and workloads, allowing control over routes as they traverse the network. BT asserts that this control facilitates enhanced application performance, efficient cost management, and compliance with regulatory data transit requirements.

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Network as a Service Market Segmentation

The network as a service market covered in this report is segmented –
1) By Type: LAN as a Service, WAN as a Service, Bandwidth on Demand (BoD), VPN as a Service, Managed Services
2) By Enterprise Size: Large Enterprises, SMEs
3) By End-User: Banking, Financial Services, And Insurance (BFSI), Government And Public Sector, Healthcare, IT And Telecommunication, Manufacturing, Retail And E-commerce, Other End Users
By Geography:The regions covered in the network as a service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. North America was the largest region in the network as a service market in 2023.

The Network as a Service Global Market Report 2024 furnishes information about the global network as a service market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.