With 24.6% CAGR, Network as a service Market Projected to Reach USD 63.1 billion by 2029

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Luton, Bedfordshire, United Kingdom, Feb. 25, 2023 (GLOBE NEWSWIRE) — Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Network as a Service Market.

The Network as a service Market is projected to grow from USD 13.7 billion in 2022 to USD 63.1 billion in 2029, exhibiting a CAGR of 24.6% during the forecast period 2023 To 2029.

Network as a Service Market Overview:

The Network As A Service Market refers to the provision of networking services, such as infrastructure, software, and tools, over the internet on a pay-per-use or subscription basis. This allows businesses to access a range of networking services without having to invest in expensive hardware and software upfront.

The global Network As A Service Market is expected to grow significantly in the coming years, driven by the increasing adoption of cloud computing, the rise of Software-Defined Networking (SDN) and Network Function Virtualization (NFV), and the need for greater flexibility and scalability in networking.

North America is expected to hold the largest Network As A Service Market share due to the presence of major players in the region, high adoption of cloud computing, and a strong IT infrastructure. The Asia Pacific region is expected to have the highest CAGR due to the increasing adoption of cloud services and the rise of digital transformation in various industries.

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The Key Players Profiled In The Network-As-A-Service Market Analysis Are: AT&T, Verizon, Telefonica, NTT Communications, Orange business services, Vodafone, BT Group, TATA Communications, Lumen and Masergy.

Network as a Service Market Recent Developments:

• September 2022 – Verizon announced no-contract wireless with Total by Verizon, a new prepaid wireless brand running on America’s most reliable 5G network, where Total by Verizon gives customers a new option for no-contract wireless service with uncompromising network quality, a broad lineup of devices, and new rate plans for both single-line accounts and families.
• August 2022 – VMware Inc. and IBM announced an expanded partnership at VMware Explore 2022 to help global clients and partners modernize mission-critical workloads and expedite time to value in hybrid cloud environments. Where together, IBM and VMw are planning to offer clients in regulated industries such as financial services, healthcare, and the public sector address the cost, complexity, and risk of migrating and modernizing mission-critical workloads in the cloud.

Network-as-a-service Market Report Highlights:

Top impacting factors:

Increasing Use Of Cloud Services By Enterprises:

Due to increasing technological adoption and consumer desire for the cloud, which allows users to access data from a distance, the need for cloud-based solutions is growing. As more businesses realise how critical it is to save money and resources by shifting their data to the cloud rather than developing and maintaining on-premise infrastructure, the demand for cloud-based solutions is growing among businesses. This demonstrates the future adoption potential of cloud-based contact centres. It is anticipated that significant industries like banking would use cloud-based service supply more frequently. This is due to the fact that solution developers can design a hybrid cloud-based solution using components from a variety of providers and because the IT sector is still looking for effective infrastructure. It is anticipated that this will quicken market expansion.

Increasing inclination toward cloud technology:

The top market players are increasing their investments and partnerships in cloud computing, network virtualization, and software-defined networking (SDN) to automate networking services, which supports market expansion. For instance, the following generation of ICT managed service providers in Australia will be introduced via a partnership between SDx Networks and Masergy Communications Inc. in March 2021. This collaboration provides cloud networking throughout Australia, Asia Pacific, and New Zealand. Cloud-based services are increasingly being adopted by SMEs and major businesses. They are more affordable than maintaining an on-site data centre and an expensive IT professional to oversee the entire organization’s network.

Additionally, businesses want a network that enables them to have instant access to their IT infrastructure, applications, and other resources. As a result, usage of the virtual resource-sharing architecture has increased. Network-as-a-Service components are used by businesses to transform physical networking components into sharable virtual resources for data centre connectivity requirements.

Technological Trends:

The use of Network as a Service Market has increased significantly during the past ten years, both in IT businesses and in non-IT organisations. This is ascribed to the fundamentals of network-as-a-service, which assist enterprises in managing intricate internal network systems and operations. Virtual private networks (VPNs), connections utilising multiprotocol label switching (MPLS), and other dated network setups can all be replaced by network-as-a-service. Additionally, it can take the position of onsite networking equipment like load balancers and firewall appliances.

The difficulty of supporting far more distant teams is another area where organisations expect to increase their investment. These areas range from cloud and AI-based networking to analytics and assurance. Basically, businesses employing network-as-a-service may grow products and services more easily to meet their needs based on their industry or the quickly changing global market.

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The Network As A Service Market is expected to experience strong demand trends in the coming years, driven by several key factors.

Firstly, the increasing adoption of cloud computing is driving demand for Network as a service Market solutions, as businesses seek to access networking services that are hosted in the cloud and can be easily scaled up or down as needed. This trend is expected to continue as more businesses shift their operations to the cloud.

Secondly, the rise of Software-Defined Networking (SDN) and Network Function Virtualization (NFV) is creating new opportunities for NaaS providers, as businesses seek to virtualize their network functions and automate network management processes. SDN and NFV are expected to drive significant growth in the Network as a service Market, as businesses seek to take advantage of these technologies to improve their network performance and reduce costs.

Thirdly, the need for greater flexibility and scalability in networking is driving demand for Network as a service Market solutions, as businesses seek to access a range of networking services on a pay-per-use or subscription basis. This allows them to avoid upfront capital expenditure on networking hardware and software, while still being able to access the services they need to support their business operations.

Opportunities in the Network As A Service Market include the development of new solutions that leverage emerging technologies such as 5G, edge computing, and artificial intelligence (AI). These technologies are expected to play a major role in shaping the future of networking, and Network as a service provider’s can offer innovative solutions that leverage these technologies are likely to be well-positioned for growth.

Overall, the Network as a service Market is expected to experience strong demand trends and significant opportunities in the coming years, driven by the increasing adoption of cloud computing, the rise of SDN and NFV, and the need for greater flexibility and scalability in networking.

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