Network-as-a-Service (NaaS) is a cloud-based technological solution that involves the renting of networking services from service providers. It involves the hiring of hardware, software, management tools, lifecycle services and licenses without owning, building or maintaining the setup infrastructure. NaaS can aid in replacing hardware-centric virtual private networks (VPNs), load balancers, firewall appliances and multiprotocol label switching (MLPS) connections. The network infrastructure is also virtualized through flexible operating expenses (OpEx). The service is provided to the customers in exchange for a subscription and can be scaled as per the requirement of the user. As a result, it finds extensive applications across various industries, including banking, financial services and insurance (BFSI), retail, information technology (IT) and healthcare.
The global network as a service market reached a value of US$ 10.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 59.1 Billion by 2027, exhibiting at a CAGR of 32.5% during 2022-2027. Significant growth in the IT industry across the globe is one of the key factors creating a positive outlook for the market. NaaS is widely used for video conferencing, operating VPNs, wide area network (WAR) optimization and running secure web gateways. Moreover, the widespread adoption of NaaS platforms by small, medium and large-sized organizations is providing a thrust to the market growth. The solutions are deployed on the cloud and on-premises for converting physical networking elements to sharable virtual resources.
Additionally, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT), virtual reality (VR) and augmented reality (AR) solutions, are acting as other growth-inducing factors. These technologies offer enhanced technological flexibility and data security to the organizations and improved access to private and public gateways. They also provide enhanced connectivity with smart devices, computing systems, remote offices and data centers. Other factors, including the increasing adoption of 5G technologies, along with the widespread adoption of a pay-per-use pricing model, are anticipated to drive the market toward growth.
Continue reading the competitive landscape of NaaS industry: https://www.giiresearch.com/report/imarc1065987-network-service-market-global-industry-trends.html