Network as a Service Market Size
Network as a Service market (NaaS) outlook is slated to demonstrate considerable transformation over the forecast years due to the rising demand for latest cloud-based services and integration of new technologies into business networks. Reportedly, enterprises had estimated in 2018 that they would invest on an average $3.5 million on clouds apps, platforms, and services in the year, suggesting the massive need for network products. NaaS has evolved to a new level with the proliferation of communication technologies and innovative cloud applications, driving the expansion of network as a service industry trends.
Europe Network as a Service (NaaS) Market Share, By Region, 2018
In order to keep pace with the competitive pressure of a rapidly changing network environment, service providers need to innovate promptly. Network services are not only providing business opportunity to IT & telecom segment but also encouraging customers to make the best possible use of the provider’s primary services. With rapid advancements in NaaS network services, businesses can easily eliminate all the hassle of maintaining and managing the network themselves.
To keep growing their market share, tech and telecom giants are extensively adopting network services to simplify their architecture through virtualization and incorporating disparate software solutions onto common hardware. In this modern era, the telecom sector is accelerating global presence by addressing customer needs to better serve an ever increasing population base. Consistent growth and enhancement of telecommunication services over the coming years will propel network as a service market size.
Telus, a Canadian telecommunications company, had unveiled its partnership with Nuage Networks in 2017 to initiate Telus NaaS, a software defined wide area network platform. Apparently, several other telcos like Telia, Telefonica, China Telecom and BT had teamed with Nuage for advancing and automating their WAN connections. The prevalence of such collaborations will impact the future of NaaS globally and will propel NaaS industry size in the years to come.
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In terms of the regional landscape, Asia Pacific NaaS market is expected to register a CAGR of over 40% from 2019 to 2025. Growing preference for cloud services and the need to lower operational costs can be accredited to the massive shift in business priorities. Subsequently, IT & telecom companies are opting for high-quality managed and security services to raise their business proficiency. NaaS industry in the region could reach a commendable presence across the tremendously large small and medium sized business environment in APAC.
Telecom sector throughout APAC has been leveraging new NaaS models and enjoying greater flexibility and agility in a quickly changing environment. In addition, several telecom companies have been encouraged to come up with innovative offerings that could potentially change network as a service market dynamics. In terms of the regional dominance, countries including China, Japan, and South Korea could lead other nations owing to the extensive deployment of NaaS platforms, driven by technologies like NFV and SDN.
Japan is ranked among the top Asian countries in terms of cloud readiness, network services and broadband quality. In 2016, NEC Corporation, a Japanese multinational provider of information technology services and products, had collaborated with Netrounds and other partners to accelerate agile deployments of assured network services to increase efficiency and reduce operational expenditures. Similar moves by telecom firms, domestically and internationally, would create tremendous demand for NaaS market players around the globe.
Adopting open and standard technologies like network service enables telecom companies to virtualize their networking solutions by recognizing more advanced ways to operate and manage their networks, with minimal or no dependency on underlying hardware. The variable network connectivity and cloud access through NaaS becomes equally vital for power redundancy and to provide security benefits as per Tier 3 data center specifications.
IT & telecom sector is seemingly a prime target for advanced and innovative strategies for improving network services, that would provide them with agility, flexibility, and facilitate efficient expansion with new application workloads. Upsurge in cloud-based services coupled with the augmented growth in data traffic is certain to fuel NaaS industry share. Global Market Insights, Inc. has projected that global network as a service market will surpass a valuation of USD 50 billion by 2025.
Author Name : Deeksha Pant