Network as a Service Market in BFSI Vertical Is Projected to Hold 15% of Industry Share by 2025
The network as a service market is expected to witness a significant growth rate from 2019 to 2025 due to the rising demand for network virtualization technologies among enterprises to minimize CAPEX & OPEX costs
Sellbyville, DE -- (SBWire) -- 06/04/2019 --The BFSI vertical is estimated to hold the network as a service market share of around 15% by 2025. Driven by the need to manage remote branch sites and deliver better services to customers, the banking & other financial institutions are modernizing their IT infrastructure by investing a huge sum in cloud and networking technologies. These technologies are enabling them to increase the network performance and improve resource availability. To manage multi-channel digital platforms and services and handle vast amount of financial data, they are using NaaS and cloud-NFV to deliver uninterrupted services.
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The global network as a service market has been gaining a commendable impetus in the recent years as NaaS can provide companies with greater flexibility and improve the performance of their network infrastructure. The worldwide network as a service market is also making a major headway as enterprises of all sizes are striving to run IT infrastructure more efficiently and methodically operate and manage their networks.
The SME market is projected to exhibit an excellent CAGR of over 35% during the forecast timeline. SMEs use the NaaS model as it provides them with the flexibility to scale up or down the network resources as per their requirements and also promise greater efficiency through an on-demand provisioning model. The growing needs among SMEs to increase the return on investment and focus on other priorities to generate more revenue will also facilitate NaaS adoption.
WAN as a service segment is expected to hold a major share of the network as a service market share of around 30% by 2025 as the enterprises are largely dependent on the WAN infrastructure for connecting their remote employees & devices. To minimize the costs associated with the management of WAN networks, enterprises are using NaaS offerings. The NaaS model enables them to use or provide network services on a subscription-based pricing model, eliminating the need to rearchitect their networks. As they are continuously looking for new ways to reduce their networking costs, the demand for cloud network services will increase over the forecast timespan.
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The large enterprise segment is expected to dominate the network as a service market by 2025 with a share of over 55%. The large enterprises are shifting toward the virtual network infrastructure to optimize the expenditure associated with managing & maintaining the physical infrastructure. NaaS enables enterprises to use their network with greater flexibility, dynamism, and agility. The on-demand provisioning of computational resources according to the pay-per-use model provides momentum to large enterprises to adopt NaaS solutions. The other factors driving the adoption of NaaS in large enterprises are increased levels of uptime, enhanced security, improved Quality of Service (QoS), maximized performance, and optimized systems.
The Asia Pacific network as a service market is projected to witness the fastest growth rate of over 40% from 2019 to 2025. The market growth is attributed to the increasing deployment of cloud & network virtualization solutions to meet the rising network traffic demands. In this region, the telecom sector has witnessed an extensive usage of NaaS model due to the growing trend of workforce mobility. The countries including Japan, China, and South Korea will lead other countries in terms of market share due to the widespread deployment of NaaS platforms driven by technologies such as SDN and NFV.
The companies present in the network as a service market are focusing on offering new products & services to gain more market share. In November 2018, Amazon introduced the Global Accelerator networking service, which will help to improve the performance of applications running on AWS cloud. In November 2018, Telstra introduced the NaaS platform across its business networks. By introducing a new platform, the company has been able to improve its product offering through refinement.
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