PUNE, India, February 23, 2017 /PRNewswire/ --
According to a new market research report "Network-as-a-Service Market by Component, Application (Bandwidth on Demand (BoD), Network Function Virtualization (NFV), V-CPE, Integrated Network Security as a Services), Type, Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the global NaaS market is expected to grow from USD 1.33 Billion in 2016 to USD 9.65 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 48.4%.
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Browse 41 market data Tables and 63 Figures spread through 124 Pages and in-depth TOC on "Network-as-a-Service Market"
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This market is driven by factors, such as software-defined paradigm shift across the whole IT industry. Moreover, technological advancements have led to increased applications in numerous sectors and global deployment of wireless services have created promising ubiquitous connectivity as well as cost benefits from deploying solutions for asset tracking and management.
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Bandwidth on-Demand (BoD) has created vibrant prospects for marketers and other stakeholders in the market
The main advantage of BoD is that, enterprises can buy BoD from their respective ISPs at a comparatively lower price, rather than leasing a fixed bandwidth from another ISP for a higher price. BoD can be very scalable, as enterprises are able to scale the network bandwidth to aid cloud applications. BoD functions in the background, making sure it is always ready for end-user disposal. It also provides a strong security feature over the network, when the cloud is being accessed.
The Information Technology (IT) and telecom vertical is projected to showcase a robust growth in the NaaS market
End-users of the IT and telecom vertical are rapidly using various networking and cloud technologies, which vary from simply checking emails to managing huge amount of enterprise data placed on the cloud. The rapid use of IT and telecommunication therefore generates a huge amount of data. With cloud becoming an economic platform for utilization of various resources, the demand for cloud platform among enterprises is rapidly increasing. In the case of NaaS model, network operators offer their key network resources, such as data and communication, as well as, intelligence to third parties on a commercial basis.
The growing demand to optimize supply chain and the governments' efforts to standardize the NaaS technology creates remarkable potential in the APAC market
The APAC region is expected to experience extensive growth opportunities in the next few years. The existence of a large working population and developing technology hubs has expanded the competitive environment in the region. Not only are China, Japan, and India putting in efforts to deploy various NaaS technologies. These developments, clubbed with a growing demand from a massive and growing population, certifies a tremendous growth potential for the Network-as-a-Service Market in the region.
The key NaaS vendors and service providers profiled in the report include - Cisco Systems, Juniper Networks, and IBM. The key innovator showcased in the study includes Mushroom Networks Inc.
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