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NaaS Market will positively impact by adoption of IT and telecom sector up to 2024

Author : Ronak Bora | Published Date : 2019-03-26 

Based on end user, the NaaS market can be segmented into IT & telecommunication, Manufacturing, government, healthcare, banking, financial services, and insurance (BFSI), retail, and transport & logistics. The IT and telecom vertical is anticipated to grow at a tremendous rate in the NaaS market. The extensive applications of cloud computing services are influencing the adoption of cloud-supporting networking services that provide the end-users with the network resources whenever needed. The growing urge to improve the cross-channel customer experience will drive various telecom service providers to increase their expenses on information technologies; thereby enhancing the growth of this sector in the forecast timespan.

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The IT and telecom users are speedily using several cloud and networking technologies, which vary from just checking emails to handling the vast data of the enterprise which is placed on the cloud. A huge amount of data is therefore generated by the growing usage of IT and telecommunication. The need for cloud platform among the organizations is increasing tremendously since cloud has become an economic platform for application of various resources. In this case, the network providers offer their major network resources to the third parties based on commercial applications. These resources include data and communication & intelligence as well.

NaaS market  drivers are Cloud computing, advent of network virtualization, Software Defined Networking (SDN), expanding demand for global connectivity, software-defined standard shift across the whole IT industry and growing awareness among the organizations about the monetary benefits. Increasing need for pay-per-use business model is also a key growth driver.

The enterprises are inclining towards one of the emerging trends in NaaS market called Network Functions Virtualization (NFV) as per the observation made among various telecom service providers. This network framework will virtualize various network functions such as load balancers, firewalls, and intrusion detection devices and will help the telecom service providers to achieve low CAPEX, scalability and smooth service deployments. An increasing number of IT companies partnering with pure-play NaaS vendors who provide NFV benefits will augment NaaS market size.

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APAC NaaS market is forecast to exhibit the highest growth rate by 2024. The key driver which is influencing the growth of this region is the technological enhancements in the emerging economies like China and India which require proficient IT systems and services.  Factors like extensive broadband penetration and the emergence of competitors will infuse the growth prospects in this region in the upcoming years.

Challenges like privacy concerns and data security will hamper the NaaS market growth. Data security and privacy concerns denote the persistent areas of focus for the businesses and organizations because of the critical and confidential business data. Storing important files and the data with high confidentiality on services provided by the external service operators poses a lot of risk. Even though cloud service providers offer the industry certifications and the best security standards, the business data is exposed to the service provider with the usage of cloud-supported technologies, due to which fresh security challenges arise.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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