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Network As A Service (NaaS) Market in BFSI Vertical is Projected to Hold the Industry Share of 15% by 2025

Author : Ronak Bora | Published Date : 2019-05-24 

The BFSI vertical is estimated to hold the network as a service (NaaS) 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 (NaaS) 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 (NaaS) 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.

Growth drivers of network as a service (NaaS) market: -

  1. Migration towards cloud computing platforms
  2. Growing trend of pay-per-use pricing model
  3. Huge cost savings for enterprises
  4. Uptake of cloud-enabled network virtualization platforms
  5. Growing adoption of SDN by Small and Medium Enterprises (SMEs)

WAN as a service segment is expected to hold a major share of the network as a service (NaaS) 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 Asia Pacific network as a service (NaaS) 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 (NaaS) 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. The new platform accelerated the rate of delivery for the firm’s network innovations. The telecom companies in the country are partnering with technology companies to provide the NaaS platform.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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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