LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global network as a service (NaaS) market is expected to grow at a CAGR of close to 36% during the forecast period.
This research report titled ‘Global Network as a Service Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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Based on end-user, the report categorizes the global NaaS market into the following segments: IT and telecom, BFSI, manufacturing, government, healthcare, and other. The top three segments are elaborated below:
- IT and telecom
Global NaaS market in IT and telecom
Telecom operators in most countries have already embraced digital technologies at a deep level. The growing need to improve the omni-channel customer experience through digital offerings has encouraged telecom companies to increase their spending on IT. The digitization of phone services from fixed landline to wireless phones has helped telecommunications service providers (and operators) to track and record customer data in the interests of designing and promoting customer-specific offerings.
According to Amit Sharma, a lead analyst at Technavio for research on cloud computing, “The IT and telecom sectors generate massive amounts of customer data. At the same time, the effective storage and management of such information requires cost-effective cloud-based infrastructure services. Furthermore, these sectors are using cloud-based solutions to conduct business at minimum costs. These trends lead us to believe that the widespread deployment of cloud computing services is driving the adoption of cloud-based networking services that offer end-users on-demand network resources.”
Global NaaS market in BFSI
The BFSI sector is an information-intensive industry and has aggressively invested in information and communications technology (ICT) infrastructure. The sector is investing extensively in digitization to stay abreast of changing customer demands and evolving business landscapes. The products and services from retail banks are embracing the digital domain in a bid to craft a better customer experience. The banking sector has worked to digitize transaction processes (such as electronic fund transfers, interbank settlements, and securities trading). Further, many BFSI players are working to digitize front office activities, such as retail banking and home banking.
Organizations in the BFSI sector are increasingly adopting cloud computing technologies in response to market demand for greater connectivity. The use of cloud computing resources saves costs by removing the end-user's need to invest in IT infrastructure such as dedicated hardware, software, and networking. Cloud computing also helps in terms of improved flexibility and scalability, increased operational efficiency, and building strong client relationships using big data analytics. These factors are driving the adoption of cloud-based solutions and services.
Global NaaS market in manufacturing
Manufacturers face many challenges in the present marketplace due to the frequent changes in consumer demand for customized and innovative products. Rapid changes in the technology landscape also represent a persistent challenge. Manufacturers face pressure to minimize the cost of production through optimum utilization of resources. The IT infrastructure which is being implemented in manufacturer’s plants requires high upfront costs and continuous upgrades. Manufacturers require IT solutions, which can help boost operational efficiencies, agility, and performance at minimum upfront costs. In response, the manufacturing sector is exploring the use of modern technologies (such as cloud computing, IoT, big data and analytics, 3-D printing, and augmented reality) in its efforts to minimize costs and to increase production efficiencies.
“The adoption of cloud computing in the manufacturing is growing at a high rate to automate the industrial manufacturing process with the help of IoT, big data, and analytics technologies. Industrial manufacturers are investing millions of dollars in industrial Internet technologies. Therefore, the growing adoption of cloud applications is fueling market demand for better network connectivity services,” adds Amit.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Juniper Networks
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