The Global Networking Service Market Size Was Valued At USD 6.67 Billion In 2022 And Is Expected To Grow At A Compound Annual Growth Rate (CAGR) Of 32.9% From 2023 To 2030.

Networking Services Market Overview:

Network services providers and cloud providers provide network services for networks and network security resources such as VPNs, WANs, and firewalls. It enables customers to manage and operate on their network without maintaining network infrastructure and optimizes resource allocation and computing resources as a single unified module. It provides services on a subscription-based business model to provide enterprise-wide area network (WAN) services. It includes integrated hardware, software, licenses, and hosting services. Vendors in the global network-as-a-service market provide their customers with network services from third parties for use by customers who do not want to build the network infrastructure themselves. These players in the global Network-as-a-Service market offer network services, applications, and resources as products that various corporate entities around the world can purchase for use by numerous users or customers. These services are offered by vendors in the global Network-as-a-Service market, usually for a specific period of time specified in their contracts. The two main types of services offered by the players operating in the global Network as a Service market include services such as WAN as a service and LAN as a service.

Networking Services market size, estimates, and forecasts are provided in terms of sales volume (K Units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Networking Services market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Key Market Updates:

• In April 2021, South Korea, Asia's fourth-largest economy, and global technology leader Cisco announced the launch of a collaborative framework under the Cisco National Digital Acceleration (CDA) program to accelerate South Korea's digital journey and drive an inclusive recovery from the COVID-19 pandemic.
• In April 2021, AT&T will provide ERIKS with a global wide area network spanning 17 countries. ERIKS is a Netherlands-based company that builds digital capabilities. AT&T will migrate ERIKS' US transmission network to a fully AT&T-managed network.
• In March 2020, Ericsson's partnership with the Oman Communications Service Provider will enable Oman Telecom to improve operational network efficiency and further enhance the customer experience for users. The company has been an Omantel-managed service partner since 2016.

Major Segments Covered in the Global Networking Services Market:

Market Key Players:
Cisco Systems, Fujitsu, Vodafone, Verizon, Ruckus Wireless, Aruba, Mojo Networks, Purple, And Others.

Networking Services Market by Types:

• Network Security
• Network Auditing and Testing
• Network Planning and Designing
• Network Consulting
• Configuration and Change Management

Networking Services Market by Applications:

• IT and Telecommunications
• BFSI
• Retail
• Government and Public Sector
• Healthcare
• Transportation
• Logistics, and Hospitality
• Manufacturing
• Education
• Others

Networking Services Market by Regions:

The report estimates revenue growth at the worldwide, regional, and country levels and delivers an analysis of the recent industry trends in each sub-segment from 2017 to 2030.

North America will account for the largest revenue share at over 38.0% in 2021 owing to rapid adoption of network-as-a-service solutions. The key drivers are the presence of key players such as Palo Alto, Amdocs, Megaport, Akamai, and Cisco Systems Inc, which drive the market growth. Significant companies are investing heavily in data center R&D, and network infrastructure is contributing to the growth.
Europe is another significant networking services market, with countries such as the United Kingdom, Germany, and France fueling expansion in the region. European market expansion is anticipated to be driven by the rising popularity of cloud computing and the demand for more secure networking solutions.
The Asia-Pacific region is anticipated to experience the most rapid development in the networking services market, driven by the increasing adoption of networking technologies in emerging economies like China and India. The expansion of the region's e-commerce sector is also anticipated to increase demand for networking services.

Significant Market Dynamics:

Drivers:

NaaS is a simple and effective network service model that allows enterprises to easily operate their network infrastructure. It helps enterprises efficiently manage network infrastructure with strong and reliable security. NaaS providers offer a wide range of network security services, including secure web gateways, secure Domain Name System (DNS)/Dynamic Host Configuration Protocol (DHCP)/IP Address Management (IPAM) (DDI), DDoS protection, and zero-trust network usage. The pandemic has forced businesses to move workloads to the cloud and adopt remote working facilities for their employees. Hence, the need for cybersecurity has grown exponentially to protect networks from cyber threats. NaaS fully protects network infrastructure by routing traffic through highly encrypted tunnels with the help of TLS protocol blocks such as IPSec, SSL, and Wireguard.

Restraints:

The main issue facing this market is the difficulty in ensuring proper compliance while providing NaaS services to customers. Marketplace vendors should implement proper security and governance policies, which are critical for businesses to achieve their business goals. With specific requirements such as increased security, business restructuring, mergers and consolidations, cloud providers must meet strict scalability specifications in terms of storage, computing and network resource sharing to facilitate the development of NaaS solutions. At some point, vendors may find it difficult to maintain and secure their technology and comply with certain standards and laws. Suppliers' non-compliance with regulations and standards directly impacts the services they provide to customers, creating significant financial and business risks for customers and their business processes. NaaS service providers provide full transparency to their customers. They emphasize and deliver programs and services by adhering to setting standards and following best service delivery practices. As technology evolves, it is difficult for vendors to keep up with changing technologies and government regulations. This is a major challenge for suppliers and customers in this market.

Opportunity:

The pandemic has forced various organizations to adopt remote working facilities across the globe. Within a few days or a week, businesses moved employees to remote facilities and implemented work-from-home policies. As COVID-19 impacts businesses more and more, the number of remote workforces are growing every day. Some organizations have announced permanent work-from-home policies for employees. As a result, enterprises are adopting service business models for networking, computing, and storage. Cloud adoption has skyrocketed across industries during the pandemic. Most enterprises have adopted as-a-service and subscription-based web service business models. Therefore, there is a strong demand for the NaaS market in the industry. NaaS offers a wide range of benefits, including cost reduction, proactive maintenance, enhanced security, increased uptime, improved service quality, maximized performance and increased productivity, optimized systems, and gained expertise and experience. Remote workforce strategies are showing an upward trajectory in terms of growth and are only growing at an exponential rate.

Challenges:

One of the major challenges in the Network services market is the security issue of cloud-based network connections, which hinders the adoption of NaaS solutions across various vertical industries. Security is one of the main criteria businesses consider when choosing between cloud-based and on-premises solutions. Due to network complexity and complex applications, Network services solutions face synchronization issues. Therefore, the outsourcing of network connectivity can create issues in terms of organizational security. Organizations often feel that Network services-based connections expose their sensitive data and cause them to lose control of their network infrastructure. As a result, companies are unsure about adopting cloud-based networking solutions.

Report Scope of Global Networking Services Market:

Points Covered in the Report

• The points that are discussed within the report are the major market players that are involved in the Market such as Market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analyzed 12 years of data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, region, type, application and etc., and custom research can be added according to specific requirements.
• The report contains a SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

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Note – In order to provide a more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19 and the Russia-Ukraine war.