Wi-Fi as a Service Market Size Set to Skyrocket with a CAGR of 21.5% to Reach $24.53 Billion by 2030 | Explosive Growth, Lucrative Future,Trends, Drivers, and Opportunities Over the Globe Report by Zion Market Research
NEW YORK, March 23, 2023 /PRNewswire/ -- As per Zion Market Research study, The global Wi-Fi as a service market size was evaluated at $5.32 Billion in 2022 and is slated to hit $24.53 billion by the end of 2030 with a CAGR of nearly 21.5% between 2023 and 2030.
Wi-Fi as a Service Market: Overview
Wi-Fi as a service is a cost-efficient and scalable enterprise-grade wireless LAN (Local Area Network) service that offers reliable network access to offices and other customers while providing a strong platform for creating an intelligent multichannel for enhancing the end-user experience. Moreover, Wi-Fi as a service is garnering immense popularity across the globe. Wi-Fi as a service is a subscription-based cloud management system comprising end-to-end Wi-Fi solutions, access points, cloud-native management plans, and automated system advancements. Furthermore, Wi-Fi as a service assists various businesses and firms with IT resources in offering swift, reliable, and secured LAN access across a slew of sites.
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Zion Market Research published the latest report titled "Wi-Fi As A Service Market By Solution (Access Points and WLAN Controllers), By Services (Professional Services and Managed Services), By Location Type (Indoor and Outdoor), By Organization Size (Large Enterprises and Small & Medium-Sized Enterprises), By Vertical (Education, Manufacturing, Retail, BFSI, Travel & Hospitality, Government & Public Sector, Healthcare & Lifesciences, and Transportation & Logistics), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" into their research database.
Wi-Fi as a Service Market: Growth Drivers
Escalating demand for remote troubleshooting, central network management, low capital spending, and high-speed & extensive network coverage to drive the growth of the global Wi-Fi as a service market. In addition to this, large-scale penetration of Wi-Fi as a service in small & medium-scale firms will prop up the global market demand. Favorable features of Wi-Fi as a service including its send-to-end visibility have contributed immensely towards the growth of the market across the globe.
The growing use of smart devices and internet penetration in emerging economies, as well as developed countries, has increased exponentially and this has created huge growth potential for the Wi-Fi as a service market globally. Moreover, smartphone internet subscribers are projected to increase notably in the coming years. Citing an instance, in 2021, the number of smartphone internet subscribers reached nearly 5 million across the globe.
Wi-Fi As A Service Market: Hindrances
Failure of effective cloud connectivity along with data security concerns can impede the expansion of the global Wi-Fi as a service industry.
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Wi-Fi As A Service Market: Opportunities
Acceptance of BYOD and the rise in the use of smartphones at the workplace are likely to help the global market explore new facades of growth in the years ahead. Furthermore, Wi-Fi as a service is used by small organizations and offices owing to its ability to be controlled by network operating centers for delivering reliable and fast network access. This, in turn, will open new avenues of growth for the global market.
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Wi-Fi As A Service Market: Challenges
Slow data backups and restores can pose a huge challenge to the growth of the global Wi-Fi as a service industry.
Wi-Fi As A Service Market: Segmentation
The global Wi-Fi as a service market is sectored into solutions, services, location type, organization size, vertical, and region.
In terms of services, the global Wi-Fi as a service market is divided into professional services and managed services segments. Apparently, the managed services segment is set to dominate the segmental growth during the forecast timeline. The segmental surge can be credited to vendors remotely handling the IT infrastructure of clients and their systems which provide backup recovery of business data. Moreover, managed service providers who are also referred to as third-party IT service providers provide supplementary services for cloud analysis.
Based on the solution, the global Wi-Fi as a service industry is bifurcated into access points and WLAN controller segments. Furthermore, the WLAN controllers segment is set to register the highest CAGR over the forecast period. The growth of the segment over the analysis period can be due to the ability of WLAN controllers in helping the network handle work and smooth conduction of operations. Moreover, WLAN controllers also help in reducing the operating costs of networks and provide centralized management of wireless networks.
On basis of location type, the Wi-Fi as a service market across the globe is sectored into indoor and outdoor location types. The indoor segment, which accounted for nearly 80% share of the global market revenue in 2021, is projected to dominate the global market revenue share even in the foreseeable future. Furthermore, the segment is also predicted to record the highest CAGR of more than 22.1% over the forecast timeline. The segmental expansion over 2023-2030 can be attributed to benefits such as growing network capacity, low latency, device density, and high speed. An increase in the use of Wi-Fi as a service by small and medium-sized firms in the e-commerce, retail, BFSI, and healthcare sectors will propel the segmental surge.
Based on the organization size, the Wi-Fi as a service industry globally is segmented into large enterprises and small & medium-sized enterprises. Furthermore, the small & medium-sized enterprises segment is set to record the fastest CAGR of about 22.8% over the anticipated timeframe. The segmental growth over the forecast period can be due to an increase in penetration of Wi-Fi managed solutions in small & medium-sized enterprises owing to their cost-efficacy and short life cycle.
In terms of vertical, the global Wi-Fi as a service market is divided into education, healthcare & life sciences, manufacturing, retail, government & public sector, BFSI, travel & hospitality, and transportation & logistics segments. Furthermore, the BFSI segment, which accounted for the highest share of the global market revenue in 2021, is set to dominate the global market revenue share even during the coming years. The segment is also set to record the fastest CAGR of about 19.2% over the assessment period owing to a surge in digital payment transactions and surging use of Wi-Fi as a service in the BFSI sector.
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Wi-Fi As A Service Market: Regional Insights
The Asia-Pacific region, which contributed nearly 38% of the overall Wi-Fi as a service market share in 2021, is set to maintain its regional market domination even over the coming years. The growth of the regional market in forthcoming years can be due to the rise in the use of the internet and smartphones in the countries such as India, Bangladesh, Thailand, Indonesia, and China. An increase in the number of internet subscribers in the sub-continent will also further contribute towards the growth of the market in the region.
Furthermore, the North American Wi-Fi as a service industry is projected to record the highest CAGR of 22% over the forecasting timeframe. The regional market growth over 2023-2030 can be owing to the presence of giant players such as Jupiner Networks Inc, Commscope, Cisco Systems, and Aruba in the countries such as the U.S.
Global Wi-Fi as a Service Market is segmented as follows:
Wi-Fi as a Service Market: By Component Outlook (2023-2030)
Wi-Fi as a Service Market: By Vertical Outlook (2023-2030)
Wi-Fi as a Service Market: By Region Outlook (2023-2030)
Middle East & Africa
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