Wi-Fi as a Service Market to Reach $12.21 Billion, Globally, by 2027 at 17.6% CAGR: Allied Market Research
- Increase in requisite for low capital expenditure, rise in deployment of public Wi-Fi, and expediency of Wi-Fi infrastructure management and its remote troubleshooting drive the growth of the global Wi-Fi as a Service market.
PORTLAND, Ore., March 3, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Wi-Fi as a Service Market by Service (Professional Services and Managed Services), Location Type (Indoor and Outdoor), Enterprise Size (Large Enterprises and SMEs), and Industry Vertical (Telecom & IT, BFSI, Education, Healthcare, Hospitality, Transportation, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027."According to the report, the global Wi-Fi as a Service industry was estimated at $3.36 billion in 2019, and is expected to hit $12.21 billion by 2027, registering a CAGR of 17.6% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Increase in requisite for low capital expenditure, rise in deployment of public Wi-Fi, and expediency of Wi-Fi infrastructure management and its remote troubleshooting drive the growth of the global Wi-Fi as a Service market. On the other hand, several security concerns impede the growth to some extent. However, rise in adoption of IoT and surge in demand for Wi-Fi as a service among SMEs are expected to create lucrative opportunities in the industry.
Impact of Covid-19 on Wi-Fi as a Service Market, Globally:
The professional services segment to lead the trail by 2027-
Based on services, the professional services segment accounted for more than two-thirds of the global Wi-Fi as a Service market share in 2019, and is expected to dominate by the end of 2027. This is because it ensures effective functioning of Wi-Fi. Simultaneously, the managed services segment would register the fastest CAGR of 20.1% throughout the forecast period. Service-Level Agreements (SLAs) for managed WiFi services ensure that business objectives for access, availability and bandwidth are consistently met by the third-party vendor. This factor fuels the segment growth.
The outdoor segment to dominate during the forecast period-
Based on location type, the outdoor segment contributed to around two-hirds of the global Wi-Fi as a Service market revenue in 2019, and is projected to retain its dominance by 2027. This is attributed to the fact that organizations prefer deploying WaaS for outdoor location type to deliver optimal Wi-Fi performance. The indoor segment, on the other hand, would exhibit the fastest CAGR of 20.2% during the forecast period, owing to increasing need for uninterrupted internet connectivity and rising penetration of IoT.
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North America to rule the roost in terms of revenue:
Based on geography, North America generated the major share in 2019, holding nearly two-fifths of the global Wi-Fi as a service market. Continuous advancements in technology, and presence of major number of Wi-Fi as a service vendors in North America region are contributing toward the growth of the WaaS market in this region. At the same time, the market across Asia-Pacific would grow at the fastest CAGR of 20.5% from 2020 to 2027. Increasing penetration of smartphones, need for cost effective internet services by SMEs, rise in popularity of fast internet connectivity, and strong & growing competition among ISPs drive the market growth in this province.
Frontrunners in the industry-
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