Wi-Fi As A Service Market size is projected to reach $12.21 billion by 2027

According to a recent report published by Report Ocean, titled, “Wi-Fi As A Service Market by Services, Location Type, Enterprise Size, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020-2027,” the global Wi-Fi as a service market was valued at $3.36 billion in 2019, and is projected to reach $12.21 billion by 2027, growing at a CAGR of 17.6% from 2020 to 2027.

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Wi-Fi as a service (WaaS) is majorly used to manage the Wi-Fi operations and it generally comprises WLAN configuration, network implementation, hardware & software management, and network monitoring & maintenance. WaaS has varied application for all types of organizations, from those that do not have existing Wi-Fi network to those having an existing network but need managed solution for a guest Internet only Wi-Fi network.

Factors such as rise in requisite for low capital expenditure, increase in penetration of IoT devices, rise in deployment of public Wi-Fi, surge in demand for WaaS from SMEs, and emerging smart city projects development across the world are the major factors contributing toward the global Wi-Fi as a service market growth.

The outdoor location type segment is anticipated to hold majority of the Wi-Fi as a service market share in 2027, due to increase in deployment of Wi-Fi hotspots by government across public places, rise in need for fast connectivity among smartphone users, increase in initiatives by government to cover many places with Wi-Fi connectivity, across the world.

In terms of enterprise size, SMEs segment is projected to witness highest CAGR during the forecast period, as most of the small enterprises do not have capital to invest into the enterprise Wi-Fi hardware or the skilled staff required to manage such hardware. Thus, Wi-Fi as a service gives small & medium sized enterprises the support & maintenance required to aim more on their business growth and less time spent on resolving the Wi-Fi problems. Thus, these factors are expected to further propel the growth of SMEs segment of global Wi-Fi as a service market in upcoming years.

The telecom & IT industry accounted for the highest share among industry vertical segment of WaaS market in 2019. This is attributed to increase in need to streamline the day-to-day operations in the telecom & IT companies. Furthermore, the requirement for in-depth monitoring of network and reporting, get insight regarding network utilization, uplink performance, increase security over internal network of the organization, and operating at peak productivity with a managed Wi-Fi solution is augmenting the need for WaaS.

The global Wi-Fi as a service market size was dominated by North America in 2019, and is expected to maintain this trend during the forecast period. This is attributed to the presence of leading companies designing Wi-Fi as a service in North America; extensive use of cellphones & smart devices; and surge in adoption of Wi-Fi hotspots by retail, hospitality, and education sectors in this region.

With alarming increase in cases of coronavirus in 2020, many Wi-Fi as a service players adopted various business and marketing strategies. For instance, in March 2020, Extreme Networks launched the innovative and consumable solutions, such as the Portable Branch Kit to quickly and securely provide connectivity to temporary remote office locations during the COVID-19 pandemic. Furthermore, BYOD and other popular mobility initiatives present a huge opportunity for providers of cloud-managed WiFi-as-a-service.

Key Findings Of The Study

By service, the managed services segment is expected to witness highest growth during the forecast period.
On the basis of location type, the outdoor location segment accounted for highest market share.
Depending on enterprise size, the SMEs segment is anticipated to exhibit highest growth during the forecast period.
In terms of industry vertical segment, telecom & IT segment held the largest share in Wi-Fi as a service market in 2019.
Region wise, North America accounted for the highest revenue in 2019; however, Asia-Pacific is anticipated to exhibit highest growth during the forecast period.
The global Wi-Fi as a service market analysis includes some of the key market players such as Cisco Systems, Huawei Technologies Co., Singtel, Viasat, Inc., Fujitsu, Commscope, Extreme Networks, Arista Networks, Inc., Pareteum, and Telstra Corporation. This study includes Wi-Fi as a service market trends, WaaS market analysis, and future estimations to determine the imminent investment pockets.

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This release was published on openPR.