WiFi as a Service market to reach $26 billion through 2032
The WiFi as a Service Market is expected to escalate at a CAGR of 18.2% from USD$4.9 billion in 2022 to USD$26.0 billion through 2032, according to a new report from Future Market Insights.
In the wake of the COVID-19 outbreak, the WaaS has been expanding globally. In most nations, it has become more and more popular to work from home since the global shutdown, which has resulted in an increase in demand for high-speed wireless fidelity services. Increased demand has fuelled the growth of the wireless fidelity market and contributed greatly to the growth of the industry's revenue.
The major IT companies also develop and offer advanced applications and services, such as Cisco Systems Inc., Aruba Networks, and Juniper Networks Inc. The Portable Branch Kit, for instance, is an Extreme Networks solution introduced in March 2020. A quick and secure connection can be established to temporary remote office sites through the solution. COVID-19 is a pandemic that is affecting the entire world, and the company is focused on helping its client base around the globe.
As a result of the easy management of wireless infrastructure over cloud services, WaaS is experiencing rapid growth. Managed over the cloud, WaaS allows enterprises to operate wireless networks from anywhere.
Network administrators can remotely manage WiFi infrastructure issues using cloud-based centralised management, saving both time and money by performing the work from a remote location. Commercial applications have long made use of dial-up access. Thanks to advancements in technology, even residential customers can now have reasonably priced high-speed Internet access.
Key takeaways from the report include:
- The WiFi as a Service Market is predicted to develop at a CAGR of 17.9% in the wireless local area network (WLAN) controller’s section of the solution category.
- The CAGR for the outdoor segment of the location type category in WiFi as a Service Market is anticipated to be 18.0% through 2032.
- In the United States, the WiFi as a Service Market is estimated to reach US$ 9.1 billion by 2032, rising at a CAGR of 18.1% throughout the forecast period.
- By 2032, the WiFi as a Service Market in the United Kingdom is expected to beat valued US$ 1.1 billion, with a CAGR through 2032.
- With a CAGR of 17.5% throughout the forecast period, China is expected to reach a market size of US$ 1.9 billion in WiFi as a Service Market by 2032.
- By 2032, the WiFi as a Service Market in Japan is estimated to be worth US$ 1.5 billion, growing at an annual rate of 16.4h 2032.
- With a CAGR of 15.9% throughout the forecast period, South Korea is predicted to reach a market size of US$ 934.3 million in WiFi as a Service Market by 2032.
Key companies profiled in the WiFi as a Service Market include Juniper Networks Inc., Cisco System Inc., HPE (Aruba), Extreme Networks, Huawei Technologies Co Ltd, Fortinet, Ruckus Networks, Arista Networks, D-Link Corporation, TP-Link, and others.
Companies are acquiring companies to strengthen their positions in light of the increasing competition in the market. In May 2021, Aruba launched its wireless fidelity 6E access point solution. WiFi in the 6 GHz band will support up to seven 160 MHz channels and will offer an aggregate data rate of 3.9 Gbps to users.
WiFi networks are becoming increasingly popular among end-user businesses across the globe due to their cost-effectiveness, flexibility, scalability, and automation.
Thus, organisations are adopting Software as a Service (SaaS) based wireless fidelity models, which enable them to take advantage of continuous Internet access despite limited budgets and resources.
A surge in the demand for WaaS services has resulted from the increasing adoption of public and private SaaS models. SaaS services are being used by organisations to safeguard and transmit data in a secure manner using WiFi. A number of SaaS model projects are being developed by leading players on the market.