WiFi as a Service Market Worth $6.1 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 28, 2019 /PRNewswire/ -- According to a new market research report "WiFi as a Service Market by Service (Professional Services and Managed Services), Solution, Organization Size (Small and Medium Enterprises and Large Enterprises), Vertical (Education, Retail, Travel and Hospitality), Region - Global Forecast to 2023", published by MarketsandMarkets™, the WiFi as a Service Market size is projected to grow from USD 2.1 billion in 2018 to USD 6.1 billion by 2023, at a CAGR of 23.8% during the forecast period.
Reduction in the cost of ownership of WiFi infrastructure for organizations, ease of Wi-Fi infrastructure management and its remote troubleshooting, and quick deployment of networks and end-to-end value chain visibility offered to organizations are factors fueling the growth of the WiFi as a Service Market across the globe.
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Based on vertical, the education segment is estimated to lead the WiFi as a Service Market in 2018.
The rapid adoption of the internet and Bring Your Own Device (BYOD) trends in the education industry has led to the growth of the WiFi as a Service Market across the globe. The use of WiFi as a service facilitates communication among teachers, researchers, students, and professors, among others to make learning easy. Educational institutions provide cloud-based WiFi services to their students and teachers to access crucial documents, presentations, project files, and other forms of data from remote locations. Apart from this, WiFi as a service also ensures the security and safety of eduational institutions as playgrounds, parking lots, sports fields, and stadiums of these institutions are covered by WiFi services. The transportation and logistics segment of the market is projected to grow at the highest rate during the forecast period. The growth of this segment can be attributed to the increased use of WiFi as a service by the transportation and logistics vertical for the effective distribution & storage, communication, and real-time tracking of products and vehicles. The development of intelligent transportation solutions and services has increased the demand for cloud managed WiFi services. These services ensure uninterrupted connectivity. The availability of WiFi as a service in public transport results in enhanced passenger experience and increased customer satisfaction.
Based on service, the managed services segment is expected to lead the WiFi as a Service Market from 2018 to 2023.
The managed services segment is estimated to account for a larger share of WiFi as a Service Market as compared to the professional services segment from 2018 to 2023. Enterprises opt for managed services to overcome the challenges of budget constraints and technical expertise as managed service providers have skilled human resources, infrastructure, and industry certifications. They offer services to monitor and manage hardware devices and manage the availability and performance of networks. They also ensure smooth operations and security of networks.
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The North American region is projected to lead the WiFi as a Service Market during the forecast period.
The North American region has sustainable and well-established economies, which invest increasingly in R&D activities for the development of new technologies. Along with large enterprises, adoption of WiFi as a service by small and medium enterprises in the region is also contributing to the growth of the North America WiFi as a Service Market. The presence of a majority of key players of the market such as Cisco Systems, ARRIS International, Aerohive Networks, Rogers Communications, Viasat, ADTRAN, Aruba, and Extreme Networks in the North American region is also contributing to the growth of the market in the region.
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