Wi-Fi as a service industry to reach $11.6 bn by 2027

The Global Wi-Fi as a Service Market size is expected to reach $11.6 billion by 2027, rising at a market growth of 19.0% CAGR during the forecast period, according to Research and Markets.

Wi-Fi as a service is a cloud-based management system that enables enterprises with lesser IT resources to provide safe, reliable, and quick WLAN access over multiple locations. WaaS deployment is simple and quick because no cable installation is necessary, and it can be controlled through a network operating center, allowing smaller businesses to have a reliable and fast data network. Also, WaaS is perfect for temporary locations, heritage structures, and office relocations. In addition, WaaS includes advanced analytic capabilities that aid in the analysis of customer and employee behavior. WaaS also has an automatic system upgrade feature and it can offer secure guest access.

The expansion of smart cities, as well as the reduction in tariff rates for Wi-Fi equipment for organizations, ensures an efficient performance for the market. The rising demand for high-speed internet and comprehensive network coverage is expected to give fuel to the overall market expansion over the forecast period.

Companies are now considering it as a crucial part of their operations, and they’re not seeking for outsourced suppliers to ensure the elimination of risks and errors in the service quality. Wi-Fi has even penetrated into the domain of infrastructure overhead for some businesses, with IT staff opting to delegate control to professionals so they can emphasize on more strategic initiatives and operations.

WaaS was formerly called Managed Network Service. Wi-Fi-as-a-Service is a service that provides full turnkey design, management, and installation of all IT assets, including routers, servers, switches, firewalls, and others, to provide a Wi-Fi solution. WaaS can be used to meet a wide range of business requirements. It can also be utilized by enterprises with no existing Wi-Fi network as well as those with a network but are searching for a managed solution for a guest internet-only Wi-Fi network.

COVID-19 impact analysis
The COVID-19 outbreak is expected to have a significant influence on the expansion of the Wi-Fi as a service market. Due to the lockdown imposed across the world, the demand for Wi-Fi services has surged in most nations, owing to the growing tendency of people working from home. This has made a substantial contribution to the Wi-Fi industry’s continued revenue generation, resulting in increased market growth.

During the COVID-19 outbreak, the IT and telecom industries are playing a critical role in supporting governments’ digital infrastructure around the world. Individuals and governments at all levels, such as federal, state, central, municipal, and provincial, have been in continual contact to provide and receive concurrent information on COVID-19. The healthcare, telecommunications, utilities, and government entities work tirelessly to stabilize the situation and provide essential services to all citizens.

Rapid digital transformation
Connected devices, digital solutions, and IoT systems are on the rise as a result of rapid technological breakthroughs. The increased acceptance of digital solutions is playing a major role in the development of wi-fi as a service sector. In addition, the increasing availability of smartphones is expected to also play a role in the growing utilization of WI-FI as a Service. As the number of smartphone users grows, more people will be able to utilize their phones to interact with each other remotely for business purposes. Organizations all over the world are willing to deploy technologically advanced apps across their verticals in order to engage customers in new and engaging ways, necessitating the use of high-quality wireless network connections, such as Wi-Fi.

Growth of various smart city projects
The rise of smart cities provides opportunities for suppliers of various technology and providers of related services. Increased government activities and growing public awareness of environmental issues have led to the creation of new solutions based on urban infrastructure development and design conceptual models. Smart city projects are becoming increasingly reliant on IoT, which includes new technologies, cloud, mobility, including data transmission, and sensors. Rapid and continual technological breakthroughs have enhanced internet connectivity, paving the way for the full development of these smart cities.

Data and privacy-related risks
For businesses, maintaining the security and privacy of corporate data is crucial. Due to this, companies are hesitant to migrate their data and information to the cloud and rely on the conventional Wi-Fi network. Another important issue is natural or cyber-attacks that might destroy data centers, resulting in internet connectivity loss and thereby, disrupting numerous company processes. Data hackers can cause significant losses to organizations irrespective of their sizes. Due to the fact that WaaS is a cloud-based wireless internet service with increased connection delay, backups may take longer than with an in-house solution.

CT Bureau