WiFi as a service is a cloud managed WiFi service that is delivered to end users through a subscription-based pricing model. It offloads the capital and operational expenses involved in deploying, securing, updating, backing up, powering, and cooling appliances, which are the responsibility of organizations in traditional on-premises WiFi models. WiFi as a service enables hosting of both, Wireless Local Area Network (WLAN) controllers and management dashboards on the cloud. It also eliminates the cost of deploying on-site controllers. The WiFi as a Service Market projected to grow from USD 2.1 billion in 2018 to USD 6.1 billion by 2023, at a CAGR of 23.8% from 2018 to 2023. The major factors driving the growth of the market include the reduction in the cost of ownership of WiFi infrastructure for organizations, development of smart cities, and increased demand for high-speed and widespread network coverage.
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The scope of this report covers the WiFi as a Service Market based on service, solution, organization size, vertical, and region. Based on service, the market has been classified into managed services and professional services. The managed services segment is projected to lead the WiFi as a Service Market during the forecast period.
Based on organization size, the market has been segmented into Small and Medium Enterprises (SMEs) and large enterprises. The small and medium enterprises segment is expected to grow at a higher CAGR as compared to the large enterprises segment during the forecast period. The growth of this segment can be attributed to the increased adoption of WiFi as a service in small and medium enterprises to ensure the security of their networks and the quality of their services.
Among verticals, the education segment is projected to lead the WiFi as a Service Market from 2018 to 2023. The rapid adoption of the internet and Bring Your Own Device (BYOD) trend in the education industry has led to the growth of the WiFi as a Service Market across the globe. The educational institutions provide cloud-based WiFi services to their students and teachers to access crucial information from remote locations.
The Asia Pacific WiFi as a Service Market is projected to grow at the highest CAGR during the forecast period. The growth of the market can be attributed to the increased demand for this service from countries such as China, Singapore, and Australia and New Zealand (ANZ). These countries are expansively using wireless internet to cater to the unparalleled requirements of WiFi connectivity in large enterprises and small and medium enterprises of the region. Industries in populous countries such as India and China are also adopting WiFi as a service to advance and streamline their business processes.
Small and medium enterprises require cost-efficient, flexible, scalable, and automated WiFi network. As such, they are adopting WiFi as a service model, which allows small and medium enterprises and distributed enterprises with low budgets and limited resources to have uninterrupted internet connectivity. Distributed enterprises require one centrally located unit to manage their entire network and to scale quickly. This leads to the adoption of WiFi as a service in distributed enterprises as this technology easily fulfills their requirements. Similarly, small and medium enterprises also have the infrastructure, staff, and capital limitations, which can be overcome by the deployment of WiFi as a service. Thus, increased demand for this service from small and medium enterprises and distributed enterprises provides growth opportunities for the WiFi as a Service Market.