According to the latest market study released by Technavio, the global local area network as a service (LANaaS) market is expected to reach $2.47bn by 2020, growing at a CAGR of more than 30%.
A research report titled ‘Global LANaaS Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, Technavio analysts consider revenue generated from the sale of cloud-based LAN solutions to enterprises.
The declining growth rate trend of hardware equipment used to set-up LAN infrastructure has compelled network equipment manufacturers and service providers to add new products and services based on innovative technologies. Digital transformation has created opportunities for networking vendors to market their products and services. Advanced IT trends, such as Internet of Things (IoT), are the specific areas in the market where LANaaS solution can be successfully marketed to the targeted consumers. With advances in smart and connected technologies, the demand for cost-effective IT solutions, such as cloud computing solutions, has grown at a double-digit rate in recent years.