The global WiFi as a service market reached a value of $4.05 billion in 2021. Looking forward, the market is expected to reach $11.1 billion by 2027, exhibiting a CAGR of 17.5% during 2022-2027, according to ResearchAndMarkets.
Keeping in mind the uncertainties of COVID-19, they are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor
WiFi as a Service (WaaS) is a subscription-based system that combines infrastructure, software, and managed services. It is easy, time-efficient, requires no cable installation, and provides 24/7 remote monitoring and troubleshooting of configuration issues. It offers reliable network access for back-office and customer use while delivering a platform for building an intelligent multichannel customer experience.
As a result, it is deployed in organizations with limited information technology (IT) resources for secure wireless local area network (WLAN) access across various locations. It also enables users to attain a fast data network as it can be managed via a network operating center (NOC)
Digital transformation driving the WiFi as a service market
The digital transformation of business operations represents one of the key factors driving the need for WaaS for supporting mobile communications, boosting productivity, and streamlining collaboration. Moreover, it is gaining traction in the banking, financial services, and insurance (BFSI) sector to enable always-on security protection, reduce latency, and allow organizations to gain a competitive advantage.
Apart from this, it is being widely adopted by small and medium-sized enterprises (SMEs) to gather analytics about customer interactions and take actions in real-time. Furthermore, the emerging trend of WiFi marketing, which is an innovative way for brick-and-mortar businesses to build customer loyalty, run targeted digital ads, send emails and messages, and automate customer communications, is driving the market.
Besides this, WaaS is employed in the healthcare industry to enable healthcare professionals to monitor patients remotely and provide timely health information, reminders, and support. This, in confluence with the growing prevalence of chronic diseases and easy access to medical facilities, is catalyzing the demand for WaaS to help improve patients’ quality of life