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| Global Backbone Network Services Market Size |
Backbone Network Services facilitate high-speed data transmission with enhanced
scalability, agility, and security. They aid in connectivity between data
centers, branches, and cloud environments through connectivity solutions
including Ethernet, IP VPNs, and Wavelength services. This enables efficient
data flow and remote access. With increasing digitalization and cloud migration
of enterprises, the demand for robust networking infrastructure is growing.
The global
Backbone Network Services Market is estimated to be valued at US$ 106.75 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period
2023 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The upsurge in cloud migration is one of the key trends driving the growth of
the backbone network services market. Many organizations are migrating their
infrastructure and applications to public and private clouds to gain scalability,
accessibility, and cost benefits. This has increased the traffic on backbone
networks manifold. Backbone network service providers are enhancing their
network infrastructure to support higher bandwidth requirements of cloud
services. They are upgrading their fiber backbones, network capacity, and
peering arrangements to deliver robust connectivity for cloud environments.
This is expected to stimulate the demand for advanced backbone services during
the forecast period.
Segment Analysis
The global backbone network services market is dominated by network as a
service sub-segment. Network as a service accounted for around 60% of the total
backbone network services market share in 2023. This is because network as a
service provides end-to-end networking solutions and infrastructure that allows
enterprises to connect their offices located in different geographical regions
through a single network connectivity. This provides enterprises with improved
visibility and control over their network connections.
Key Takeaways
Global
Backbone Network Services Market Size is expected to witness high
growth over the forecast period. Backbone network services help enterprises
improve connectivity between branches, data centers, and cloud platforms
located worldwide. They offer reliability, security, and agility to businesses
operating across multiple locations. The global Backbone Network Services
Market is estimated to be valued at US$
106.75 Mn in 2023 and is expected to
exhibit a CAGR of 4.6% over the
forecast period 2023 to 2031.
Regional analysis
North America dominated the overall backbone network services market with over
35% share in 2023 owing to rapid digitalization and increasing adoption of
cloud-based applications among enterprises in the region. Asia Pacific is
expected to witness the fastest growth during the forecast period aided by
rising penetration of internet and smartphone users in developing countries
such as China and India.
Key players
Key players operating in the backbone network services include AT&T Inc.,
Verizon Communications Inc., Spectrum Enterprise, GTT Communications Inc.,
Cogent Communications, and Telia Carrier. AT&T Inc. is one of the largest
providers of backbone network services globally with an extensive fiber network
spread across the Americas, Europe and Asia Pacific. Verizon C
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