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Software-Defined Wide Area Network (SD-WAN) market Research
The rising adoption of SD-WAN to boost operations and productivity is driving the growth of the global SD-WAN market.
PORTLAND, OR, UNITED STATES, September 27, 2024 /EINPresswire / -- According to the report, the global software-defined wide area network (SD-WAN) market size generated $3.6 billion in 2021, and is anticipated to generate $47 billion by 2031, witnessing a CAGR of 29.7% from 2022 to 2031.
Rapid digitalization, surge in adoption of advanced technologies such as IoT and cloud computing across the world, and increase in adoption of SD-WAN across businesses to enhance operation & productivity drive the growth of the global software-defined wide area network (SD-WAN) market. However, the security concerns and high initial cost hamper the market growth. Moreover, an increase in investments in sectors such as BFSI, healthcare, and other sectors is anticipated to present new opportunities in the coming years.
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Covid-19 Scenario
1. The outbreak of the Covid-19 pandemic has increased the business need to automate processes and prioritize digital transformation initiatives. SD-WAN addresses this need, helping streamline workflows and accelerate automation projects. Hence, the pandemic had a positive impact on the growth of the global SD-WAN market.
2. Furthermore, with more advanced and cutting-edge technologies becoming available every year, businesses need simple and effective methods for integrating these technologies to enhance their operations and services.
Based on industry vertical, the IT and telecom sector segment held the highest market share in 2021, accounting for nearly one-third of the global software-defined wide area network market, and is estimated to maintain its leadership status throughout the forecast period. owing to the surge in need for improvement and optimization of infrastructure among telecom operators and continuous innovation in the IT & telecom sector. However, the media and entertainment segment is projected to manifest the highest CAGR of 37.8% from 2022 to 2031. The adoption of SD-WAN solution in this sector improves the digital transformation roadmap that is reliable, secure, scalable, and it allows to provide improved customer experience and enhance performance.
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Based on component, the solution segment held the highest market share in 2021, accounting for more than two-thirds of the global software-defined wide area network market, and is estimated to maintain its leadership status throughout the forecast period. Growth of online sales platforms for all types of products is proving to be a driving factor for the branded sneaker market. Consumers buying shoes through online sales channels prefer the branded ones, as they can afford them at a low price. However, the services segment is projected to manifest the highest CAGR of 32.0% from 2022 to 2031. The growth of retail chains and hypermarkets & supermarkets is proving to be a major factor boosting the demand of private label products. Branded products may not always be affordable for all the consumers.
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global software-defined wide area network market. The increasing investment in advanced technologies such as Software-defined wide area network (SD-WAN) to improve businesses and the customer experience are anticipated to provide lucrative growth opportunities for the Software-defined wide area network (SD-WAN) market in this region. On the other hand, Europe is likely to dominate the market during the forecast period. However, the Asia-Pacific region is expected to witness the fastest CAGR of 32.9% from 2022 to 2031. This is attributed to the increase in penetration of digitalization and higher adoption of cloud-based services.
Leading Market Players: -
Hewlett Packard Enterprise Development LP,
Cisco Systems, Inc.,
Oracle Corporation,
Telefonaktiebolaget LM Ericsson,
Nokia Corporation,
VMware, Inc. ,
NEC Corporation ,
Dell, Inc.,
Huawei Technologies Co., Ltd.,
Juniper Networks, Inc.
The report provides a detailed analysis of these key players of the global software-defined wide area network (SD-WAN) market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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