Software-Defined Wide Area Network (SD-WAN) Market Research
An increase in adoption of SD-WAN across businesses to enhance operation & productivity drives the growth of the global SD-WAN market.
PORTLAND, PORTLAND, OR, UNITED STATES, June 27, 2024 /
EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “
Software-Defined Wide Area Network (SD-WAN) Market," The software-defined wide area network (sd-wan) market was valued at $3.6 billion in 2021, and is estimated to reach $47 billion by 2031, growing at a CAGR of 29.7% from 2022 to 2031.
Software-defined wide area network (SD-WAN) is designed to improve uptime and business agility while reducing operational costs and complexity. In addition, it brings management simplicity with a centralized console that allows businesses to control and scale branch networks. Furthermore, it provides the flexibility to connect any carrier-independent WAN to increase bandwidth availability and reliable connectivity cost-effectively. As more businesses are becoming reliant on internet connectivity for business-critical and cloud applications, SD-WAN is serving as a necessity.
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The SD-WAN market has been rapidly growing, driven by the need for businesses to manage and optimize their wide area networks more effectively. SD-WAN offers benefits such as improved agility, cost savings, enhanced security, and better application performance across distributed locations. Some key trends include the integration of SD-WAN with cloud services, the adoption of AI and machine learning for network optimization, and the increasing importance of security features within SD-WAN solutions. Market projections indicate continued growth as more organizations transition towards software-defined networking to meet their connectivity needs efficiently.
In addition, software-defined wide area network solutions with integrated artificial intelligence for IT operations (AIOps) have emerged as the key to automating manual tasks. AIOps can help IT teams with anomaly detection, event correlation, and root cause analysis, allowing administrators to easily pinpoint issues and speed up response times for problem remediation. Moreover, surge in adoption of SD-WAN solutions with integrated AIOps capabilities will help organizations to continuously scale and simplify operations, which is anticipated to provide remunerative opportunities for the software-defined wide area network market forecast. Furthermore, the next-generation SD-WAN solution enables all branch services, including networking, security, and voice services to be delivered from the cloud. A secure SD-WAN connection gives organizations the surety that branch locations are protected from threats and provides optimal performance for end users.
Based on components, the global SD-WAN market share was dominated by the solution segment in 2021 and is expected to maintain its dominance in the upcoming years. Owing to advances in technologies enabling SD-WAN solution to transform industries globally, such as BFSI, manufacturing, and healthcare. However, the services segment is expected to witness the highest growth, as Software-defined wide area network (SD-WAN) services reduce the time and costs associated with optimizing systems in the initial phase of deployment.
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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.
Region-wise, North America dominated the software-defined wide area network market size in 2021. Adoption of software-defined wide area network (SD-WAN) solution growing steadily to meet increasing demands from today’s businesses to enhance their business process and improve the customer experience is expected to fuel the market growth in this region. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. Surge in digitalization toward business operation, is projected to provide lucrative growth opportunities for the software-defined wide area network (SD-WAN) market in Asia-Pacific region.
The COVID-19 outbreak positively impacted the growth of the SD-WAN market. This is attributed to investment in advanced technologies such as AI, big data, cloud computing, IoT, and SD-WAN solutions, due to rise in adoption digitalization by various companies across the globe. In addition, the SD-WAN industry is advancing rapidly. Businesses and tech service providers will continue to adopt SD-WAN, owing to increase demand for SD-WAN, which is expected to trigger increased investments in this industry. Such factors collectively are anticipated to create remunerative opportunities for the market growth during the forecast period.
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Furthermore, digitalization has become one of the key topics for competitiveness in the fourth industrial revolution. Thus, network devices and applications come in all shapes and sizes and are capable of a variety of different functions and applications. However, many legacy devices are gradually becoming incompatible with newer technologies and maintaining them, which hampers the growth market. Furthermore, SD-WAN implementation reduces the footprint of on-premises hardware, which decreases the maintenance costs and downtime. Moreover, upgrading the services to newer versions becomes easier. By enabling the easy addition of future applications and services through software, rather than hardware, businesses can save on time and maintenance. Therefore, these factors are expected to provide lucrative opportunities for the software-defined wide area network industry growth during the forecast period.
KEY FINDINGS OF THE STUDY:
• By component, the solution segment accounted for the largest software-defined wide area network market share in 2021.
• By deployment mode, the on-premises segment accounted for the largest software-defined wide area network market share in 2021.
• On the basis of organization size, the large enterprise segment accounted for the largest software-defined wide area network market share in 2021.
• Depending on industry vertical, the IT and Telecom sector accounted for the largest software-defined wide area network market share in 2021.
• Region wise, North America generated highest revenue in 2021.
The key players that operate in the software-defined wide area network market analysis are Cisco Systems, Inc., Dell, Inc., Hewlett Packard Enterprise Development LP, Huawei Technologies Co., Ltd., Juniper Networks, Inc., NEC Corporation, Nokia Corporation, Oracle Corporation, Telefonaktiebolaget LM Ericsson, and VMware, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the software-defined wide area network industry.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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