The increase in the implementation of IoT applications and intelligent edge is expected to open up new opportunities in the near future.
PORTLAND, PORTLAND, OR, USA, Aug. 19, 2022 /EINPresswire.com/ — Rising adoption of cloud computing, increased investment in virtualization of networking functions defined by software to reduce the CAPEX and OPEX are the major factors propelling the growth of the global Software Defined Networking market.
The global software defined networking market generated USD 9.99 billion in 2019 and is expected to generate USD 72.63 billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027.
Key Market Players such as – Arista Networks Inc., Broadcom Inc., Cisco Systems, Inc., Citrix Systems, Inc., Dell Technologies, Inc., Extreme Networks, Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corporation , Juniper Networks, Inc. and NEC Corporation.
Based on region, the North America region held the largest share of the global software-defined networking market, contributing nearly two-fifths of the total share in 2019, and will maintain its leading position during the period. forecast. This is due to the increase in adoption of advanced technologies across various industry verticals, increase in adoption of cloud computing and mobility solutions, and increase in the need for network management. for heavy network traffic. On the other hand, the Asia-Pacific region is expected to show the fastest CAGR of 32.60% from 2020 to 2027. This is attributed to the increase in the number of start-ups and the upsurge in the implementation of new and advanced technologies such as virtualization services and mobility solutions among the working system of companies in this region.
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Based on the industry vertical, the IT and telecommunications segment accounted for the highest market share, contributing more than two-fifths of the global software-defined networking market in 2019, and is expected to maintain its dominant share of by 2027. This is attributed to the huge data generated by the IoT, increased need to improve agility and innovation, and increased need to improve employee collaboration. However, the consumer goods and retail segment is expected to grow at the highest CAGR of 32.9% during the forecast period. This is due to the growing demand for safe drinking water from applications in the residential sector and other municipal sectors.
Based on components, the solutions segment contributed the largest market share in 2019, accounting for more than three-fifths of the global software-defined networking market, and is expected to maintain its leading status during the forecast period. . This is attributed to the increase in adoption of software-defined networking solutions by enterprises and communication service providers to dramatically accelerate the time to delivery of new applications and services. However, the service segment is estimated to show the highest CAGR of 30.90% from 2020 to 2027. This is due to the growth in demand from businesses to develop a strategy for networks.
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• The surge in shift to cloud computing by various organizations during the COVID-19 pandemic has dramatically increased the implementation of software-defined networking solutions among cloud service providers.
• Investments in network functions virtualization and software-defined networks have increased significantly with the increase in Internet traffic resulting from the pandemic.
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