Load Balancer Market to Reach $8.90 Billion, Globally, by 2027 at 12.9% CAGR, Says Allied Market Research
- High adoption of cloud-based load balancing services in data centers to manage data traffic and server virtualization and ongoing digital transformation initiatives by governments across the globe augment the growth of the global load balancer market
Portland, Ore., Aug. 4, 2020 /PRNewswire/ -- Allied Market Research published a report titled, "Load Balancer Market by Component (Hardware, Software, and Services), Type (Local Load Balancer, and Global Load Balancer), Deployment (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises), and Industry Vertical (BFSI, IT & Telecom, Retail, Government, Manufacturing, Media & Entertainment, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027" According to the report published by Allied Market Research, the global load balancer market generated $3.39 billion in 2019, and is estimated to reach $8.90 billion by 2027, registering a CAGR of 12.9% from 2020 to 2027.
Key determinants in the market-
High adoption of cloud-based load balancing services in data centers to manage data traffic and server virtualization and ongoing digital transformation initiatives by governments across the globe augment the growth of the global load balancer market. In addition, the increased network complexity and varied terrific pattern due to transformations in telecommunication infrastructure fuels the market growth. Conversely, limited bandwidth providers due to legacy infrastructure impedes the market growth. Nevertheless, emergence of IoT, AI, and software-defined networking technologies usher a number of opportunities in the near future.
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The hardware segment dominated the market in 2019-
Based on component, the hardware segment accounted for the largest share in 2019, contributing to nearly two-fifths of the global load balancer market, and is estimated to maintain its dominant position during the forecast period. Conversely, the software segment is expected to register the highest CAGR of 14.6% from 2020 to 2027. With rise in adoption of software as a service (SaaS), the demand for software load balancers is expected to increase proportionally, as they are scalable, programmable, and reliable. In ddition, software-based applications reduce the modification in hardware, which, in turn, drives the growth of the segment.
The local load balancer segment would lead throughout the forecast period-
Based on type, the local load balancer segment contributed to the largest share in 2019, holding for nearly three fifths of the global load balancer market, and is expected to maintain the lion's share throughout the forecast period. Rise in number of data centers and increase in demand for fast application delivery are the major factors that drive the growth of the segment. Nevertheless, the global load balancer segment is estimated to portray the highest CAGR of 17.0% during the forecast period. Global server load balancing (GSLB) helps in directing the network traffic among a group of networks or data centers situated across various geographical locations which drives the growth of the segment.
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North America to rule the roost throughout 2027-
Based on region, North America dominated the market with nearly two-fifths of the global load balancer market in 2019, and will maintain its dominance throughout the forecast period. The need for better web services and business continuity without disrupting networks in this region drives the growth of the market. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR of 15.7% from 2020 to 2027. The launching of advanced load balancers, which are scalable and flexible with emerging technologies such as AI drives the market growth in this region.
Leading market players-
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