Network Optimization Services Market to Hit $9.78 Bn, Globally, by 2028 at 16.1% CAGR: AMR
PORTLAND, Ore., July 26, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Network Optimization Services Market By Service (Implementation, Consulting, and Support & Maintenance), Application (Local Network Optimization, WAN Optimization, RAN Optimization, and Data Center Optimization), Organization Size (Small & Medium Enterprise and Large Enterprise), and Industry Vertical (Banking, Financial Services, & Insurance, Telecom, Government and Defense, Transportation and Logistics, Travel and Tourism, Manufacturing, Consumer Goods and Retail, Media and Entertainment, Energy and Utility, Healthcare and Life Sciences, Education, and Information Technology (IT)): Global Opportunity Analysis and Industry Forecast, 2021–2028". As per the report, the global network optimization services industry was pegged at $3.04 billion in 2020, and is estimated to reach $9.78 billion by 2028, growing at a CAGR of 16.1% from 2021 to 2028.
Drivers, restraints, and opportunities
Rise in demand for VoIP services across organizations and developments in network infrastructure have boosted the growth of the global network optimization services market. However, advancements in WAN and RAN optimization technology hamper the market growth. On the contrary, increase in the number of production facilities is expected to open lucrative opportunities for the market players in the future.
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The implementation segment held the lion's share
By service, the implementation segment dominated the market in 2020, accounting for more than two-fifths of the global network optimization services market, due to rise in demand for remote working and work from home solutions because of the Covid-19 pandemic. However, the consulting segment is projected to manifest the largest CAGR of 18.1% from 2021 to 2028, due to trend of digital transformation for higher customer reach & scope and uninterruted communication for smooth business growth.
The WAN optimization segment dominated the market
By application, the WAN optimization segment held the lion's share in 2020, contributing to around half of the global network optimization services market, as SD-WAN has changed the way networks support corporate applications by proactively regulating and effectively using all available WAN transport resources. However, the RAN optimization segment is estimated to register the highest CAGR of 18.2% from 2021 to 2028, owing to rise in awareness about industry-specific services and development in the field of artificial intelligence and machine learning.
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North America contributed largest share
Based on region, the global network optimization services market across North America held the largest share in 2020, accounting for nearly two-fifths of the market, owing to adoption of architecture of network solutions. However, the market across Asia-Pacific is anticipated to showcase the fastest CAGR of 17.9% during the forecast period, due to rise in demand for on-premise applications and rapidly proliferating in cloud computing.
Major market players
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