Software-defined wide area network (SD-WAN) Market 2023-2027; Segmentation by Product, End-user and Geography; CAGR accelerating at 29.7% by 2027- Technavio
NEW YORK, June 9, 2023 /PRNewswire/ -- The software-defined wide area network (SD-WAN) market size is estimated to grow by USD 11,208.29 million from 2023 to 2027. The market is estimated to grow at a CAGR of 29.7%. The growth momentum will be increasing during the forecast period. North America is estimated to account for 36% of the global market growth. In this region, the US and Canada dominate data center investments due to the rising demand for 5 G-enabled IoT solutions in these countries, strongly supported by high connectivity and bandwidth, cool ambient temperature, low electricity tariffs, and a tax-friendly environment. Moreover, the consumer and enterprise data traffic propel the demand for data centers in the region, factors such as demand for IoT devices, rising investments in AI, implementation of autonomous technologies across enterprises, and growing investments in autonomous vehicles. Such factors will increase the market growth in this region during the forecast period.
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Global Software-defined Wide Area Network (SD-WAN) Market - Segmentation Assessment
The software-defined wide area network (SD-WAN) market is segmented by Product (Solutions and Services), End-user (Service providers and Enterprise customers), and Geography (North America, APAC, Europe, South America, and Middle East and Africa).
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Global Software-defined Wide Area Network (SD-WAN) Market
The rising demand for cloud solutions is notably driving market growth. Enterprises across various industry sectors such as banking, content and digital media, financial services and insurance (BFSI), retail, and manufacturing, are the main contributors to the rise in demand. Enterprises and service providers are implementing SD-WAN solutions to improve their scalability, efficiency, and agility and to reduce CAPEX and OPEX. The demand for cloud-based SD-WAN is increasing as it overcomes such network-related challenges. Therefore, such factors will boost the market growth during the forecast period.
Leading trends influencing the market-
Extended partnerships, mergers, and acquisitions are emerging trends in the market. Software-defined wide area network (SD-WAN) market is expected to consolidate As major vendors focus on product portfolio enhancements to increase their market share. However, they enhance their SD-WAN solutions with new security features, collaboration with cloud solutions providers, and partnerships with managed service providers. Hence, these factors will positively influence the market growth during the forecast period.
Major challenges hindering the market growth-
Lack of technical skills is a major challenge impeding market growth. One of the major constraints for the adoption of SD-WAN solutions is the technology gap among the IT staff of different enterprises. Most of the IT personnel have command over traditional and fundamental technologies in network infrastructures. However, finding technical staff with command of multiple technical domains has been one of the major challenges for enterprises. Furthermore, technical professionals must have knowledge of software troubleshooting and management to overcome this challenge. Therefore, these factors will impede the market growth during the forecast period.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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