Software-Defined Wide Area Network (SD-WAN) Market Worth $4.1 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 18, 2019 /PRNewswire/ -- According to a new market research report "Software-Defined Wide Area Network (SD-WAN) Market by Component (Solutions (Software and Appliances) and Services), Deployment Type (On-Premises and Cloud), End User (Service Providers and Enterprises), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global SD-WAN Market size is expected to grow from USD 1.0 billion in 2018 to USD 4.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 32.7% during the forecast period. The major growth drivers for the market include the increase in the mobile data traffic, increasing number of cloud-based solutions, rising demand for mobility services, and enterprises' focus on reducing Operational Expenditure (OPEX) with SD-WAN.
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Software segment to record a higher growth rate during the forecast period
In the SD-WAN Market by solutions, the software segment is expected to record a higher growth rate during the forecast period. With technology advancements, end-user's network is driven by software models. SD-WAN software provides scalability, flexibility, and agility in the network. SDN controllers deliver a centralized management to enterprises and in turn improve the overall network efficiency. Currently, the software segment is driving the global SD-WAN Market.
Among end users, the service providers segment to grow at a higher CAGR during the forecast period>
In the SD-WAN Market by end user, the service providers segment is expected to grow at a higher CAGR during the forecast period. Currently, the SD-WAN Market is emerging and expected to grow during the forecast period. In the present scenario, service providers are partnering with pure play SD-WAN vendors to provide SD-WAN as managed service to the enterprises. Hence, Communication Service Providers (CSPs) and Managed Service Providers (MSPs) are adopting SD-WAN solutions.
North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global SD-WAN Market during the forecast period. The US has emerged as the largest country for SD-WAN in terms of market size, due to the large-scale implementation of SD-WAN solutions by service providers and enterprises in the country. The US is home to large CSPs, such as AT&T, Sprint, T-Mobile, CenturyLink, and Verizon. In addition, verticals such as finance, retail, manufacturing, and healthcare are implementing SD-WAN solutions in their core network to reduce CAPEX and streamline network operations.
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Key players and innovating vendors in the global SD-WAN Market include Cisco (US), VMware (US), Silver Peak (US), Aryaka Networks (US), Nokia (Finland), Oracle (US), Huawei (China), Infovista (France), Citrix (US), Juniper (US), Fortinet (US), HPE (US), Fatpipe (US), Riverbed (US), CloudGenix (US), Versa Networks (US), Adaptiv Networks (Canada), Peplink (US), Lavelle Networks (India), Martello Technologies (Canada), Mushroom Networks (US), Zenlayer (US), and Bigleaf Networks. These players have adopted various organic and inorganic strategies to grow in the global SD-WAN Market.
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