Global SD-WAN Market: Snapshot
The global market for SD-WAN, acronym for software-defined wide area network, is slated to expand at a cracking pace in the years to come on account of strong competition among the prominent players, resorting to different strategies to outshine one another. Keen players, for example, are developing and launching more advanced products to steal a march over their competitors in the market. They are also resorting to strategic partnerships to increase their market share.
Massive proliferation of data, worldwide, and increased flexibility offered by SD-WAN solution is the primary growth driver in the global SD-WAN (Software-Defined Wide Area Network) market. In addition, the extra safety and ease in resource provisioning associated with SD-WAN solutions are also serving to stoke growth in the market.
Posing a hindrance to the global SD-WAN (Software-Defined Wide Area Network) market, on the other hand, is the steep cost of implementing such solutions. Further, the dearth of standardization and resistance by users of WAN architecture is also expected to be a major restraint to the growth of the global SD-WAN (Software-Defined Wide Area Network) market.
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As per a report by Transparency Market Research, the global SD-WAN market will expand at a phenomenal 51.4% CAGR between 2017 and 2025. Rising at this rate, the market will likely become worth US$34.35 bn by 2025.
Booming Retail Sector Propelling Growth in Asia Pacific
From a geographical perspective, North America, at present, dominates the global SD-WAN (Software-Defined Wide Area Network) market with a leading share. By expanding at a stellar CAGR of 52.9%, the region is slated to become worth US$13.92 bn by 2025. The presence of prominent industry players and rapid uptake of SD-WAN solutions by BFSI sector will help North America market retain its dominant share in the near future. The market in the region is also being helped by the recent investments made by venture capitalists in the SD-WAN technology.
In terms of growth rate, the market in Asia Pacific is predicted to surpass all others by registering a CAGR of 58.6%. This is because of a burgeoning retail sector, growing internet penetration, and increased awareness about technology. Investments in communication infrastructure in nations of China, Japan, and India are also said to be stoking growth in the SD-WAN market in the region. In addition, the region is home to numerous IT and telecom enterprises, which are expected to drive the market growth.
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BFSI Segment Leads in Terms of Uptake of SD-WAN
The global SD-WAN (Software-Defined Wide Area Network) market can be classified into retail, banking, financial services, and insurance (BFSI), healthcare, IT and telecom, government, and manufacturing, among others such as oil and gas and mining and transportation, depending upon the type of vertical. Among them, the BFSI segment is predicted to account for a dominant share in the market on account of their swift uptake of SD-WAN solutions. BFSI segment is expected to be followed by IT and telecom segment in terms of market share owing to the strengthening of IT industry worldwide. In terms of growth rate, however, the manufacturing segment is slated to outpace the others by clocking a phenomenal CAGR of 53.0% between 2017 and 2025.
Some of the prominent participants in the global SD-WAN market are Silver Peak, Inc., Cloudgenix Inc., Nuage Networks, Talari Networks, Inc., VeloCloud Networks, Inc., Fatpipe Networks Inc., Versa Networks, Inc., Viptela, Inc., Riverbed Technology, Inc., and Citrix Systems, Inc.
SD-WAN (Software-Defined Wide Area Network) Market to Gain Maximum Advantage from BFSI Sector
Major investments in launch of different products and their advancements will help boost the global SD-WAN market rise remarkably in the near future. Enormous multiplication of information, around the world, and expanded adaptability offered by SD-WAN arrangement is the essential development driver in the worldwide SD-WAN (programming characterized wide territory organization) market. Taking off ubiquity of distributed computing is likewise prompting development on the lookout. Moreover, the extra wellbeing and simplicity in asset provisioning related with SD-WAN arrangements are additionally expected to add to the market’s development.
With reference to segmentation by vertical type, the global Software-Defined Wide Area Network market is dominated by the BFSI segment on account of the rapid uptake of SD-WAN solutions by the finance and banking sectors worldwide. Other sub-segments of the vertical type category include retail, IT and telecom, manufacturing, oil & gas, government services, healthcare, mining & transportation.
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The 2019 pandemic of the novel coronavirus on the worldwide SD-WAN market has been impactful in a positive way. Despite the imposition of lockdown and temporary halt on most businesses worldwide, the market generated notable revenues in the past one year owing to the availability of high-speed internet and cloud solutions. The forthcoming years is likely to gain impetus on account of the reason listed above. Some of the companies operating in the global SD-WAN market include Citrix Systems Inc., Riverbed Technology Inc., Viptela Inc., Versa Networks Inc., Fatpipe Networks Inc., VeloCloud Networks, Inc., Nuage Networks, Cloudgenix Inc., Silver Peak, and others.
Geographically, the market is dominated by North America on account of wide adoption of this software solutions. There is major demand for software-defines wide area network from banking and finance sector, along with the retail sector in the developed nations of the United States and Canada. On the other side, the increasing adoption of SD-WAN from the IT and telecom sector and rising popularity of online retail will help promote the growth of the market in the future.
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