The Software Defined Networking market is set to reach $72.63 billion by 2027, driven by cloud computing and virtualization trends, with North America leading and Asia-Pacific growing rapidly.
With developing digital ecosystem, and high data growth, the developing economies provide abundant opportunities for the organizations operating in the global software defined networking market.
Increase in adoption of cloud computing, rise in investments in software defined networking function virtualization to reduce capital expenditure are the major factors that drives the growth of the market.
The global software defined networking market garnered $9.99 billion in 2019, and is projected to generate $72.63 billion by 2027, witnessing a CAGR of 28.2% from 2020 to 2027.
Based on region, the North America region held the largest share of the global software defined networking market, contributing to nearly two-fifths of the total share in 2019, and will continue its leadership position during the forecast period. This is owing to surge in adoption of advanced technologies across various industry verticals, increase in adoption of cloud computing & mobility solutions, and rise in need for network management for large network traffic. On the other hand, the Asia-Pacific region is anticipated to manifest the fastest CAGR of 32.60% from 2020 to 2027. This is attributed to increase in number of start-ups and upsurge in implementation of new & advanced technologies such as virtualization services and mobility solutions among working system of businesses in this region.
Based on industry vertical, the IT & telecom segment accounted for the highest market share, contributing to more than two-fifths of the global software defined networking market in 2019, and is expected to maintain its dominant share by 2027. This is attributed to enormous data generated by IoT, surge in need to improve agility & innovation and rise in need to enhance employee collaboration. However, the consumer goods and retail segment is anticipated to grow at the highest CAGR of 32.9% during the forecast period. This is owing to growing demand for safe drinking water from the residential and other municipal sector applications.
Based on components, the solution segment contributed to the largest market share in 2019, accounting for more than three-fifths of the global software defined networking market, and is projected to maintain its lead status during the forecast period. This is attributed to increase in adoption of software-defined networking solutions by enterprises and communication service providers to significantly accelerate the time for delivering new applications and services. However, the services segment is estimated to manifest the highest CAGR of 30.90% from 2020 to 2027. This is owing to the growth in demand by enterprises to develop a strategy for networks.
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Profiling Key Players: Arista Networks Inc., Broadcom Inc., Cisco Systems, Inc., Citrix Systems, Inc., Dell Technologies, Inc., Extreme Networks, Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Juniper Networks, Inc., and NEC Corporation.
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The article discusses the growth of the Software Defined Networking market, projected to reach $72.63 billion by 2027.
North America holds the largest market share in the Software Defined Networking market.
The Asia-Pacific region is expected to manifest the fastest CAGR of 32.60% from 2020 to 2027.
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