Software-Defined Wide Area Network Market size is anticipated to exceed USD 800 billion by 2032, according to a new research report by Global Market Insights Inc.
The growing smartphone penetration and increasing utilization of AI & ML with SD-WAN as the chief drivers of the SD-WAN industry. In addition, the significant growth of SD-WAN in the manufacturing sector due to the surging IoT trend is also contributing to the market expansion. IoT sensors and smart devices in the manufacturing industry have increased the number of connected endpoints. Thus, various benefits of SD-WAN, such as centralized control over the remote network assets and secure WAN traffic flow, are aiding the management of network devices effectively, which is support SD-WAN business statistics.
Growing preference among SD-WAN adopters to increase solution segment share
The solution segment is primed to observe 65% growth rate between 2023 and 2032. The growing preference for virtual appliances to leverage the benefits of network function virtualization technology, including centralized management & high agility, is expected to fuel the demand for SD-WAN market. Many companies provide hybrid appliances connected to the cloud to offload resource-intensive tasks and avoid bottleneck issues, which is likely to further strengthen the segment outlook.
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Advanced security features to augment demand for physical appliances solution
The solution segment is further divided into physical appliance and virtual appliance. The physical appliance segment accounted for nearly 60% of the market revenue share in 2022 as these appliances offer SD-WAN functionality, including firewalls, dynamic path routing, and WAN optimization. SDN vendors collaborate with firms that have few of their network functions in the cloud, which makes them preferred choices as they contain basic functionalities and advanced security in a single product that are suitable for on-premise deployment.
Browse key industry insights spread across 310 pages with 396 market data tables & 34 figures & charts from the report, “Software-Defined Wide Area Network (SD-WAN) Market Size By Component (Solution [Physical Appliance, Virtual Appliance], Service [Training & Consulting, Integration & Maintenance, Managed Service]), By Deployment Model (On-premise, Cloud, Hybrid), By Application (IT & Telecom, BFSI, Healthcare, Retail & Consumer Goods, Government, Manufacturing), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Superior recovery to push on-promise deployment of SD-WAN
The on-premise segment held more than 70% of the industry share in 2022. Small and localized organizations are building their own WAN infrastructures to provide their employees and customers with access to data and applications, thereby facilitating segment growth. The ability of SD-WAN deployed through on-premise architecture has better recovery & backup functionality under unforeseeable circumstances, which is foreseen to facilitate segment development.
Increased efforts to expand customer reach to accelerate BFSI segment growth
The BFSI application of SD-WAN market is slated to exhibit over 65% CAGR from 2023 to 2032. The surging need for expanding their customer base is encouraging firms in the BFSI industry to adopt advanced technologies, pushing product adoption. The segment growth is speculated to further be driven by substantial demand for secure VPN connections across any service provided by the BFSI sector.
Soaring popularity of workplace mobility to aid North America industry growth
The North America software-defined wide area network industry captured around 45% of the market share in 2022. The region may emerge as a major revenue hub owing to mounting smartphone penetration, rapid adoption of cloud computing platforms, and prominent investments in broadband infrastructure. Additionally, the growing popularity of workforce mobility is elevating the demand for a centralized network management solution, which allows enterprises full control over their networks.
Collaborative efforts to innovate solutions to remain a primary growth strategy
Key participants are focusing on growth alliances and partnerships to boost their presence in the industry. Martello Technologies (Elfiq Networks), Huawei Technologies Co., Ltd., CloudGenix, Inc., Nuage Networks, Ecessa Corporation, FatPipe Networks, Inc., and Infovista are the prominent key players profiled in the software-defined wide area network market.