NEW YORK, Aug. 8, 2023 /PRNewswire/ — The software-defined wide area network (SD-WAN) market is estimated to grow by USD 11,208.29 million between 2022 and 2027 accelerating at a CAGR of 29.7% during the forecast period, according to Technavio – Request a sample report
Software-defined Wide Area Network (SD-WAN) Market Insights –
- Companies: 15+, Including Aryaka Networks Inc., Bigleaf Networks Inc., Cato Networks Ltd., Cisco Systems Inc., Citrix Systems Inc., FatPipe Networks Inc., Flexiware Solutions., Forcepoint LLC, Fortinet Inc., Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., Juniper Networks Inc., Lumen Technologies Inc., Nokia Corp., Oracle Corp., Palo Alto Networks Inc., Riverbed Technology Inc., Untangle Inc., Versa Networks Inc., and VMware Inc., among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and company landscape; company product insights and recent developments; key companies; and market positioning of companies
- Segments: 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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Software-defined Wide Area Network (SD-WAN) Market – Company Insights
The growing competition in the market is compelling companies to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market’s competitive landscape and offers information on several market companies including – Aryaka Networks Inc., Bigleaf Networks Inc., Cato Networks Ltd., Cisco Systems Inc., Citrix Systems Inc., FatPipe Networks Inc., Flexiware Solutions., Forcepoint LLC, Fortinet Inc., Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., Juniper Networks Inc., Lumen Technologies Inc., Nokia Corp., Oracle Corp., Palo Alto Networks Inc., Riverbed Technology Inc., Untangle Inc., Versa Networks Inc., and VMware Inc.
Software-defined Wide Area Network (SD-WAN) Market – Market Dynamics
Key Driver
The rising demand for cloud solutions is a key factor driving market growth. Increasing demand is driven by enterprises and service providers looking to move their on-premises data center workloads to the cloud to improve scalability, efficiency, and agility, and reduce CAPEX and OPEX. However, due to his inadequate WAN capacity in such companies, such migration is unsupported, resulting in network reliability, latency, and congestion issues. To overcome such challenges, cloud-based SD-WAN is in high demand.
Organizations in various industries such as banking, financial services, insurance (BFSI), content and digital media, retail, and manufacturing have deployed SD-WAN solutions to address network-related challenges. Hence, these factors are expected to drive market growth during the forecast period.
Major Trends
Extended partnerships, mergers, and acquisitions are emerging trends in the market. The SD-WAN market is set to consolidate as major companies focus on expanding their product portfolios to gain market share. Partnerships between service providers and companies will drive SD-WAN adoption among SMEs. companies’ readiness to expand globally will increase collaborations with local service providers.
Moreover, major companies will continuously improve their SD-WAN solutions by integrating new security features, collaborating with cloud solutions providers, and partnering with managed service providers. In addition, the market is also expected to consolidate through acquisitions as companies seek to enhance their market presence. Thus, these factors are expected to drive market growth during the forecast period.
Significant Challenges
Lack of technical skills is a major challenge impeding market growth. Deployment of SD-WAN solutions faces major hurdles as IT staff expertise varies from organization to organization. Many IT professionals are familiar with traditional networking technologies, but they do not understand the integrated and automated processes in today’s data centers where computing, storage, security, and networking are controlled through a single interface.
Furthermore, finding experts with knowledge in these technical areas is a big challenge. Additionally, hardware is now managed through software-defined interfaces, so troubleshooting and software management skills are essential. Companies offer courses to address this issue, but they can be time-consuming. Thus, these factors are expected to restrain market growth during the forecast period.
The software-defined wide area network (SD-WAN) market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.