LONDON--(BUSINESS WIRE)--The global software-defined networking market is expected to post a CAGR of close to 24% during the period 2019-2023, according to the latest market research report by Technavio. However, the market’s momentum will decelerate in the coming years because of the decrease in year-over-year growth.
A key factor driving the global software-defined networking market size is the increasing demand for cloud solutions. The adoption of cloud solutions is increasing significantly owing to benefits such as low operational expenditure and the facility to scale-up or scale-down the workload. Cloud data centers have also been growing rapidly over the past few years to meet the rising demand from enterprises. Moreover, there is a growing need for better infrastructure to handle the increasing network traffic and to address the demand for higher bandwidth requirements. Software-defined networking (SDN) is considered as a potential solution to meet this challenge and is increasingly being adopted by enterprises. Thus, the increasing demand for cloud solutions is expected to stimulate the growth of the SDN market during the forecast period.
As per Technavio, the growing demand for intent-based networking will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global software-defined networking market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Software-Defined Networking Market: Demand for Intent-Based Networking
Enterprises are increasingly focusing on adopting technologies such as AI, ML, and DL to enhance their existing infrastructure and operations. This is increasing the demand for intent-based networking that leverages ML and AI to fully automate the administrative tasks in the network. Intent-based networking overcomes some of the challenges in SDN by offering additional capabilities through three elements such as translation, assurance, and activation. Thus, the increasing demand for intent-based networking is expected to be a key SDN market trends during the forecast period.
“Apart from the increasing demand for intent-based networking, other factors such as the growing demand for software-defined wide area network (SD-WAN) and the rise of IoT and edge computing will have a significant impact on the software-defined networking market growth during the forecast period,” says a senior analyst at Technavio.
Global Software-Defined Networking Market: Segmentation Analysis
This market research report segments the global software-defined networking market by component (physical network infrastructure, SDN applications, and controller software), and geographic regions (North America, APAC, Europe, South America, and MEA).
The North American region led the software-defined networking market in 2018, followed by APAC, Europe, South America, and MEA respectively. The growth of the software-defined networking market in North America can be attributed to factors such as the increasing demand for 5G-enabled Internet of things (IoT) and the growing demand for high connectivity with low latency from industries such as content and digital media, and BFSI.
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Five Forces Analysis
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- Vendors covered
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- Competitive scenario
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