PORTLAND, Ore., Nov. 2, 2020
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
PORTLAND, Ore., Nov. 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Software defined networking Market by Component (Solutions (Physical Network Infrastructure, Virtualization & Control Software, and Software defined networking Applications) and Services (Professional Services and Managed Services)), Organization Size (Large Enterprises and Small- & Medium-sized Enterprises), End User (Telecommunication Service Providers, Cloud Service Providers, and Enterprises), and Industry Vertical (IT, Consumer Goods & Retail, BFSI, Defense, Telecom, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027" According to the report published by Allied Market Research, 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.
Prime determinants of the market
Increase in adoption of cloud computing, rise in investments in software defined networking function virtualization to reduce capital expenditure and operating expenses are the major factors that propel the growth of the global software defined networking market. Furthermore, surge in need for mobility services and increase in bandwidth usage due to covid-19 fuel the market growth. Nevertheless, legacy network equipment issues and security risks due to centralized nature of data plane impede the market growth. However, increase in implementation of IoT applications and intelligent edge, and its convergence with software-defined networking and emergence of 5G network are anticipated to usher new opportunities in the near future.
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The solution segment is anticipated to dominate the market by 2027
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.
The industrial segment held the lion's share in 2019
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.
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North America region would lead the trail by 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.
Leading players of the market
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