Press release
Network Optimization Services Market Size Reach USD 9.78 Billion by 2028, Key Factors Behind Market's Growth
Advancements in network infrastructure and demand for VoIP Services across enterprises drive the growth of the global network optimization services market. Surge in the number of production facilities that improve the control of the establishment of network and information technology solutions & services present new opportunities in the coming years.
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The global network optimization services market size was valued at USD 3,040 million in 2020, and is projected to reach USD 9,784 million by 2028, registering a CAGR of 16.1% from 2021 to 2028.
The network optimization services market is segmented into service, application, organization size, and industry vertical. Based on service, the market is divided into implementation, consulting, and support & maintenance. Based on application, the market is fragmented into local network optimization, WAN optimization, RAN optimization, and data center optimization. Based on organization size, the market is bifurcated into small & medium enterprise and large enterprise. Based on industry vertical, network optimization services market is classified into banking, financial services, & insurance, telecom, government and defense, transportation and logistics, travel and tourism, manufacturing, consumer goods and retail, media and entertainment, energy and utility, healthcare and life sciences, education, and information technology (IT).
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Based on application, the WAN optimization segment held the largest market share, accounting for around half of the global network optimization services market in 2020, and is expected to maintain its dominance in terms of revenue during the forecast period. However, the RAN optimization segment is expected to manifest the highest CAGR of 18.2% from 2021 to 2028.
Based on service, the implementation segment accounted for the highest market share in 2020, contributing to more than two-fifths of the total share, and is estimated to maintain its leadership status during the forecast period. However, the consulting segment is expected to witness the largest CAGR of 18.1% from 2021 to 2028.
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Based on region, North America contributed to the highest share in 2020, holding nearly two-fifths of the total market, and is estimated to continue its lead position by 2028. However, Asia-Pacific is expected to portray the fastest CAGR of 17.9% during the forecast period.
Leading players of the global network optimization services market analyzed in the research include Solarwinds, Huawei, Cisco Systems, ZTE, Nokia Corporation, Citrix, Infovista, Fatpipe Networks, Circadence, and Netscout Systems.
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Impact of Covid-19 on Network Optimization Services Market (Pre and Post Analysis)
● There has been increase in demand for network optimization services from government agencies and policymakers to implement AI systems, big data analytics, and data analysis software to monitor the spread in real-time, make predictions, and classify Covid-19 treatment drugs.
● Many businesses opted for a "work from home" culture and they employed best measures to ensure optimal performance and security of their network infrastructure due to increase in network threats such as data breaches and hacking.
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