SD-WAN Market BFSI Segment Leads in Terms of Uptake
The players are also seen to be leveraging strategic partnerships to enhance their positions further. Some are offering both on-premise and could-based WAN management solutions to tap into more service providers and large companies.
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Some of the prominent participants in the global SD-WAN market are Silver Peak, Inc., Cloudgenix Inc., Nuage Networks, Talari Networks, Inc., VeloCloud Networks, Inc., Fatpipe Networks Inc., Versa Networks, Inc., Viptela, Inc., Riverbed Technology, Inc., and Citrix Systems, Inc.
A report by Transparency Market Research finds that the global SD-WAN market will expand at a cracking pace in the years to come. It projects the market to expand at a phenomenal 51.4% CAGR between 2017 and 2025. Rising at this rate, the market will likely become worth US$34.35 bn by 2025.
BFSI Vertical Catapults North America Market to Forefront
Depending upon the type of vertical, the global SD-WAN (software-defined wide area network) market can be divided into retail, banking, financial services, and insurance (BFSI), healthcare, IT and telecom, government, and manufacturing, among others such as oil and gas and mining and transportation.
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Among them, the BFSI segment is predicted to account for a dominant share in the market on account of their swift uptake of SD-WAN solutions. In terms of growth rate, however, the manufacturing segment is slated to outpace the others by clocking a phenomenal CAGR of 53.0% between 2017 and 2025.
Based on geography again, the global SD-WAN (software-defined wide area network) market can be segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
North America, of them, serves most of the demand in the market on the back of the BFSI sector. The region currently holds the leading share and going forward too is expected to retain that share due to many prominent companies being domiciled in the region. The market in North America is slated to attain a value of US$13.923 bn by 2025.
Proliferation of Data Driving Market
Massive proliferation of data, worldwide, and increased flexibility offered by SD-WAN solution is the primary growth driver in the global SD-WAN (software-defined wide area network) market.
Soaring popularity of cloud computing is also leading to growth in the market. “In addition, the additional safety and ease in resource provisioning associated with SD-WAN solutions are also expected to add to the market’s growth,” explains the lead analyst of the report.
One factor, serving to crimp growth in the global SD-WAN (Software-Defined Wide Area Network), on the other hand, is the steep cost of implementing such solutions.
Further, the dearth of standardization and resistance by users of WAN architecture is also expected to be a major restraint to the growth of the global SD-WAN (Software-Defined Wide Area Network) market.
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