As businesses continue to expand their operations and embrace cloud-based technologies, the demand for Software-Defined Wide Area Networking (SD-WAN) solutions is projected to soar. In a recent report, technology research firm Gartner forecasted a massive growth in the SD-WAN market, reaching a value of $5.25 billion by 2023, and a compound annual growth rate (CAGR) of 30.8% from 2018 to 2023.
The SD-WAN technology has been gaining popularity in the last few years, with more businesses realizing the benefits it provides when compared to traditional wide area networks (WANs). SD-WAN technology allows businesses to manage and optimize their network traffic by prioritizing applications and bandwidth, and can be deployed in a variety of settings such as branch offices, cloud-based environments, and hybrid networks.
Gartner predicts that the increased adoption of cloud-based platforms and services will drive the growth of the SD-WAN market, as businesses look for more flexible and scalable networking solutions. Additionally, the increased use of internet-of-things (IoT) devices and the emergence of 5G networks is expected to fuel the demand for SD-WAN technologies.
North America is projected to have the largest market share, accounting for over 50% of the global SD-WAN market. This is due to the high adoption rates of cloud-based systems and services, coupled with the large number of businesses in the region. However, the Asia-Pacific region is predicted to have the highest CAGR, driven by the growing demand for cloud-based solutions in emerging economies such as China and India.
The SD-WAN market is also expected to see increased competition as more vendors enter the market and expand their offerings. The Gartner report identified several key players in the market, including Cisco, VMware, Silver Peak, and Versa Networks, among others.
In conclusion, the growth forecast for the SD-WAN market reflects the increasing demand for a more flexible and streamlined approach to network management. Businesses today need a networking solution that can keep up with the ever-changing technology landscape, and SD-WAN technology offers a scalable and efficient solution for achieving that. With the projected growth in the coming years, it is clear that more businesses will be adopting SD-WAN solutions for their networking needs and that the market will continue to innovate and evolve.
