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Software-Defined Wide Area Network (SD-WAN) Market Outlook 2024-2033 - Growth, Demand, Analysis
Software-Defined Wide Area Network (SD-WAN) Market Outlook
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According to The Business Research Company's, The software-defined wide area network (SD-WAN) market size has grown exponentially in recent years. It will grow from $5.60 billion in 2023 to $7.56 billion in 2024 at a compound annual growth rate (CAGR) of 35.1%. The growth in the historic period can be attributed to simplified network solution, rising demand for internet broadband connections, enterprises focus on reducing operational expenditure, reduce operating costs, and increasing adoption due to the rising mobile workers.
The software-defined wide area network (SD-WAN) market size is expected to see exponential growth in the next few years. It will grow to $25.36 billion in 2028 at a compound annual growth rate (CAGR) of 35.4%. The growth in the forecast period can be attributed to increasing number of cloud based services, growing demand for mobility services, increased smartphone penetration, increase bandwidth efficiency, and robust infrastructure. Major trends in the forecast period include technological advancements, increased demand for internet broadband connections, focus on reducing operational expenditure, integration of artificial intelligence (AI), and increased focus on digital transformation.
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Market Drivers and Trends:
The increasing adoption of cloud-based solutions is expected to propel the growth of the software-defined wide area network (SD-WAN) market going forward. Cloud-based solutions refer to any service or application that relies on cloud computing technologies. The adoption of cloud-based services is driven by their scalability, cost efficiency, global accessibility, security enhancements, and continuous innovation. Software-defined wide area network (SD-WAN) enhances cloud-based solutions by optimizing traffic routing for improved performance, integrating security features, reducing costs through efficient use of multiple connection types, simplifying centralized management, enabling scalability, and ensuring reliable connectivity with failover and load balancing capabilities. For instance, in December 2023, Eurostat, a Luxembourg-based government agency, reported that in 2023, 45.2% of EU enterprises adopted cloud computing services, reflecting a 4.2% increase from 2021. Therefore, the increasing number of cloud-based solutions drives the software-defined wide area network (SD-WAN) market.
Major companies operating in the software-defined wide area network (SD-WAN) market are focused on developing innovative solutions such as multi-tenant edge Secure SD-WAN solutions to enhance security, improve performance, and provide cost-effective scalability for enterprises multi-tenant edge Secure SD-WAN solutions. Multi-tenant edge Secure SD-WAN solutions refer to the network infrastructure supporting multiple tenants or business units within a single platform, providing enhanced security, isolated network environments, and optimized network management at the network edge for improved performance and cost efficiency. For instance, in October 2022, SITA, a Switzerland-based air transport communications and information technology company, in partnership with Versa Networks, a US-based secure access service edge (SASE) company, launched SITA Connect Go, a multi-tenant edge secure software-defined wide area network (SD-WAN) solution for the air transportation industry. SITA Connect Go is a software-based solution that allows multiple airlines, ground handlers, and tenants to utilize the same virtualized infrastructure at airports and in the cloud, providing scalable and agile connectivity. This enhances flexibility and supports the airline industry's transition to multi-cloud adoption.
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Major Key Players of the Market:
Dell Technologies Inc., Huawei Technologies Co. Ltd., Cisco Systems Inc., Oracle Corporation, Hewlett Packard Enterprise Development LP, Ericsson, Nokia Corporation, NEC Corporation, VMware Inc., Palo Alto Networks, Juniper Networks Inc., Fortinet Inc., Ciena Corporation, Citrix Systems Inc., Tata Communications, Forcepoint, Riverbed Technology, Cato Networks Ltd., Versa Networks Inc., Epsilon Telecommunications, Aryaka Networks Inc., FatPipe Networks Inc., Adaptiv Networks Inc., Silver Peak Systems Inc.
Software-Defined Wide Area Network (SD-WAN) Market 2024 Key Insights:
• The software-defined wide area network (SD-WAN) market size is expected to see exponential growth in the next few years. It will grow to $25.36 billion in 2028 at a compound annual growth rate (CAGR) of 35.4%.
• Impact Of Growing Cloud-Based Solutions On The Software-Defined Wide Area Network (SD-WAN) Market
• Innovations In Multi-Tenant Edge Secure SD-WAN Solutions In The Air Transportation Industry
• North America was the largest region in the software-defined wide area network (SD-WAN) market in 2023
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