Global managed SD-WAN market to reach US$ 6.08 B by 2023

ANG MO KIO, Singapore - June 24, 2019 - PRLog -- The report "Global SD-WAN market by Appliance Type (physical appliance, virtual appliance), market sector (IT & Telecom, BFSI, Healthcare, Government), and Region – Global (USA SD-WAN market, Canada SD-WAN market, Mexico SD-WAN market, Brazil SD-WAN market, Argentina SD-WAN market, China SD-WAN market, India SD-WAN market, Japan SD-WAN market, UK SD-WAN market, Germany SD-WAN market, France SD-WAN market, Saudi Arabia SD-WAN market, UAE SD-WAN market, South Africa SD-WAN market, Asia SD-WAN market, North America SD-WAN market, Middle East SD-WAN market, Europe SD-WAN market) Forecast to 2023".

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The Software Defined Wide Area Network market size is estimated to be USD 700 Million in 2018 and is expected to grow at a CAGR of 54.1% from 2018 to 2023 to reach a market size of USD 6.08 Billion in 2023.

The Virtual Appliance sector is set to grow at a CAGR of 70% in the forecast period 2018 to 2023 clocking a market size of USD 280 Million in 2018 and is expected to reach a market size of USD 3.97 Billion in 2023.

Integration and maintenance services held the maximum of the market share of 44% in 2018 holding a market size of USD 308 Million in 2018 and expected to reach a market size of USD 2.76 Billion in 2023 growing at a CAGR of 55% in the period 2018 to 2023

The hybrid cloud deployment model of the SD-WAN market is projected to witness the highest CAGR growth rate of 62% owing to the fact that it offers Enterprises the liberty to use cloud-resources and to test new-capabilities in-house in a high performance environment.

On the sector wise IT & Telecom dominated the market with traction of 30% market share in 2018 holding a market size of USD 210 Million in 2018 and expected to reach a market size of USD 1.82 Billion in 2023. The penetration of Smartphones has fuelled the usage of bandwidth intensive applications. This has catapulted strain on telecom operators that face inflexible MPLS, bandwidth constraints. To address this issue they are investing on cloud-based SD-WAN solutions that allows them take advantage of broadband to provide high-quality services.

The North American SD-WAN market is expected to hold a major market share of 40% in 2023 holding a market size of USD 280 Million in 2018 and is expected to reach a market size of USD 2.43 Billion in 2023. The region is projected to post high growth due to the adoption of cloud computing platforms and extensive usage of bandwidth-intensive applications driven by increased smart phone penetration.