Network Optimization Services Market Forecast Revenue Growth Predicted by 2020-2027 | COVID-19 Effects
The global network optimization services market 2020, as projected by MRFR, is likely to secure the value of USD 8 billion by 2023, at a CAGR of 13% over the review period
Many trends, such as the increasing number of branch offices and data centres, the rise of Internet Protocol ( IP) video use are expected to contribute towards the growth of the industry. Corporations across the globe accept network management tools because of the rising number of branch offices and data centres. Furthermore, the increasing virtualization trend is also driving business growth. Network management service providers with advancements in Software-as-a-Service ( SaaS) technologies, however, are developing their strategies to improve their sales.
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The global network optimization services market is analyzed into the industry, application, deployment, service type, and region.
The industry is segmented by application into Local Area Network ( LAN) optimization, Wide Area Network (WAN) optimization, Radio Access Network (RAN) optimization, and data centre optimization. Among these, optimization technologies for the Wide Area Network ( WAN) lead the existing market and are projected to demonstrate rapid growth. Growing competition on the branch office networks for companies to incorporate network and device management. In fact, several businesses have taken applications from subsidiaries and merged them with regional data centres, and the population at different sites becomes highly scattered.
The industry is segmented into introducing service, consultancy service, repair & support services, and managed services depending on the facilities. Of these, the consultancy and deployment sector has the largest market share and is expected to see modest growth. The network installation package covers both the network hardware and software implementations that involve extremely specialized skills and experience. However, they are either handled by the company itself or are usually outsourced and controlled by a third party.
The network management tools can be delivered on-cloud or on-premise depending on the deployment. The on-premises implementation refers to updating the network program at a company's premises rather than at a remote location of the branch. The on-site implementation involves an extensive framework, and its own data centre, organizations that typically deliver on-site technologies that can pay for this bill. Cloud computing, though, is the fast-growing of both. Deployment in the cloud requires high deployment costs but is also easy to control and run from remote locations.
The industry is segmented by region into North America, Europe, Asia Pacific and the rest of the globe.
Of such, North America had the highest market share in 2016, and over the projection period is projected to dominate the market. Rapid penetration of new technologies, such as smartphones and cloud services, is the main factor contributing steam to the North American business expansion. Growing cloud installations and growing acceptance of internet content delivery is also leading to network optimization industry growth. Organizations in this field have also implemented inorganic development approaches to boost their global footprint.
Europe is expected to see steady growth, recognizing developed countries like the UK and Germany, over the projected period.
While the Asia Pacific has little market share, the region is expected to expand rapidly due to the advent of the cloud and mobile technology in developing countries India, China and Australia.
Some of the major players in the market: SolarWinds Inc (US), ZTE Corporation (China), Nokia Corporation (Finland), Huawei Technologies Co. Ltd (China), Info vista (France), Citrix Systems, Inc (US), Silver Peak Systems (US), NETSCOUT Systems, Inc (US), Circadence Corporation (US), Riverbed Technology, Inc among others
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