CHICAGO, March 14, 2019 /PRNewswire/ -- According to a new market research report, "Software Defined Networking Market by SDN Type (Open SDN, SDN via Overlay, and SDN via API), Component (Solutions and Services), End User (Data Centers, Service Providers, and Enterprises), and Region - Global Forecast to 2023", Published by MarketsandMarkets™, the Software Defined Networking Market size is expected to grow from USD 8.8 billion in 2018 to USD 28.9 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 26.8% during the forecast period.
The adoption rate of Software Defined Networking (SDN) is expected to grow owing to the growing demand for data center services in businesses.
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Among components, the SDN overlay segment to hold the largest market size during the forecast period
An SDN overlay involves running a logically separate network or network component on top of existing infrastructure. The overlay optimizes network resources by distributing bandwidth into channels and allocating each channel to a particular device or service.
In this setup, the current physical network is left untouched with networking devices and their configurations unchanged. On top of that network, SDN hypervisor-based networks are created; thereby, reducing major hardware expenses. The SDN via overlay segment is expected to hold the largest market size in 2018 and projected to and expected to witness strong growth characteristics in the coming years.
Among end users, the data center segment to hold the largest market size during the forecast period
A modern data center networking leverages the SDN framework to accommodate multiple data center tenants with demanding workloads and applications. Network traffic within data centers is leading to congestions due to high-performance workloads. SDN is quite effective in handling congestion related issues in data centers as it provides global visibility and control over the flows in a network. The data center segment is expected to hold a significant market share during the forecast period owing to the increasing demand for data centers in all growing industry verticals.
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In terms of regions, North America to hold the largest market size during the forecast period
North America is expected to be the major revenue contributor to the global Software Defined Networking Market by region, as the region is a front runner in terms of adopting the latest technologies, such as cloud computing, network functions virtualization, mobility services and bring-your-own-device (BYOD). With the current advancements in fields of 5G and LTE technologies, North America is a huge market for telecom operators for deploying SDN and NFV.
In the Software Defined Networking Market, the key and emerging market players include Arista (US), Big Switch (US), Cisco (US), Ciena (US), Cumulus (US), Dell (US), Extreme Networks (US), Huawei (China), HPE (US), Juniper Networks (US), Nokia (Finland), NEC (Japan), Nokia (Finland), Pluribus (US), and VMware (US).
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