PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290814
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290814
Intent-based Networking (IBN) Market size was valued at USD 930.5 Million in 2022, expanding at a CAGR of 28.7% from 2023 to 2030.
Intent-based networking (IBN) is a new technology idea that intends to replace manual network configuration and problem resolution with a higher level of intelligence and intended state. IBN solutions not only automate time-consuming operations and provide real-time visibility into a network's activity to validate a particular purpose, but they also anticipate any deviations from that intended and prescribe the action required to ensure that intent. This increased intelligence makes the network faster and more agile, while also decreasing errors.
The availability of cloud services that supplement traditional company data centers has complicated network traffic flow patterns. Many companies are looking for ways to make their networks more cloud-platform friendly. Because they improve network management and provide full network visibility across all environments, network automation solutions are becoming increasingly important as network traffic grows. As a result, as the number of connected devices and cloud-based settings grows, so does the demand for IBN tools, ensuring the market's growth.
Organizations can benefit from safe and secure networking activity. Aside from that, network downtime is a major issue for many businesses. Any public network could experience significant downtime. However, because of tailored networks, intent-based networking has less downtime. Because of the need to increase productivity and reduce network downtime, intent-based networking is becoming increasingly popular. More companies are willing to implement IBN in their workflows as a result of the numerous benefits provided by IBN tools. As a result, the market for intent-based networking (IBN) will expand substantially in the coming years.
Based on application, The BFSI market is expected to expand rapidly in the future years as more financial institutions implement cutting-edge IBN solutions to accelerate the adoption of digital services and customer-centric business models to better personalized banking experiences. Furthermore, by increasing its exposure to a broader range of consumers and commercial prospects, IBN solutions can assist the BFSI sector in providing innovative products to all branch locations.
North America is expected to dominate the market during the forecast period owing to its technological breakthroughs. One of the main factors influencing the adoption of intent-based networking in North America is the proliferation of connected devices, large R&D investments in network infrastructure, and the existence of leading market participants like IBM, Juniper Networks, HPE, and Cisco. North American organisations are eager to integrate networking technologies with their data centre processes as a result of their early embrace of emerging technologies like IoT, cloud, AI, and 5G.
In July 2021, IBM collaborated with Turnium Technology Group, a major SD-WAN vendor that serves the cloud. Turnium Technology Group would onboard its cloud-native SD-WAN edge solution to the IBM Cloud for Telecommunications as part of this agreement. Furthermore, Turnium will be able to assist service providers and businesses in the adoption, management, and accessibility of Edge computing applications in private and secure networks around the world by utilizing the public or private cloud, on-premises, or edge environment as desired.
The scope of this report covers the market by its major segments, which include as follows: