PUBLISHER: Grand View Research | PRODUCT CODE: 1178562
PUBLISHER: Grand View Research | PRODUCT CODE: 1178562
The global software-defined wide area network market size is expected to reach USD 30.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 30.9% from 2022 to 2030. The growth of the software-defined wide area network (SD-WAN) market can be attributed to factors such as enhanced network across multiple geographies, lesser costs, higher productivity, and better compatibility with software-as-a-service (SaaS) model subscriptions and cloud-based applications. Moreover, with the growing digitalization of businesses, the need for better connectivity is expected to increase, which bodes well for the market's growth.
With the growing adoption of cloud-based applications adopted by enterprises, for many IT-based organizations, SD-WAN has become a vital technology compatible and suitable for their cloud environments. These organizations are adopting multi-cloud architectures where applications run on a single platform, regardless of the location. In response, SD-WAN providers rapidly innovate their platforms to enable secure, reliable, and high-quality SD-WAN connectivity. The growing preference for cloud platforms encourages enterprises to adopt SD-WAN, driving the market's growth.
SD-WAN provides several benefits for businesses, driving the adoption of SD-WAN among SMEs and large enterprises. Companies deal with a lot of network traffic which is not equal. SD-WAN can be used to prioritize critical business traffic and real-time services, improving the company's performance. Moreover, SD-WAN solutions offer built-in security, offering enhanced security to enterprises. Additionally, some of the benefits offered by SD-WAN that drive the market's growth are lower operational complexity and reduced costs.
As enterprises come out of government-mandated restrictions due to the COVID-19 pandemic, enterprises are reimagining their respective digital transformation journeys to create a more resilient business model. One of the biggest changes industries have witnessed during the pandemic is remote working. Due to this, companies with larger networks have faced the challenge of providing access to their employees. With this regard, SD-WAN has come with aid as it can give geographically scattered employees centralized access to the organization's cloud-based applications or other platforms. In this regard, the COVID-19 pandemic has been a transformative change for the SD-WAN market