PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1397216
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1397216
The IBN market was USD 1,139.0 million in 2023, which will increase to USD 5,606.3 million, advancing at a 25.6% compound annual growth rate, by 2030.
The growth of this industry is because the networking sector is moving toward intent-based networks from conventional ones because of their developed features. This is being done to attain maximum efficiency as well as output by using the least possible resources.
IBN assists in delivering better network control & visibility, ease off-network operations via automation, supports cloud & hybrid environments, and improves scalability, ultimately enhancing compliance and security measures.
In 2023, the solutions category, based on component, led the industry, with over 65% share. These solutions are essential for decreasing network complexity because they enable establishments to employ the graphical user interface to improve as well as automate the process of network configuration.
The managed services category, under the services segment, is likely to advance at a higher rate. This is because of the lack of trained IT specialists, the rising need for protected IT infrastructure, the requirement for security & regulatory compliance; and the need for risk and cost reduction.
The on-premises category, on the basis of deployment type, will dominate the IBN market in 2030, with a 75% share. This will be mainly because of the ease of placement of these solutions. Moreover, the growth in this category is also driven by the continuing digitalization in nearly every sector.
The large enterprises category, based on organization size, is the larger contributor to the industry. This is because of their massive funding in intent-based networking as well as associated services to capably manage their customer base.
Moreover, this category expansion is also driven by their greater financial capacity, because of which they can buy costly infrastructure to install IBN.
The BFSI category, based on vertical, will propel at a significant rate in the coming years. This is mainly because of the rising adoption of developed IBN solutions to boost the rollout of digital as well as customer-centric business models by financial establishments.
North America is leading the industry, primarily owing to the existence of major players. The continent's improved technology as well as vast telecom infrastructure are boosting the requirement for IBN.
APAC will progress at the fastest rate, of approximately 26.5%, during this decade. This will be because of the region's economic progression, mainly in India and India, which is leading to rising funding in the information technology sector.
It is because of the rising utilization of SDN as well as virtual networking, the IBN industry will continue to grow significantly in the coming years.