According to the report published by Portland Based Research firm, Allied Market Research, the global load balancer market size was pegged at $3.39 billion in 2019, and is anticipated to reach $8.90 billion by 2027, registering a CAGR of 12.9% from 2020 to 2027.
High adoption of cloud-based load balancing services in data centers to manage data traffic and server virtualization and ongoing digital transformation initiatives by governments across the globe augment the growth of the global load balancer market.
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In addition, the increased network complexity and varied terrific pattern due to transformations in telecommunication infrastructure fuel the market growth. Conversely, limited bandwidth providers due to legacy infrastructure impede the market growth. Nevertheless, the emergence of IoT, AI, and software-defined networking technologies usher a number of opportunities in the near future.
Impact of COVID-19 scenario on Load Balancer Market
- The outbreak of covid-19 made most industries incorporate digital infrastructure. This, in turn, has fast-tracked the process of digital transformation, thereby boosting the global load balancer market to a significant extent.
- The service providers have also embraced remote working systems to carry on with their services. This has also helped the load balancer providers to remain constant in terms of revenue.
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Based on component, the hardware segment accounted for the largest share in 2019, contributing to nearly two-fifths of the global load balancer market, and is estimated to maintain its dominant position during the forecast period. Conversely, the software segment is expected to register the highest CAGR of 14.6% from 2020 to 2027.
With the rise in the adoption of software as a service (SaaS), the demand for software load balancers is expected to increase proportionally, as they are scalable, programmable, and reliable. In addition, software-based applications reduce the modification in hardware, which, in turn, drives the growth of the segment.
Based on type, the local load balancer segment contributed the largest share in 2019, holding for nearly three-fifths of the global load balancer market, and is expected to maintain the lion’s share throughout the forecast period. The rise in the number of data centers and an increase in demand for fast application delivery are the major factors that drive the growth of the segment.
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Nevertheless, the global load balancer segment is estimated to portray the highest CAGR of 17.0% during the forecast period. Global server load balancing (GSLB) helps in directing the network traffic among a group of networks or data centers situated across various geographical locations which drive the growth of the segment.
Based on region, North America dominated the market with nearly two-fifths of the global load balancer market in 2019, and will maintain its dominance throughout the forecast period. The need for better web services and business continuity without disrupting networks in this region drives the growth of the market.
On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR of 15.7% from 2020 to 2027. The launching of advanced load balancers, which are scalable and flexible with emerging technologies such as AI drives the market growth in this region.
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