Rise in demand for VoIP services across organizations and developments in network infrastructure have boosted the growth of the global network optimization services market. However, advancements in WAN and RAN optimization technology hamper the market growth. On the contrary, increase in the number of production facilities is expected to open lucrative opportunities for the market players in the future.
As per the report, the global network optimization services market was pegged at $3.04 billion in 2020, and is estimated to reach $9.78 billion by 2028, growing at a CAGR of 16.1% from 2021 to 2028.
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Impact of COVID -19 Pandemic Network Optimization Services Market:
➢ Due to the Covid-19 pandemic, increase in need for network optimization services from government agencies and policymakers were observed to implement AI systems, big data analytics, and data analysis software to monitor the spread in real-time, make predictions, and classify Covid-19 treatment drugs.
➢ Several businesses opted for a “work from home” culture and employed suitable measures to ensure optimal performance and security of their network infrastructure owing to increase in network threats such as data breaches and hacking.
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By application, the WAN optimization segment held the lion’s share in 2020, contributing to around half of the global network optimization services market, as SD-WAN has changed the way networks support corporate applications by proactively regulating and effectively using all available WAN transport resources. However, the RAN optimization segment is estimated to register the highest CAGR of 18.2% from 2021 to 2028, owing to rise in awareness about industry-specific services and development in the field of artificial intelligence and machine learning.
Based on region, the global network optimization services market across North America held the largest share in 2020, accounting for nearly two-fifths of the market, owing to adoption of architecture of network solutions. However, the market across Asia-Pacific is anticipated to showcase the fastest CAGR of 17.9% during the forecast period, due to rise in demand for on-premise applications and rapidly proliferating in cloud computing.
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Leading Market Players:
➢ Solarwinds
➢ Cisco Systems
➢ Huawei
➢ Nokia Corporation
➢ ZTE
➢ Infovista
➢ Citrix
➢ Circadence
➢ Fatpipe Networks
➢ Netscout Systems.
These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. Current and future Network Optimization Services market trends are outlined to determine the overall attractiveness of the market.
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