According to a recent report published by Allied Market Research, titled, “Network Optimization Services Market by Service, Application, Organization Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2028,”
The global network optimization services market size was valued at $3.04 billion in 2020, and is projected to reach $9.78 billion by 2028, registering a CAGR of 16.1 % from 2020 to 2028. Network optimization services encompasses the complete set of technologies and strategies for a business to deploy to improve its network domain functionality. Network and network domain refer to an organization’s set of hardware devices, plus the software and supportive technology allowing those devices to connect and communicate with one another. One of the primary goals of network optimization services is to provide the best possible network experience for users. Network performance optimization is vital as the interconnected real-time world is fully dependent on the available, secure, and reliable transfer of data. With every year that passes, there are more and more demands that are being placed on networks.
Network optimization services is critical for end-user experience, cutting down business costs, and improving employee productivity. For instance, when the network has latency, a website or online application can take a longer amount of time to load. In other instances, delay, jitter, or packet loss can impact technologies such as databases or VoIP. Poor bandwidth allocation can also have an impact on employee productivity and end-user experience.
The current estimation of 2028 is projected to be higher than the pre-COVID-19 estimates. The COVID-19 pandemic has bought a colossal positive impact on the global network optimization services market, which is expected to grow post the pandemic. This is attributed to the fact that with the COVID-19 pandemic on the rise, policymakers, government agencies, and various other institutions across the world had to rely on AI systems, Big Data analytics, and data analysis software to forecast and monitor the virus's spread in real-time as well as classify COVID-19 treatment drugs. In addition, many businesses had to switch to remote working and work from home modes during the COVID-19 pandemic.
Key Findings Of The Study
- By service, in 2020, the implementation segment is estimated to be the major shareholder. However, the consulting segment is expected to witness highest growth rate during the forecast period.
- On the basis of application, the WAN optimization segment accounted for the highest network optimization services market share in 2020. However, the RAN optimization segment is expected to witness the highest growth rate during the forecast period.
- On the basis of industry vertical, the telecom sector accounted for the highest revenue in 2020. However, the healthcare and life science segment is expected to witness the highest growth rate during the forecast period.
- Region-wise, the network optimization services market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
Some of the major companies operating in the market are Solarwinds, Cisco Systems, Huawei, Nokia Corporation, ZTE, Infovista, Citrix, Circadence, Fatpipe Networks, and Netscout Systems. This study includes network optimization services market trends, network optimization services market analysis, and future estimations to determine the imminent investment pockets