Network optimization services are adopted by companies across the globe, due to the increasing number of branch offices and data centers, and growing usage of virtualization. Hence, network optimization service providers, with advancements in the Software-as-a-Service (SaaS) technology, are enhancing their solutions to boost their revenue growth. Strategic partnership is an important strategy adopted by the key market players to develop new services and gain traction in the network optimization services market.
The Asia Pacific (APAC) market is expected to grow at the highest CAGR during the forecast period. The APAC region comprises key economies, such as China, India, Japan, Singapore, Malaysia, and Australia. The region is expected to have the highest adoption rate of network optimization services, owing to the presence of a large number of Small and medium-sized Enterprises (SMEs) which are inclined toward the adoption of cloud-based network optimization services. The increase in adoption of cloud technologies and the presence of a broad customer base are driving the adoption of network optimization services across enterprises in APAC.
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The telecom vertical is expected to be the fastest-growing vertical in terms of the adoption of network optimization services during the forecast period. The telecom industry includes the telecommunications organizations and the Internet Service Providers (ISPs). The telecom sector manages the mobile devices and broadband network and technologies such as video streaming and Internet of Things (IoT) are impacting the sector transforming the whole communications structure around the world. The network optimization in the telecom industry helps in ensuring communications performance for the network carrier organizations.
The cloud deployment type is expected to grow at a higher CAGR during the forecast period. Companies are deploying solutions on cloud to improve mobility, collaboration of data, and reduction of data loss during the transit. Security remains to be a critical issue that restricts its adoption; however, this issue is gradually being eradicated through rigorous security tests conducted to the highest standards by third parties. Due to these advantages, many vendors are switching from on-premises deployment mode to the Software-as-a-Service (SaaS)-based software.
The SMEs segment is expected to grow at a higher CAGR during the forecast period. Organizations with less than 1,000 employees are categorized as SMEs. The increased competitive market scenario has prompted the SMEs to invest in the network optimization solution for better quality of network performance across organizations and make efficient decisions for their business growth. More than larger enterprises, SMEs face resource crunch and require methods to solve the complexities for better cost optimization on their assets and requirements. The increasing usage of cloud-based offerings among various organizations has led to the implementation of network optimization services among SMEs as well.
MarketsandMarkets expects the network optimization services market to grow from USD 4.78 billion in 2017 to USD 9.08 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period.
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