According to a report by Global Market Insights, the network automation market should reach $7 billion by 2024, growing at a CAGR of more than 22% from 2018 to 2024. Growth is attributed to the escalating adoption of network function virtualization (NFV) and software-defined networking to modernize the IT environment of the enterprises. The NFV technology enables the service providers to consolidate the several network equipment into a single physical hardware. Furthermore, supportive government initiatives for the commercialization of 5G network technology to reduce the OPEX and CAPEX also foster the market growth. In addition, the flexibility and scalability offered by the technology also augment the demand for the market.
Highlights
- The service segment in network automation market is projected to register a CAGR of more than 30% due to a rise in outsourcing activities of networking companies.
- The SD-WAN held a market share of more than 67% in the network automation market in 2017.
- The virtual network infrastructure segment is expected to register a CAGR of more than 29% over the forecast timeline.
- The BFSI sector held a market share of over 18% in 2017. The growth of the market is credited to the increasing digitalization among financial institutions.
- The Asia Pacific network automation market is expected to record a CAGR of more than 28% over the forecast period.
- The key players operating in the network automation market are Cisco, Juniper Networks, IBM, Micro Focus International, NetBrain, SolarWinds Worldwide, Riverbed, BMC, Apstra, BlueCat, Entuity, Veriflow, 6Connect, Anuta, Puppet, Gluware, Help Systems, Wavestone, IpSoft, Fujitsu, Redhat, Intraway, Arista, Network to Code, Infloblox, Cumulus, Onapsis Efficient IP, Itential, and HCL.
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