Network Automation Market to Hit USD 22.58 Billion by 2027 Backed by Increasing Adoption of Connected Devices Worldwide, reports Fortune Business Insights
July 08, 2021 at 09:10 AM EDT
Pune, India, July 08, 2021 (GLOBE NEWSWIRE) -- The global network automation market size is expected to experience significant growth by reaching USD 22.58 billion by 2027 while exhibiting a stellar CAGR of 24.2% between 2020 and 2027. This growth is attributable to the surging investment in development and implementation of advanced technologies and the increasing adoption of connected devices that favor the adoption of innovative network automation solutions globally. Fortune Business Insights, in its latest report, titled, “Network Automation Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, Services), By Network Type (Physical, Virtual, Hybrid), By Deployment (On Premises, Cloud), By Organization Size (Large Enterprises, SMEs), By End User (IT and Telecom, BFSI, Manufacturing, Energy and Utilities, Healthcare, Education, Others), and Regional Forecast, 2020-2027.”, mentions that the market stood at USD 4.00 billion in 2019 and is projected to showcase an exponential growth in the forthcoming years.
Request Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/network-automation-market-104466
Solution Segment to Hold Highest Market Share Backed by Surging Adoption of Automated Solutions
The solutions segment, based on the component, is expected to experience considerable growth backed by the increasing adoption of these solutions by operation teams to deliver efficient business processes.
What does the Report Provide?
The Network Automation Market report includes an in-depth analysis of several factors such as the key drivers and restraints that will have an impact on the market. Furthermore, the report includes significant insights into the regional insights that include different regions, which are contributing to the market growth. It includes the competitive landscape involving the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, collaborate, and acquire other companies that will contribute to the market growth during the forecast period. Moreover, the research analyst has adopted several research methodologies such as Porter’s five forces analysis to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
Click here to get the short-term and long-term impact of COVID-19 on this Network Automation Market.
Reduced Investments in Development of New Automation Services amid COVID-19 to Hinder Growth
The economic loss suffered by the SMEs since the first quarter of 2020, has propelled them to cut down expenses on business operations. This has led to a temporary reduction in the investments on the development of new advanced network automation solutions by the companies that is leading to a restraint market growth globally. However, post-pandemic, the introduction of 5G technology, along with the increasing need for the adoption of digitalization in business processes is expected to favor the market growth in the near future.
Network automation is a process that involves automation of networks and their services that include operations, planning, deployment, and optimization, among others. Additionally, it adopts advanced software to provide security and efficient management to maximize network functionality for the business processes across the globe.
North America to Remain Dominant; Rising Investment in 5G Project to Promote Growth
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global network automation market during the forecast period. The region stood at USD 1.33 billion in 2019 and is expected to gain momentum owing to the rising investment in 5G projects in the region. Additionally, the growing focus on deploying advanced wireless network automation solutions by the major companies in the region will favor market growth.
Europe, on the other hand, is anticipated to showcase significant growth owing to the increasing need for network optimization and compliance management backed by the surging number of internet subscribers in the region between 2020 and 2027.
Get Your Customized Report: https://www.fortunebusinessinsights.com/enquiry/customization/network-automation-market-104466
Key Players Focus on Business Transformation by Partnering Other Companies
The global network automation market comprises small, medium, and large companies striving to gain a major chunk and further maintain a stronghold. They are doing so by focusing on partnering with other companies to develop advanced solutions and boost their sales revenue. Furthermore, other key players are adopting strategies such as the introduction of new products, facility expansion, and merger and acquisition to maintain their presence in the fiercely competitive global marketplace.
List of the Companies Profiled in the Global Network Automation Market:
Quick Buy - Network Automation Market:
Have a Look at Related Research Insights:
Mobile Security Market Size, Share and Industry Analysis, By Component (Solutions and Services), By Operating System (iOS and MacOS, Android, Windows, and Others), By Vertical (BFSI, IT & Telecom, Healthcare, Manufacturing, Retail, Education, Government, Others), and Regional Forecast, 2020-2027