New York, US, Sept. 01, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),"Intent-Based Networking Market Research Report, By Application, End-User, Component, and Region - Forecast till 2030”, the market is projected to acquire a valuation of approximately USD 6.2 billion by the end of 2030. The report predicts the market will flourish at a robust CAGR of over 21.12% during the review timeframe.
Intent-Based Networking (IBN) Market Overview:
Intent-based refers to an intelligent system automating business with artificial intelligence and networking. With the intent base of technology, lots of companies gain profit. The IT industry has the maximum adoption of networking-based software. These industry sectors can improve the workplace and enhance coordination. There are several advantages of networking, such as programming, arranging, structuring, and boosting accessibility.
Additionally, IBN provides speed and agility in any company. Businesses can now readjust the networking infrastructure to advance better returns. Several segments across the intent-based networking market gain massive demand. Telecom and IT are vital industries with more need for intent-based networking. The majority of the business areas have complicated operations these days. Various advanced applications bring automation to businesses. In addition, the cloud option of intent-based networking provides immense data storage. Among various regions, both large-scale and medium business is quickly developing. It is causing massive demand for high-speed networking and automation across companies.
Report Scope:
| Report Attribute/Metric | Details |
| Market Size by 2030 | USD 6.2 Billion |
| CAGR | 21.123% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
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Market USP Covered
Intent-Based Networking Market Drivers
The global market for intent-based networking has recorded immense growth in the last few years. The market's growth is credited to the factors such as the rising internet of businesses for smooth networking & automation, high-end innovations, and development in network virtualization.
Intent-Based Networking Market Restraints
On the other hand, the lack of human intervention may impede the market's growth.
COVID-19 Impact
The global health crisis has had a massive impact on the majority of the industry sectors across the globe. The rapid spread of the disease across most regions worldwide has led to several governments imposing partial or complete lockdowns. The travel restrictions and lockdowns were imposed worldwide; the supply chain networks faced significant disruptions for most of the industry sectors during the pandemic period. Furthermore, the global health crisis impacted public health and severely impacted global industrial and financial activities. Several industries had to halt their manufacturing processes due to the labor and raw materials shortage. Like any other market sector, the global market for intent-based networking also faced several unexpected challenges. The spread of the virus is difficult for organizations from the economic end. Across several regions, the financial crisis is causing massive revenue losses. New projects across the intent-based networking market had to stop the manufacturing processes partially. The installment of intent-based networking services and software is enabled in this period. Most organizations have shut down their events according to governmental rules. The restrictions and lockdowns are impacting the deployment and production procedure of the intent-based networking market. Several organizations are allowing work from home to perform tasks.
On the other hand, the business scene is not beneficial for the intent-based networking market. However, the networking of businesses is rising every year. More acceptance of intent-based networking is anticipated over the upcoming years. The global health crisis is leading to a falling trend for the intent-based networking market. On the other hand, the post covid impacts on the market are likely to be positive.
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IBN Market Segment Analysis
Based on the components, the hardware segment is anticipated to acquire the highest revenue share across the global IBN market over the review timeframe. The segment's growth is credited to the rapidly developing inventive landscape and changes in business requirements allowing organizations to develop their network hardware components like routers and switches. These networking components are made up of the demand of the company's business. Expectation-based networking innovation enables organizations to computerize the setup of these system devices based on their business targets. To continue altering business demands, network solution suppliers are emphasizing the development of dynamic networking gear.
Among all the deployment modes, the solution segment is anticipated to contribute the maximum revenue share across the global market for intent-based networking over the review timeframe. These solutions inevitably identify faults and function following the administrator's instructions; thus, lowering susceptibility is the primary aspect causing an upsurge in the segment's growth. The growing data breaches across the industry sectors is another prime aspect likely to catalyze the segment's growth over the assessment timeframe.
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Among all the end-use sectors, the BFSI segment is anticipated to account for the highest revenue share across the global market for intent-based networking over the forecasted era. Several financial institutions are utilizing modern IBN solutions to boost the introduction of their digital offerings and customer-centric policies to improve customized banking experiences. IBN solutions can support the BFSI industry and provide new services to all branch locations as it enlarges its exposure to various business and consumer opportunities.
Intent-Based Networking Market Regional Analysis
The global market for intent-based networking is analyzed across five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
According to the analysis reports by MRFR, the North American region is anticipated to dominate the global market for intent-based networking over the assessment timeframe. The immense usage of the internet across the region is the prime aspect causing an upsurge in the regional market's growth. Furthermore, the growing investments in R&D activities are another crucial aspect supporting the regional market's growth.
The intent-based networking market for the Asia-Pacific region is anticipated to register substantial growth over the assessment era. The growth of the regional market is credited to the factors such as favorable government initiatives and the growing number of small and large industries.
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Competitive Analysis
The list of leading players across the global intent-based networking (IBN) market includes companies such as:
- Huawei Technologies Co., Ltd
- Veriflow Systems, Inc
- Waltz Networks
- Juniper Networks, Inc
- Networks, Inc
- Apstra, Inc
- Mode Group
- Intentionet
- Anuta Networks
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