Artificial Intelligence
Intent-based Networking Market to reach $9.8 Billion, Globally, by 2032 at 24.6% CAGR: Allied Market Research
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Portland, OR, May 04, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Intent-based Networking Market by Component (Solution and Services), Deployment Mode (Cloud and On-premise), Enterprise Size (Large Enterprise and Small and Medium-sized Enterprise), and Industry Vertical (BFSI, IT and Telecom, Healthcare, Retail and Consumer Goods, Government and Defense, Manufacturing, and Others), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032” According to the report, The global intent-based networking (IBN) market was valued at $1.1 billion in 2022, and is projected to reach $9.8 billion by 2032, growing at a CAGR of 24.6% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
The global intent-based networking market is driven by factors such as growing digitalization and internet penetration around the world and increase in adoption of intent-based networking (IBN) across businesses to enhance operation & productivity. However, growing security concerns and high initial cost hamper the growth of the market. Furthermore, increase in investments in the industry such as BFSI, healthcare and other sectors, is expected to provide lucrative growth opportunities for the IBN market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1.1 billion |
| Market Size in 2032 | $9.8 billion |
| CAGR | 24.6% |
| No. of Pages in Report | 405 |
| Segments covered | Component, Deployment Mode, Enterprise Size, Industry Vertical, and Region. |
| Drivers | Rise in demand for software-enabled automation process Increase in adoption of cloud-based services Increase in use of connected devices |
| Opportunities | Growing adaptation of advanced technologies such as AI, ML, IoT Surge in demand for enhanced network security |
| Restraints | Complex design of an intent-based networking system High cost of innovation and budget constraints |
Covid-19 Scenario-
- During COVID-19 pandemic, the demand for intent-based networking increased as network created an opportunity for IT leaders and their teams to innovate.
- The market witnessed a significant upturn, owing to the continued surge in demand to minimize the complexity of creating, managing, and enforcing network policies in the wake of a pandemic.
- Post-COVID-19 situation, companies enhanced technology such as cloud computing technology, artificial intelligence (AI) and machine learning (ML)-based solutions, among others to enable increased automation and decreased time wasted on manual configuration and maintenance through networking.
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The solution segment to rule the market-
By component, the solution segment held the major share in 2022, garnering more than three-fifths of the global intent-based networking market revenue and is expected to continue its leadership status during the forecast period. Transformation of IT infrastructures and cloud adoptions with the support of machine learning and analytics propels the growth of the segment. The services segment would also showcase the fastest CAGR of 26.9% during the forecast period, owing to services focusing on meeting client requirements, including reduced cost and enhanced software performance. There has been an increase in the adoption of services among end users over time, as it ensures effective functioning of solution throughout the process.
The cloud segment to maintain its dominance during the forecast period
By deployment mode, the cloud segment contributed to the highest share in 2022, accounting more than two-thirds of the global intent-based networking market revenue and is expected to continue its leadership status during the forecast period. It enables businesses to collect extensive user information and eliminates the need for complex processes, hence propelling the segment. The on-premise segment would also showcase the fastest CAGR of 26.7% throughout the forecast period, owing the requirement of securitization of confidential data. The on-premise based deployment service is known for highly regulated industries including government institutions and financial applications.
The large enterprises segment to dominate by 2032
By enterprise size, the large enterprises segment accounted for around two-thirds of the global intent-based networking market share in 2022, and is expected to rule the boost by 2032. Surge in need to improve efficiency of employees and surge in demand for better business management among these large organizations drives the segment. The small and medium-sized enterprises segment would also display the fastest CAGR of 26.8% throughout the forecast period, owing to increase in number of SMEs in developing IT infrastructures in Asia-Pacific including China, Japan, and India. Moreover, continuous rise in number of government initiatives through various digital SME campaigns throughout the world fuels the growth of the market.
Asia-Pacific garnered the major share in 2032
By region, North America garnered the highest share in 2022, holding nearly one-third of the global intent-based networking market revenue in 2022. The increase in technical developments that are entirely revolutionizing the landscape of the IT industry and, in turn, encouraging the drive for the implementation of efficient servers and networking solutions propels the North American region. The Asia-Pacific region would also portray the fastest CAGR of 28.2% during the forecast period and is projected to retain its dominance by 2032, owing to the adoption of smart technologies such as AI and ML escalates the demand for intent-based networking (IBN). This is attributed to intent-based networking (IBN) that is continuously monitored, performance issues are identified immediately. Intent-based networking (IBN) also resolves these issues, using machine learning to determine the solution and implement it.
Leading Market Players-
- Cisco Systems, Inc.
- Juniper Networks, Inc.
- Huawei Technologies Co., Ltd.
- Hewlett Packard Enterprise Development LP
- NetBrain Technologies
- IBM Corporation
- Gluware
- Wipro
- Forward Networks, Inc.
- Nokia Corporation
The report analyzes these key players in the global intent-based networking market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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Key Benefits for Stakeholders
- This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall intent-based networking market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current global intent-based networking market forecast is quantitatively analyzed from 2021 to 2031 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the intent-based networking market.
- The report includes the market share of key vendors and global intent-based networking market trends.
Intent-Based Networking Market Key Segments:
Component
- Solution
- Service
Enterprise Size
- Large Enterprise
- Small and Medium-sized Enterprise
Industry Vertical
- BFSI
- IT and Telecom
- Healthcare
- Retail and Consumer Goods
- Government and Defense
- Manufacturing
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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Artificial Intelligence
Complyport’s new AI tool – ViCA.Chat – set to revolutionise compliance support services
LONDON, June 14, 2024 /PRNewswire/ — ViCA.Chat, the Virtual Compliance Assistant powered by AI technology, is set to transform regulatory compliance consulting. Developed by ComplyMAP Group’s AI engineers and Complyport’s compliance consulting teams, ViCA redefines compliance support services and propels governance, risk and compliance consulting into a new era of innovation.
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As a result, ViCA’s specialised regulatory database goes beyond readily available online resources which feature into traditional AI tools. ViCA offers exclusive insights, proprietary regulatory interpretations, historical data, bespoke and purposely structured compliance documentation and templates. With advanced scraping capabilities, ViCA also extracts relevant data from selected websites and publicly available information, ensuring an up-to-date and comprehensive understanding of compliance requirements across industries.
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Artificial Intelligence
LoRa and LoRaWAN IoT Market worth $32.7 billion by 2029- Exclusive Report by MarketsandMarkets™
CHICAGO, June 14, 2024 /PRNewswire/ — The LoRa and LoRaWAN IoT Market is expected to reach USD 32.7 billion by 2029 from USD 8.0 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 32.4 % during 2024–2029, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “LoRa and LoRaWAN IoT Market”
320 – Tables 58 – Figures294 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
Offering, Network Deployment, Application, End User, and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
List of Companies in LoRa and LoRaWAN IoT
The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
The LoRaWAN ecosystem influences development of tools, software libraries, and cloud-based platforms that streamline the creation, deployment, and management of IoT solutions. Continuously evolving, this ecosystem boasts a burgeoning array of vendors providing LoRa-compliant devices, gateways, and network management solutions. This vibrant competition within the ecosystem propels innovation while driving down costs for end-users. Moreover, the development of interoperable solutions fosters seamless integration and deployment of LoRaWAN networks, simplifying the implementation process for businesses and organizations. As the ecosystem continues to expand and mature, it empowers developers, system integrators, and IoT enthusiasts to unleash their creativity, accelerate time-to-market, and unlock the full potential of LoRaWAN technology in diverse applications and industries.
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Based on network deployment, the public network segment to hold the largest market size during the forecast period.
The robust security features integrated into public LoRaWAN networks play a significant role in driving the growth and adoption of LoRaWAN technology in the market. End-to-end encryption ensures that data transmitted between devices and gateways is protected from unauthorized access or interception, safeguarding sensitive information such as sensor readings, location data, and command messages. Message integrity checks verify the integrity of data packets, detecting any tampering or alteration during transmission and ensuring data authenticity and reliability. Additionally, mutual authentication mechanisms establish trust between devices and gateways, verifying the identity of both parties before allowing communication to occur. These security measures provide organizations and end-users with confidence in the integrity and confidentiality of their data, mitigating concerns related to data privacy, cybersecurity threats, and regulatory compliance. As a result, implementing robust security features in public LoRaWAN networks enhances trust and credibility in the technology, driving increased adoption and market growth as organizations seek reliable and secure connectivity solutions for their IoT deployments.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
IoT service providers are pivotal in driving adoption by developing vertical-specific solutions finely tuned to the distinct needs of industries like agriculture, healthcare, logistics, and smart cities. In agriculture, for instance, IoT services offer solutions for precision farming, crop monitoring, and livestock management, enabling farmers to optimize irrigation, monitor soil health, and enhance yields. Similarly, IoT services facilitate remote patient monitoring, asset tracking, and inventory management in healthcare, improving patient care, reducing costs, and ensuring compliance with regulatory standards such as HIPAA. In logistics, IoT services provide real-time tracking of shipments, fleet management, and predictive maintenance, enhancing supply chain visibility, efficiency, and reliability. For smart cities, IoT services offer solutions for traffic management, waste management, energy optimization, and public safety, transforming urban infrastructure and enhancing the quality of life for residents. By addressing industry-specific challenges, compliance requirements, and use cases, vertical-specific IoT solutions deliver tangible business value, driving adoption and fueling the growth of the IoT services market across diverse sectors.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
In the Asia Pacific region, where agriculture serves as a cornerstone of many economies, adopting IoT technologies, particularly LoRa and LoRaWAN, is revolutionizing traditional farming practices. LoRaWAN’s long-range connectivity and low-power consumption make it well-suited for deployment in rural agricultural settings, where access to reliable connectivity may be limited. Through LoRa-based IoT solutions, farmers can implement precision agriculture techniques to address pressing challenges such as water scarcity, soil degradation, and unpredictable weather patterns. LoRa-enabled sensors facilitate real-time monitoring of soil moisture levels, temperature, and humidity, allowing farmers to optimize irrigation schedules and conserve water resources. Remote sensing technologies powered by LoRaWAN enable farmers to gather actionable insights on crop health, pest infestations, and nutrient deficiencies, facilitating timely interventions and improving overall crop management practices. Furthermore, LoRa-based crop analytics platforms provide farmers with data-driven decision support tools, helping them optimize planting strategies, improve yield forecasting, and mitigate the impact of climate change on agricultural productivity. By harnessing the power of LoRa and LoRaWAN IoT solutions, farmers in the Asia Pacific region can increase yields, conserve resources, and enhance resilience to environmental challenges, driving the adoption and growth of the LoRaWAN IoT market in the agricultural sector.
Top Key Companies in LoRa and LoRaWAN IoT Market:
The major vendors covered in the LoRa and LoRaWAN IoT Market are The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT Market.
Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
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Artificial Intelligence
Scoring a Seat at UEFA EURO 2024™ with Top-Performing AI-Powered TOSHIBA TV Lineup
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