Load Balancer Market to Reach $8.90 Billion by 2027- A Key Enabler of Faster, Smoother Online Transactions
A load balancer is a device that distributes network or application traffic across a cluster of servers which manages the flow of information or data traffic.
PORTLAND, PORTLAND, OR, UNITED STATE, November 6, 2023 /EINPresswire.com/ — High adoption of cloud-based load balancing services in data centers to manage data traffic and server virtualization and ongoing digital transformation initiatives by governments across the globe augment the growth of the global load balancer market. In addition, the increased network complexity and varied terrific pattern due to transformations in telecommunication infrastructure fuels the market growth. Conversely, limited bandwidth providers due to legacy infrastructure impedes the market growth. Nevertheless, emergence of IoT, AI, and software-defined networking technologies usher a number of opportunities in the near future.
The market size of load balancers reached $3.39 billion in 2019 and is expected to achieve a value of $8.90 billion by 2027. Growth rate (CAGR) of 12.9% from 2020 to 2027.
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COVID-19 scenario:
➢ Due to the COVID-19 outbreak, most of the industries are adopting digital infrastructure. This factor has accelerated digital transformation, which in turn, has aided the market to scale up the growth.
➢ The service providers, on the other hand, have adopted remote working system to continue their services. This has aided the load balancer providers to be stable in terms of revenue.
Based on component, the hardware segment accounted for the largest share in 2019, contributing to nearly two-fifths of the global load balancer market, and is estimated to maintain its dominant position during the forecast period. Conversely, the software segment is expected to register the highest CAGR of 14.6% from 2020 to 2027. With rise in adoption of software as a service (SaaS), the demand for software load balancers is expected to increase proportionally, as they are scalable, programmable, and reliable. In addition, software-based applications reduce the modification in hardware, which, in turn, drives the growth of the segment.
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The IT and telecommunications industry is experiencing rapid growth in cloud adoption. With the increasing interconnectedness of systems, many organizations are prioritizing quick responses to client and user requests. The rise in internet users has further boosted the adoption of cloud services, particularly for storage and applications. Consequently, there is a growing demand for efficiently distributing workloads across multi-load servers. Thus, the increasing adoption of cloud technology is a major driver contributing significantly to the global load balancer market’s growth.
In recent times, industries have been transitioning towards multi-cloud and cloud computing due to the rising digital interactions among individuals worldwide. This shift has resulted in the accumulation of substantial data silos and a continuous influx of data in the ongoing trend of cloud adoption. The exchange and sharing of data over networks have become indispensable. Therefore, the telecommunications and IT industry is increasing its investments in network technologies and infrastructure to capitalize on this trend.
Based on type, the local load balancer segment contributed to the largest share in 2019, holding for nearly three fifths of the global load balancer market, and is expected to maintain the lion’s share throughout the forecast period. Rise in number of data centers and increase in demand for fast application delivery are the major factors that drive the growth of the segment. Nevertheless, the global load balancer segment is estimated to portray the highest CAGR of 17.0% during the forecast period. Global server load balancing (GSLB) helps in directing the network traffic among a group of networks or data centers situated across various geographical locations which drives the growth of the segment.
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Based on region, North America dominated the market with nearly two-fifths of the global load balancer market in 2019, and will maintain its dominance throughout the forecast period. The need for better web services and business continuity without disrupting networks in this region drives the growth of the market. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR of 15.7% from 2020 to 2027. The launching of advanced load balancers, which are scalable and flexible with emerging technologies such as AI drives the market growth in this region.
Leading market players-
➢ Google LLC
➢ IBM Corporation
➢ Imperva
➢ Kemp Technologies Inc.
➢ Microsoft Corporation
➢ Radware Ltd
➢ A1o Networks Inc.
➢ Amazon Web Services Inc.
➢ Citrix Systems Inc.
➢ F5 Networks Inc.
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