Portland, OR -- (SBWire) -- 09/26/2017 --The global application delivery controllers market size was valued at $2,941 million in 2016 and is projected to reach $4,191 million by 2023, growing at a CAGR of 5.3% from 2017 to 2023. The North America region accounted for the maximum share in 2016 and is expected to remain dominant during the forecast period.

The demand for application delivery controllers is largely driven by the emerging need for uninterrupted online communication system among the diversified business operations and increase in cyber threats in business units, which lead to increase in internet traffic. The other key factors driving the ADC market include an increase in the adaptation of mobiles and other networking devices at the individual level. ADCs play a vital role in optimization of web applications throughout the networking system.

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The application delivery controller is used in enhancing the performance of web application, increase the response rate of applications, decreases bandwidth requirement, secure and improve resource efficiency. A10 Networks Inc., Citrix Systems Inc., F5 Networks Inc., Radware Ltd. are the major product & service providers to various end-user industries across the globe. ADCs in the software segment is projected to exhibit a notable growth by 2023. In addition, government initiative toward digitization is expected to boost the growth of the application delivery controller market.

The end user industries are increasingly shifting towards cloud networking. The IT & Telecom sector is expected to grow at a notable rate during the forecast period. Majority of this demand is expected from the emerging countries due to high internet penetration in the highly dense populated countries. This, in turn, offers lucrative market opportunities for the ADC market. The fastest growing end-user industry for the ADC market is the government segment, which is expected to grow at a CAGR of 6.9% and is forecast to reach $569 million by 2023.

The majority of the growth in the application delivery controller market is expected to be witnessed from the emerging regions of Asia-Pacific. Factors such as rapid development of various industries including IT and emergence of online-transactions drive the global ADC market.

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North America accounted for the highest share in the application delivery controller industry in 2016 and is expected to maintain its dominance throughout the forecast period, owing to the existence of well-developed IT and various end-user industries in the region. The market accounted for more than 50% share in 2016.

Key findings of the Global Application Delivery Controllers (ADC) Market:

-The hardware segment generated the highest revenue in 2016 and is projected to grow at a CAGR of 3.5% during the forecast period.

-IT & Telecom sector is expected to grow at a significant CAGR of 5.7% owing to increase in complication in networking of various industries.

-Large enterprises in enterprise size segment are the major shareholder in the global application delivery controllers market, accounting for more than 52% share in 2016.