Network Equipment Market
Network Equipment Market
The rise in digitalization and the increase in adoption of advanced technologies such as IoT across the globe positively impact the growth of the market.
PORTLAND, OR, UNITED STATES, September 12, 2024 /EINPresswire.com/ -- According to the latest report, the global network equipment market size generated revenue of $29,845.63 million in 2022, with projections indicating it will reach $69,712.13 million by 2032, growing at a compound annual growth rate (CAGR) of 9.2% from 2023 to 2032. The market's expansion is being driven by increased digitalization and widespread adoption of advanced technologies like the Internet of Things (IoT) worldwide. These factors are having a positive impact on market growth. Additionally, businesses are increasingly adopting network equipment to improve operations and boost productivity, further accelerating market growth shortly.Moreover, investments from leading companies, coupled with government initiatives, are expected to create lucrative growth opportunities for the market during the forecast period. Furthermore, the increasing integration of emerging technologies such as 5G and edge computing, along with the rising demand for Software-Defined Wide Area Network (SD-WAN) technology, are anticipated to open up new avenues for market expansion. However, challenges such as overutilization of capacity, issues with physical connectivity, and malfunctioning hardware devices may hinder the growth of the network equipment market.
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Impact of COVID-19:
Across various industries, businesses are undergoing rapid digital and networking transformations. While these changes began before the COVID-19 pandemic, they have accelerated due to the growing trend of remote work driven by the virus. As the global economy rebounds and businesses reopen, enterprises are continuing to invest more heavily in cloud technologies, security software, and Software-as-a-Service (SaaS) to facilitate their ongoing digital transformations.
Additionally, the pandemic prompted companies to upgrade their on-premise IT equipment, especially as more employees returned to work in the latter half of 2021. This trend is expected to drive increased demand for hardware infrastructure such as routers and switches.
Market Segmentation by Type:
Switches accounted for the highest market share in 2022, generating nearly two-fifths of the total revenue in the network equipment market. Switches are integral to managing data traffic efficiently within local area networks (LANs). This segment is expected to maintain its leadership position throughout the forecast period.
On the other hand, the routers segment is forecasted to achieve the highest CAGR of 12.3% from 2023 to 2032. Routers play a crucial role in directing data to its optimal path, ensuring improved network performance while minimizing congestion.
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Market Segmentation by Enterprise Size:
Large enterprises dominated the market in 2022, contributing more than two-thirds of the total network equipment market revenue. The increasing digitalization of these large businesses is expected to drive further growth in the market over the next few years.
However, the small and medium-sized enterprises (SMEs) segment is projected to register the highest CAGR of 11.3% from 2023 to 2032. SMEs are increasingly adopting advanced and portable network equipment technologies to optimize their business operations and capabilities.
Market Segmentation by End Use:
The IT and telecom segment led the market in 2022, accounting for nearly one-fourth of the total revenue. This segment's growth is driven by the rising need to improve and optimize infrastructure among telecom operators, along with ongoing innovations in the IT and telecom industries.
However, the government and defense sector is expected to experience the fastest growth, with a projected CAGR of 13.1% from 2023 to 2032. Network equipment technologies are helping government agencies deliver new capabilities swiftly and efficiently, without overburdening their teams. As a result, governments are increasingly turning to network equipment solutions to drive innovation and provide essential services to citizens.
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Regional Analysis:
North America held the largest share of the network equipment market in terms of revenue in 2022, contributing nearly one-third of the total revenue. The region’s strong market position is fueled by the rise of remote work and increasing demand for reliable, high-performance network equipment.
However, the Asia-Pacific region is projected to witness the highest CAGR of 11.7% from 2023 to 2032. The region’s growth will be driven by the rapid rollout of 4G and 5G networks in developing countries, a growing subscriber base, favorable government policies, and increasing demand for enhanced data storage and security solutions.
Leading Market Players:
The report provides a detailed analysis of key players operating in the network equipment market. These companies have implemented various strategies, including new product launches, collaborations, expansions, joint ventures, and agreements, to increase their market share and maintain a competitive advantage globally. The analysis highlights the business performance, operating segments, product portfolios, and strategic moves of the following companies:
Hewlett Packard Enterprise Development LP
Cisco Systems, Inc.
AT&T, Inc.
Nokia Corporation
ZTE Corporation
Verizon Communications Inc.
Huawei Technologies Co., Ltd.
Juniper Networks, Inc.
Telefonaktiebolaget LM Ericsson
Arista Networks, Inc.
This report is an essential resource for understanding the competitive landscape of the network equipment market and the various strategies employed by leading players.
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