Network Equipment Market Study, Trends, Segmentation, Detailed Analysis And Forecast by 2023-2032
The increase in deployment of virtualized software among enterprises including data centers and service provider drive the network equipment market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, January 12, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Network Equipment Market,” The network equipment market was valued at $29.9 billion in 2022, and is estimated to reach $69.7 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.
The network equipment market refers to the industry involved in the production, distribution, and sale of various devices and infrastructure components that facilitate communication and data exchange within computer networks. This market encompasses a wide range of hardware and software products designed to support and enhance network connectivity, data transfer, and communication between devices.
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Companies in the equipment industry design, manufacture, and sell networking equipment and technologies to businesses of all industries that need the infrastructure platforms to connect their devices and to the internet. Infrastructure platforms include switches, routers, data centers, and wireless products. In addition, businesses in the industry earn revenue by selling their products to enterprises, smaller commercial businesses, governments, educational institutions, and service providers. The customers have to choose between purchasing the products and services via perpetual licenses or subscription arrangements. Companies differentiate themselves in this industry by innovating to provide superior products in terms of speed, scale, and security. Customers demand highly secure and reliable connectivity to their networks as they continue to shift to more digital infrastructures and multi-cloud environments.
By enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing for more than two-thirds of the network equipment market revenue. The rise of digitalization among the large enterprises is expected to propel the growth of the market in upcoming years. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 11.3% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The increase in adoption of advanced and portable network equipment technology is expected to optimize business capabilities in small & medium-sized enterprises.
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By end use, the IT & telecom segment held the highest market share in 2022, accounting for nearly one-fourth of the network equipment market revenue, and is estimated to maintain its leadership status throughout the forecast period. The surge in need for improvement and optimization of infrastructure among telecom operators and continuous innovation in the IT & telecom sector. However, the government and defense sector is projected to manifest the highest CAGR of 13.1% from 2023 to 2032. Network equipment technology enables government employees to supply new capabilities swiftly and easily on demand without relying on overburdened teams. As a result, governments are increasingly turning to network equipment to speed up innovation and deliver important citizen services.
By region, the North America segment held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the network equipment market revenue. Factors such as the growth of remote work and the surge in online services have fueled the demand for reliable, high-performance network equipment in the region. However, Asia-Pacific is expected to witness the fastest CAGR of 11.7% from 2023 to 2032, and is likely to enhance the market growth during the forecast period. Rapid proliferation of 4G, 5G in developing countries of Asia-Pacific, increase in subscriber base, favorable government policies and regulations, and demand for higher amount of data storage and security are expected to boost the growth of the region at a considerable pace.
Leading Market Players: –
• 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.
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The report provides a detailed analysis of these key players in the network equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
COVID-19 Scenario:
• Businesses in all industries are undergoing rapid transformations to their networking and digital infrastructures. These transformations began well before the Covid-19 pandemic but have only accelerated due to work from home trends driven by the virus. As the economy recovers and businesses re-open, enterprises started continuing to invest more in cloud technologies, security software, and Software-as-a-Service (SaaS) because of digital transformations to their operations.
• In addition, Covid-19 outbreak also anticipated that businesses will upgrade on-premise information technology equipment as more employees return to work in the latter half of 2021, which are expected to drive growth for hardware infrastructure like routers and switches.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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