Rise in digitalization and increase in adoption of advanced technologies such as IoT across the globe positively impact the growth of the market.
NEW CASTLE, Del., Nov. 22, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Network Equipment Market by Type (Switches, Routers, Gateway, Fiber Optic Equipment, and Others), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises), and Application (IT & Telecom, BFSI, Retail & E-commerce, Government & Defense, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the network equipment industry generated $29,845.63 million in 2022, and is projected to reach at $ 69,712.13 million by 2032, witnessing a CAGR of 9.2% from 2023 to 2032.
Prime determinants of growth
Rise in digitalization and increase in adoption of advanced technologies such as IoT across the globe positively impact the growth of the market. In addition, the increase in adoption of network equipment across businesses to enhance operation & productivity is anticipated to propel the growth of the market in future. Furthermore, an increase in investments by top players and a rise in government initiatives are expected to provide lucrative growth opportunities for market expansion during the forecast period. Furthermore, the increase in adoption of emerging technologies such as 5G & edge computing and a rise in demand for SD-WAN technology are anticipated to provide lucrative growth opportunities for the market in the upcoming years. On the contrary, overutilization of capacity, physical connectivity challenges issue and malfunctioning hardware devices limit the growth of the network equipment market.
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Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$29.9 Billion |
|
Market Size in 2032 |
$69.7 Billion |
|
CAGR |
9.2 % |
|
No. of Pages in Report |
269 |
|
Segments covered |
Type, Enterprise Size, Application and Region. |
|
Drivers |
Rise in digitalization and increase in adoption of The increase in adoption of network equipment |
|
Opportunities |
The increase in adoption of emerging technologies Rise in demand for SD-WAN technology |
|
Restraints |
Overutilization of capacity Physical connectivity challenges issue Malfunctioning hardware devices |
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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The switches segment to maintain its leadership status throughout the forecast period
By type, the switches segment held the highest market share in 2022, accounting for nearly two-fifths of the network equipment market revenue, and is estimated to maintain its leadership status throughout the forecast period. Switches play a pivotal role in the network equipment industry by efficiently directing data traffic within local area networks. However, the routers segment is expected to portray the largest CAGR of 12.3% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Routers enable efficient data routing, ensuring that data packets find their optimal paths to their destinations, which not only enhances network performance but also minimizes congestion.
The large enterprises segment to maintain its lead position during the forecast period
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
The IT & Telecom segment to maintain its leadership status throughout the forecast period
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.
North America region to maintain its dominance by 2032
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.
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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.
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.
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