Network Equipment Market Growing at 9.2% CAGR | Reach 69.7 Billion by 2032 Globally
Network Equipment Market
The global network equipment market was valued at $29.9 billion in 2022, and is projected to reach $69.7 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ (๐๐๐ญ ๐ ๐ฎ๐ฅ๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ข๐ง ๐๐๐ โ 269 ๐๐๐ ๐๐ฌ) ๐๐ญ: https://www.alliedmarketresearch.com/request-sample/A164626
Driving Factors Network Equipment Market
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.
Market Segmentation Network Equipment Market
The network equipment market is segmented into type, enterprise size, application, and region. By type, it is categorized into switches, routers, gateway, fiber optic equipment, and others. By enterprise size, the market is segregated into small & medium-sized enterprises and large enterprises. By application, the market is classified into IT & telecom, BFSI, retail and e-commerce, government & defense, manufacturing, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Players Network Equipment Market
Key players profiled in industry include Cognex Corporation, Schneider Electric SE, Emerson Electric Co., Rockwell Automation Inc., Cisco Systems Inc., ABB Ltd., Siemens AG, Honeywell International Inc., General Electric Company, and International Business Machines Corporation. Market players have adopted various strategies, such as product launches, collaboration & partnership, joint ventures, and acquisition to expand their foothold in the industry.
๐๐ ๐ฒ๐จ๐ฎ ๐ก๐๐ฏ๐ ๐๐ง๐ฒ ๐ช๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง๐ฌ, ๐๐ฅ๐๐๐ฌ๐ ๐๐๐๐ฅ ๐๐ซ๐๐ ๐ญ๐จ ๐๐จ๐ง๐ญ๐๐๐ญ ๐จ๐ฎ๐ซ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ญ ๐๐ญ: https://www.alliedmarketresearch.com/connect-to-analyst/A164626
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.
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
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.
๐๐ฎ๐ฒ ๐๐จ๐ฐ & ๐๐๐ญ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ ๐จ๐ง ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ (269 ๐๐๐ ๐๐ฌ ๐๐๐ ๐ฐ๐ข๐ญ๐ก ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ, ๐๐ก๐๐ซ๐ญ๐ฌ, ๐๐๐๐ฅ๐๐ฌ, ๐๐ง๐ ๐ ๐ข๐ ๐ฎ๐ซ๐๐ฌ) ๐๐ญ: https://www.alliedmarketresearch.com/checkout-final/78e75de462ecb11ebdd71aadab61663d
Recent Product Launch in the Network Equipment Market
In October 2023, Telefonaktiebolaget LM Ericsson launched a new software toolkit to strengthen 5G Standalone network capabilities and enable premium services with differentiated connectivity. The portfolio enhancement comes as the growth of new use cases and rising mobile user expectations on the quality of 5G experience are putting greater demands on network capacity and performance.
In June 2023, ZTE Corporation, a global leading provider of information and communication technology solutions has unveiled a series of new products for 5G industrial field networks, including the 5G UniEngine V1100A, SmartEdge 6100, and MSE N100.
In April 2023, Arista Networks, a leading provider of cloud networking solutions, launched the AI-driven network identity service for enterprise security and IT operations. Based on Aristaโs flagship CloudVision platform, Arista Guardian for Network Identity (CV AGNI.) CV AGNI helps to secure IT operations with simplified deployment and cloud scale for all enterprise network users, their associated endpoints, and Internet of Things (IoT) devices.
Recent Partnership in the Network Equipment Market
In June 2023, Nokia Corporation partnered with DXC Technology, a leading Fortune 500 global technology services firm, for launching DXC Signal Private LTE and 5G, a managed secure private wireless network and digitalization platform solution that helps industrial enterprises digitally transform their operations.
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