Enterprise Networking Market in BFSI Vertical Is Expected to Grow at A CAGR Of Over 4% From 2018 To 2024 | Key Players are Arista, Broadcom, Checkpoint, Cisco, Dell Technologies, Extreme Networks, F5 Networks, FireEye, Fortinet, HPE, Huawei, Juniper

The BFSI vertical in the enterprise networking market is expected to grow at a CAGR of over 4% from 2018 to 2024. Hackers are targeting banking institutions as they hold huge amounts of customer information and their financial records. The growing instances of cyber-attacks on financial IT networks have prompted institutions to undertake initiatives for modernizing their network security policies. Also, banks are rapidly adopting the virtualization technology due to the emerging needs of banks and other financial institutions to have an infrastructure that can accommodate multi-channel digital services and handle increasing data flows. A wide variety of virtualization approaches such as machine OS virtualization, application virtualization, and desktop virtualization allow them to significantly reduce costs and manage IT resources in a more centralized manner.

Enterprise Networking market is projected to surpass USD 90 billion by 2024. With the increasing popularity of the mobility trend and growing connectivity demands, enterprises are finding new ways to modernize their networks and expand their networking capabilities. Enterprise networking market solutions enable them to ensure that their networks are optimized for reliability and managing network components such as switches, cabling, and routers. The massive production of corporate information due to the advent of Big Data has put a strain on traditional networks. Thus, to improve the network?s resiliency and efficiency, enterprises are deploying solutions, which help them in optimizing their network traffic and storage for accommodating new network resources.

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Another factor driving the enterprise networking market growth is the extensive adoption of machine learning to solve a broad range of networking and security challenges. Machine learning algorithms are used to monitor networks, deliver insights in case of anomalies, and recommend how to best optimize the network. Emerging network analytics services powered by AI and machine learning are being increasingly used to transform traditional network infrastructure management models.

Anti-virus solutions held a majority of the market share in 2017 and are expected to maintain the market dominance in the enterprise networking market due to rising instances of malware attacks on enterprise networks. As several malware programs are created by attackers each day, the demand for robust antimalware solutions is expected to increase over the forecast timeline.

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The Europe enterprise networking market is expected to hold a market share of over 20% by 2024 due to the rising internet penetration, attracting a lot of malware and viruses to halt enterprise networks. According to a recent study by the European Union Agency for Network and Information Security (ENISA), major cyber-attacks using ransomware were among the top cyber-attacks reported in 2016. An increase in cyber-attacks in countries such as the UK, Germany, and Italy have compelled government agencies and enterprises to come up with the enhanced cybersecurity policies and solutions. For instance, in November 2016, the UK government issued its five-year National Cyber Security Strategy. The government invested around USD 2.4 billion to defend critical national infrastructure and deter cyber-security criminal activities.

Enterprise networking market trends are also expected to witness a transformation on account of changing customer preferences toward converged network architecture as well as the network virtualization technology to strengthen the network functions. Shifting user inclination has further enabled organizations to enhance network efficiency at reduced operational costs, which would provide renewed growth prospects for enterprise networking market.

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Companies operating in the enterprise networking market are implementing new solutions to accelerate the provisioning of new customers, applications, and networks with cloud-scale efficiency. For instance, in March 2018, Telefonica Spain partnered with Nokia and Nuage Networks to build data center network investiture. The company extended its SD-WAN infrastructure and included new software-defined data centers, which helped to expand the agility and scalability of its cloud-based services. Major internet service providers are using cloud-based solutions to enhance the manageability of network architectures. For instance, in September 2018, Equinix invested USD 73 million to open its first International Business Exchange (IBX) data center in Paris.

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