Optical Networking and Communication Market Future Scenario and Research Details Developments by 2024 | Key Players ADVA Optical Networking, Ciena, Cisco, ZTE Corporation, Nokia, Huawei Technologies

Optical networking and communication market is expected to reach $40.3 billion by 2024, registering a CAGR of 7.6% during the forecast period, according to P&S Intelligence.

The growth in the market can be mainly attributed to the surging demand for high-bandwidth network and the emergence of internet of things (IoT) and machine-to-machine (M2M) communication technologies.

Based on component, the optical networking and communication market has been categorized into hardware, software, and services. Among these, the market is registering a considerable demand for optical network hardware components, globally. Factors such as the advent of 5G network and the rise in data traffic are stimulating the demand for hardware components capable of supporting high-speed data transmission.

The optical networking and communication market for hardware has further been classified into optical fibers, optical transceivers, optical splitters, optical amplifiers, optical switches, optical circulators, and others. Among these, the category of optical fibers is estimated to hold the largest share in the market in 2018 and is projected to witness the fastest growth during the forecast period, across the globe. This can be mainly attributed to the increasing use of optical fibers in various application areas, including research, medicine, machine testing, computer networking, and communication.

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Growing consumer preference for wireless optical network being observed as a key market trend
Installation of optical networks without optical fibers using open-air optical technology, which is also called wireless optical transmission, is trending in the optical networking and communication market. The technology uses light waves instead of radio waves to transmit voice and data signals. In an optical wireless system, one or more hubs are set up to convert optical signals to and from radio frequency (RF) wireless signals. This further allows the addition of new subscribers to any hub by means of multiplexing.

Optical networking and communication market competitiveness
The optical networking and communication market is witnessing intense competition among key players, including Fujitsu Limited, Infinera Corporation, Corning Incorporated, ZTE Corporation, ADVA Optical Networking SE, and Ciena Corporation. Besides, the market is exhibiting consolidation and increased price pressure and competition among the players in terms of product innovation. With the growing demand for high-bandwidth networks, the competition in the market is projected to grow stronger.

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Some of the key players operating in the global optical networking and communication market are ADVA Optical Networking, Ciena, Cisco, ZTE Corporation, Nokia, Huawei Technologies, FiberHome Telecommunication Technologies Co. Ltd., Fujitsu Limited.

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This release was published on openPR.