USD 69.7 Billion Network Equipment Market Reach by 2032 at 9.2% CAGR

According to the report published by Allied Market Research, The USD 69.7 Billion Network Equipment Market Reach by 2032 at 9.2% CAGR. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the 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.

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The global network equipment market was valued at USD 29.9 billion in 2022, and is projected to reach USD 69.7 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.

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.

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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.

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 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 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.

The key players that operate in the network equipment market analysis are Cisco Systems, Inc., Juniper Networks, Inc., Huawei Technologies Co., Ltd., AT&T, Inc., Verizon Communication, Hewlett Packard Enterprise Development LP., Telefonaktiebolaget LM Ericsson, Arista Networks Inc., ZTE Corporation, and Nokia Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the network equipment industry.

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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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