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Network Transformation Global Market Surges Projected to Reach $511.59 Billion By 2028 with CAGR of 53.5%
Network Transformation Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Network Transformation industry. This report on Network Transformation market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The network transformation market size has grown exponentially in recent years. It will grow from $59.57 billion in 2023 to $92.2 billion in 2024 at a compound annual growth rate (CAGR) of 54.8%. The growth in the historic period can be attributed to legacy infrastructure, bandwidth demand, security concerns, cost reduction, cost reduction. The network transformation market size is expected to see exponential growth in the next few years. It will grow to $511.59 billion in 2028 at a compound annual growth rate (CAGR) of 53.5%.
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Key Market Players:
Fujitsu Ltd., Dell EMC, Ciena Corporation, Hewlett Packard Enterprise Company, Cisco Systems Inc. The Progressive Corporation are prominent players in the Network Transformation industry.
Market Drivers:
The growing adoption of bring your own device (BYOD) policy in companies is expected to propel the growth of the network transformation market. BYOD policy is when employees connect to the organization's network and access what they need to complete their tasks using their personal devices such as smartphones, tablets, computers, laptops, and others. Network transformation helps reconstruct network architecture when companies want to change their network infrastructure based on employees' devices. According to Cisco, 89% of IT departments enable BYOD in some form and 69% of IT leaders are positive about BYOD.
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Market segments for Network Transformation include:
1) By Solutions: Network Automation, 5G Networks, SDN & NFV, C-RAN
2) By Organization Size: Small and Medium Enterprises, Large Enterprise
3) By Vertical: BFSI, Energy and Utility, Government, IT and Telecom, Manufacturing, Retail, Other Verticals
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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