2032 Forecast | Network Equipment Market Growing at 9.2% CAGR and Expected to reach $69.7 Billion

According to the report, the network equipment industry generated $29,845.63 million in 2022, and is projected to reach at $ 69,712.13 million by 2032, witnessing a CAGR of 9.2% from 2023 to 2032.

Network equipment encompasses hardware devices and components utilized in constructing and overseeing computer networks. These devices facilitate data transmission and communication among diverse devices like computers, servers, routers, switches, modems, firewalls, and wireless access points. Additionally, network equipment is pivotal in supporting scalability as industries expand, as it can integrate various components tailored to the enterprise's requirements. Facilitating efficient communication, network equipment enhances business standards and promotes multiprocessing, facilitating seamless sharing of resources, information, and software.

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The surge in digitalization and widespread adoption of advanced technologies like IoT globally are driving significant growth in the network equipment market. Additionally, businesses are increasingly embracing network equipment to boost their operational efficiency and productivity, further fueling market expansion. Moreover, heightened investments by leading players and government initiatives are poised to create lucrative growth prospects in the forecast period. The rising adoption of emerging technologies such as 5G, edge computing, and SD-WAN presents additional opportunities for market growth in the coming years. However, challenges like overutilization of capacity, physical connectivity issues, and hardware malfunctions may impede market growth.

COVID-19 Scenario:

• Businesses in all industries are undergoing rapid transformations in 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.

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.

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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.

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.

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. Devices and applications are becoming more interconnected through multi-cloud environments, and customers are demanding efficient and secure technology solutions from networking equipment providers. 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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Moreover, the key players in the market adapted various strategies such as product launch and product development to enhance their services and strengthen their position in the network equipment market. For instance, in June 2021, Cisco Systems inc., launched a portfolio of routers to extend the power of the enterprise by expanding network equipment to the edge with the flexibility, security and scalability needed for IoT success. The portfolio enables organizations to run connected operations at scale with a choice of management tools suited for both IT and operations. As a result, the enhancements in network equipment boosted the market demand during the forecast period.

Leading Market Players: -

• Hewlett Packard Enterprise Development LP
• Cisco Systems, Inc.
• AT&T, Inc.
• Nokia Corporation
• ZTE Corporation
• Verizon Communications Inc.
• Huawei Technologies Co., Ltd.
• Juniper Networks, Inc.
• Telefonaktiebolaget LM Ericsson
• Arista Networks, Inc.

The report provides a detailed analysis of these key players in the network equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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