Network Equipment Industry Set for Expansion: Market Share Projected to reach $69.7 billion by 2032

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.

The global market is experiencing a surge driven by digitalization and the widespread adoption of cutting-edge technologies like IoT. This trend is expected to continue as businesses increasingly invest in network equipment to optimize their operations and boost productivity. Moreover, significant investments from key industry players and government initiatives are poised to fuel further expansion in the forecast period. The market stands to benefit from the growing adoption of emerging technologies such as 5G, edge computing, and SD-WAN, offering lucrative opportunities in the years ahead. However, challenges like capacity overutilization, physical connectivity issues, and hardware malfunctions may restrain market growth.

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Network equipment refers to the hardware devices used to facilitate communication and data transmission in a computer network. These devices include routers, switches, hubs, modems, access points, network interface cards (NICs), and firewalls, among others. Each type of network equipment serves a specific function in enabling devices within a network to communicate with each other and access resources such as the internet or shared files and applications.

The equipment industry encompasses companies engaged in the design, production, and distribution of networking equipment and technologies tailored to diverse businesses across sectors, facilitating the interconnection of devices both internally and with the internet. This includes essential infrastructure components like switches, routers, data centers, and wireless solutions. Revenue streams for industry players stem from sales to enterprises, small businesses, government entities, educational institutions, and service providers. Customers have the option to procure products and services through either perpetual licensing or subscription models. Competitive edge in this sector is gained through continuous innovation aimed at delivering superior offerings in terms of speed, scalability, and security. Given the increasing transition towards digital infrastructures and multi-cloud environments, customers prioritize highly secure and dependable connectivity solutions for their networks.

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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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 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.

In 2022, the switches category dominated the market, capturing nearly two-fifths of the network equipment market revenue. This segment is anticipated to uphold its prominent position throughout the forecast period. Switches are integral to network infrastructure, efficiently managing data traffic within local area networks. Conversely, routers are predicted to exhibit the highest Compound Annual Growth Rate (CAGR) of 12.3% from 2023 to 2032, maintaining their leading status in the market. Routers play a crucial role in directing data, ensuring optimal paths for data packets to reach their destinations, thereby enhancing network performance and reducing congestion.

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The North America segment dominated the network equipment market revenue in 2022, claiming almost one-third of the total share. This was primarily driven by factors such as the expansion of remote work and the upsurge in online services, which heightened the demand for dependable, high-performing network equipment in the region. Conversely, the Asia-Pacific region is anticipated to experience the swiftest Compound Annual Growth Rate (CAGR) of 11.7% from 2023 to 2032, thereby bolstering market expansion throughout the forecast period. This growth is attributed to the rapid adoption of 4G and 5G technologies in developing nations within the Asia-Pacific region, coupled with an expanding subscriber base. Additionally, favorable governmental policies and regulations, along with the increasing need for robust data storage and security measures, are projected to further accelerate growth in this region.

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.

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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