Network Devices Market Growth Drivers, Strategic Analysis, Market Share, Key Trends And Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Network Devices Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $41.26 billion In 2028 At A CAGR Of 7.8% :

The network devices market size has grown strongly in recent years. It will grow from $28.78 billion in 2023 to $30.55 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to Internet proliferation, transition to broadband, wireless revolution, 5G rollout, IoT expansion.

The network devices market size is expected to see strong growth in the next few years. It will grow to $41.26 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to security-centric design, IPv6 adoption sustainability and green networking, evolving connectivity standards. Major trends in the forecast period include early networking technologies (pre-1990), adoption of Wi-Fi 6 and 6E technology, growing demand for edge computing devices, increased focus on network security appliances.

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Network Devices Market Major Segments
The network device market covered in this report is segmented -

1) By Device Type: Router, Gateway, Access Point
2) By Type: Wired, Wireless
3) By Connectivity: Wi-Fi, Cellular, LoRa, ZigBee, Bluetooth, Other Connectivities
4) By Application: Residential, Commercial, Enterprise, Industrial, Transportation

Key Driver - Network Devices Market Thrives On Smartphone Proliferation And Digital Revolution

The rising use of smartphones coupled with growing digitalization is expected to drive the growth of the network devices market. The use of digitalization is expanding to create new business practices, cultures, and customer experiences or to adapt existing ones to meet shifting company and market needs. The smartphones demand is increasing due to rise in internet penetration, rising subscriptions to social media, increasing income levels, improved communication needs, and others. During the COVID-19 pandemic, the usage of smartphones along with digitalization dramatically increased due to long quarantine periods and work-from-home scenarios. This increase in smartphones and digitalization needs network devices to transfer data from one device to another efficiently. For instance, according to the survey of smartphone ownership commissioned by a nonpartisan American think tank, the Pew Research Center, the share of Americans that own a smartphone increased from 81% in February 2019 to 85% in February 2021, which was just 35% a decade ago (in 2011). Moreover, according to the World Economic Forum, digital transformation will add $100 trillion to the global economy by 2025. Therefore, the rising use of smartphones coupled with growing digitalization is going to propel the network devices market growth.

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Prominent Trend - Technological Innovations Reshaping Network Device Dynamics

Technological innovations are a key trend gaining popularity in the network devices market. Major companies operating in the network devices market are developing new products or technologies, such as SD-WAN, to strengthen the demand for network devices. A software-defined wide area network (SD-WAN) is a virtual wide area network type that enables businesses to employ any mix of transport services, such as MPLS, LTE, and broadband internet services, to safely connect users to applications. This improves user experience and application performance, which boosts corporate productivity and agility and lowers IT expenses. For instance, in May 2022, Nokia, a Finland-based telecommunications, information technology, and consumer electronics corporation, and STC (Saudi Telecommunication Company), a Saudi-Arabia-based digital enabler of telecommunications services, introduced stc SD-WAN. stc SD-WAN will enable the company's IT and OT to modify their network services to fit rapidly evolving commercial contexts. The program aims to support its enterprise customers' cloud migration and digital transformation journey.

Network Devices Market Players
Major companies operating in the network devices market report are Dell Technologies, Huawei Technologies Co Ltd., Siemens AG, Cisco Systems Inc., Hewlett Packard Enterprise Development LP, Palo Alto Networks Inc., Juniper Networks Inc., Fortinet Inc., Arista Networks Inc., Symantec Corporation, Avaya Inc., F5 Networks Inc., Checkpoint Software Technologies Ltd., Brocade Communications Systems Inc., Ubiquiti Inc., Trend Micro Inc., Extreme Networks Inc., Zyxel Communications Corporation, Netscout, D-Link Corporation, SonicWall, Riverbed Technology Inc., McAfee LLC, Barracuda Networks Inc., Allied Telesis Inc., Ruckus Networks, Cradlepoint, Aerohive Networks, WatchGuard Technologies Inc., TP-Link Technologies Co Ltd.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the network devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the network devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Network Devices Market Report Structure
3. Network Devices Market Trends And Strategies
4. Network Devices Market - Macro Economic Scenario
5. Network Devices Market Size And Growth
…..
27. Network Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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