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Trends, Demand, and Growth Insights in the Broadband Network Gateway Market
Broadband Network Gateway Global Market Report 2024
According to The Business Research Company's, The broadband network gateway market size has grown rapidly in recent years. It will grow from $1.68 billion in 2023 to $1.91 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to initiatives for smart cities, adoption of smart devices, continued advancements in broadband services, surge in disaggregation of networks, a shift to cloud services.
The broadband network gateway market size is expected to see rapid growth in the next few years. It will grow to $3.22 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to the demand for cloud-native distributed broadband network gateway, increasing speed in broadband networks, rising application of wireless system to accelerate market demand, increase in use of smartphones, tablets and other devices, growing 5g network technologies. Major trends in the forecast period include technological advancements, launch of high-quality products, partnerships and collaborations, patents and events.
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Market Drivers and Trends:
The increasing use of smartphone devices is expected to propel the growth of the broadband network gateway market going forward. A smartphone is a mobile device that combines the functionality of a traditional mobile phone with advanced computing capabilities. The increasing use of smartphone devices is due to factors such as increased connectivity, remote work and education, e-commerce and digital services, and affordability. Broadband network gateways provide seamless internet access to smartphones by providing various security measures such as packet filtering, monitoring for unusual activity, and preventing unauthorized access. These gateways ensure consistent connectivity, whether at home or on the move, enhancing the user experience. For instance, in March 2023, according to a report published by Cybercrew, a UK-based developing and providing cybersecurity solutions for businesses of all sizes, the percentage of UK households using smartphones reached 91.43% in 2021. This percentage is projected to increase to 93.8% in 2026. Therefore, the increasing use of smartphone devices is driving the growth of the broadband network gateway market.
Major companies operating in the broadband network gateway market are developing advanced solutions such as 5G business gateway to gain a competitive edge. The 5G business gateway is an advanced networking device designed to enable businesses to leverage 5G technologies' power seamlessly. For instance, in May 2023, BEC Technologies Inc., a US-based developer and manufacturer of next-generation wired and wireless IP networking solutions, launched the 5G Business Gateway. This gateway is built on 3GPP Release 16. It incorporates the latest and most advanced 5G features, providing organizations with a powerful solution to enhance the performance and efficiency of their 5G deployments. The gateway's dual SIM interface allows businesses to use multiple carriers, ensuring uninterrupted connectivity and reducing the risk of network outages. The gateway includes two customizable Gigabit Ethernet ports, allowing companies to tailor their network setup to their needs.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Verizon Communications Inc., Comcast Corporation, AT&T Inc., Huawei Technologies Co. Ltd., Charter Communications Inc., Cisco Systems Inc., Hewlett Packard Enterprise Development LP, Nokia Corporation, ASUSTeK Computer Inc., Lumen Technologies Inc., Cox Communications Inc., Altice USA Inc., Windstream Holdings Inc., Frontier Communications Parent Inc., Juniper Networks Inc., Arista Networks Inc., Mediacom Communications Corporation, Zayo Group Holdings Inc., Astound Broadband, NETGEAR Inc., WideOpenWest Finance LLC, Cogent Communications Holdings Inc., GTT Communications Inc., New H3C Technologies Co. Ltd.
Broadband Network Gateway Market 2024 Key Insights:
• The broadband network gateway market size is expected to see rapid growth in the next few years. It will grow to $3.22 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%.
• Surge In Smartphone Adoption Is Fueling Demand For The Broadband Network Gateways
• Next-Gen 5G Business Gateway Revolutionizes Connectivity For Enterprises
• Asia-Pacific was the largest region in the broadband network gateway market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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