Global Network Engineering Services, Market Insights, Trends, Forecast 2024

The Business Research Company recently released a comprehensive report on the Global Network Engineering Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The network engineering services market size has grown strongly in recent years. It will grow from $53.39 billion in 2023 to $58.16 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to growth of internet usage and data traffic, explosion of mobile devices and connectivity, globalization and distributed workforces, enterprise digital transformation, cloud computing adoption..

The network engineering services market size is expected to see rapid growth in the next few years. It will grow to $85.49 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to demand for skilled network engineers, adoption of advanced network analytics, global connectivity and network integration, increasing complexity of network environments, focus on sustainable and green networking.. Major trends in the forecast period include green networking and energy efficiency, adoption of intent-based networking, compliance with regulatory standards, network slicing for customized services, remote workforce connectivity..

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Market Drivers and Trends:

The increased adoption of broadband will propel the growth of the network engineering services market. Broadband attributes to high-speed internet connectivity that is always quicker than typical dial-up access. It enables high-quality and rapid access to information, teleconferencing, data transfer, and other functions in various settings, including healthcare, education, and technical development. Network engineering services create a balance between security and the rising need for computing that is fast, more effective, and more adaptable. Due to COVID-19 restrictive containment measures involving social distancing, remote working, and the closure of commercial activities, companies have rearranged their operations to initiate remote working that increased the adoption of broadband. For instance, in December 2022, according to the Information Technology and Innovation Foundation, a U.S. nonprofit public policy organisation, by 2021, 81.9% of households would have internet access, with 83.4% of that through a broadband subscription, and in the US, 90 percent of households currently subscribe to broadband. Therefore, the increase in the adoption of broadband is expected to boost demand for network engineering services during the forecast period.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

Accentur*e PLC, Telefonaktiebolaget LM Ericsson, Huawei Technologies Co. Ltd., Juniper Networks, IBM Corporation, Cyient Limited, Datavision Inc., Imagit Inc., Infosys Limited, Atisdigital, Fujitsu Limited, Netronome Systems Inc., ABB Ltd., Avaya Inc., Capgemini SE, Cisco Systems Inc., Entrust Datacard Corporation, Nokia Corporation, OpenGov, Oracle Corporattion, UTI Group, General Electric, Honeywell International Inc., Itron Inc., KAPSCH Group, Microsoft Corporation, Osram Gmbh, SAP SE, Schneider Electric SE, Siemens AG

Network Engineering Services Market 2024 Key Insights:

• The network engineering services market size is expected to see rapid growth in the next few years. It will grow to $85.49 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• Increased Adoption Of Broadband To Drive Growth In Network Engineering Services Market
• Strategic Partnership Is Gaining Popularity In The Market
• North America was the largest region in the network engineering services market in 2023 and is expected to be the fastest-growing region in the forecast period

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