Market Research Report
Enterprise Network Equipment Market - Growth, Trends, and Forecasts (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||802359|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|Enterprise Network Equipment Market - Growth, Trends, and Forecasts (2019 - 2024)|
|Published: January 1, 2019||Content info: 100 Pages||
The enterprise network equipment market is expected to register a CAGR of over XX% during the forecast period (2019-2024). While the wave of incoming technology advances propagating by AI and IoT seems to dominate the headlines, there is one area of enterprise that is expected to fuel a mighty change in dynamics and which is the emerging trends in network technologies.
Because of all the extra value put on stable and secure networks, there is expected to be a surge in the spending on IT services. Across the globe, the economic force of IT services is growing in revenue, because even small businesses recognize the pervasive need for top-of-the-line network technology to climb to and remain at the forefront of their respective industries.
The adoption of bring-your-own-device (BYOD) to expand the mobile workforce is expected to offer growth opportunities to the market studied.
The rapidly increasing demand for network equipment is enabling vendors to provide new business and technological models that meet the demand. Most vendors are focusing on offering products and solutions that can improve the operational efficiencies of enterprises.
Furthermore, the implementation of protectionist policies is limiting the growth of enterprise network equipment market in the region. For instance, in 2018, the US Government imposed tariffs on the network equipment, such as modems, routers, and internet gateway imports from foreign countries.
Networking equipment combines, splits, switches, or directs packets of information along with a computer or telecommunications network. They connect devices in order to share data between them. They transport, route, switch, or process network traffic.
Network security serves as a strong motivator to invest in IT services. With rapid technological developments, cybercriminals are becoming craftier and more sophisticated. Also, with IT infrastructure having extended into virtual, cloud-based platforms, a lot of valuable company and client data is left vulnerable to security threats.
Apart from implementing traditional firewalls and controlling user access, many organizations are reaching for more robust cybersecurity strategies. This creates an excellent opportunity for developers to bring new defense approaches to the table. Incorporating AI to create intuitive, efficient systems will allow businesses to use smart machine capabilities to detect threats early and use proactive strategies in defending their information.
Due to the rapidly increasing growth of digital organizations, 76% of IT professionals state that the lack of visibility is their biggest challenge being faced in addressing network threats. Most organizations are showing importance to know what is going on with their network at all times, across all applications, users, and devices. Organizations are implementing networking and security teams to work more closely and leverage network infrastructure to extend visibility everywhere.
North America is estimated to dominate the enterprise network equipment market, driven by the high-security spending and large presence of risk-based authentication vendors in the region. However, the market is projected to gain significant importance in Asia-Pacific owing to the growing IT sector and rapid digitalization in the region. Moreover, the region has emerging economies, such as China, India, and South Korea, which are anticipated to witness a surge in the growth of the network equipment market, due to the rising end-user base, i.e., the number of enterprises and improving technology adoption across these segments.
The enterprise network equipment market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on enterprise network equipment technologies to strengthen their product capabilities. In January 2016, Jupiter systems acquired BTI Systems, a provider of cloud and metro networking systems. This acquisition will enable Jupiter to fast-track the delivery of open & automated packet optical transport solutions that equip NorthStar Controller with network management attributes to enable end-to-end provisioning features.