Thursday, 20 April 2023 07:34 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / April 20, 2023 / Transparency Market Research Inc. - Steady demand of networking solutions for advanced enterprise network architectures is likely to bolster the enterprise connectivity and networking market in the next few years.
Demand for high-speed and secure broadband and fiber optics for enterprise connectivity is likely to propel the enterprise connectivity and networking industry. The global enterprise connectivity and networking market stood at US$ 56.6 Bn in 2022 and is projected to reach US$ 86.8 Bn by 2031.
Enterprise connectivity and networking market trends indicate that surge in remote work mode among employees in the past few years has fueled demand for enterprise connectivity. Organizations are intent on improving the performance of enterprise network. They are focusing on reducing downtime and disruptions.
Cloud networking has gained significant traction among enterprises due to the fact that cloud services allow end-users (enterprises) to design and implement a scalable enterprise network.
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Market Snapshot:
| Report Coverage | Details |
| Market Revenue | USD 56.6 Bn |
| Estimated Value | USD 86.8 Bn |
| Growth Rate - CAGR | 4.9 % |
| Forecast Period | 2023-2031 |
| No. of Pages | 250 Pages |
| Market Segmentation | Component, Enterprise Size, Industry Vertical |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America |
| Companies covered | Cisco Systems, Inc., Hewlett Packard Enterprise Development LP, Huawei Technologies Co., Ltd., Juniper Networks, Inc., ZTE Corporation, Nokia Corporation, Arista Networks, Inc., Broadcom Inc., Dell, Inc., NetScout Systems, Inc., Extreme Networks, AT&T Inc. |
Key Findings of Study
- High Demand for IoT Connectivity Solutions among Enterprises to Generate Significant Revenue: Increase in adoption of Internet of Things (IoT) platforms among enterprises is expected to offer lucrative opportunities to service providers in the enterprise connectivity and networking market.
- Deployment of IoT devices is increasing rapidly in several industries. For instance, adoption of IoT connectivity in the manufacturing industries is rising. Moreover, IoT is also used in the transportation sector to monitor fleets. These application are likely to fuel market development in the near future.
- Surge in Adoption of Cloud Networking: Rapid penetration of cloud computing solutions in several regions is expected to boost market value. This could be ascribed to rise in popularity of scalable networking solutions among enterprises. Increase in spending on cloud networking by businesses is poised to accelerate market development. Hence, adoption of cloud connectivity among enterprises is a key driver of the market.
- Rising trend of integrating IoT devices with cloud computing is likely to unlock new business opportunities for service providers in the market. An example is implementation of IoT-cloud-based e-Health systems.
- Service providers focus on addressing security and privacy concerns prevalent in IoT devices. This is likely to augment the enterprise connectivity and networking market.
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Key Drivers
- Increase in trend of digitalization in multiple end-use industries is a key factor expected to propel the enterprise connectivity and networking market
- Need for enterprise network infrastructure for remote work and cloud computing is expected to drive the enterprise connectivity and networking industry
- Proliferation of enterprise IoT platforms to manage and analyze the increasing amount of data generated by IOT devices is expected to accelerate market development in the near future
- Surge in demand for data-intensive applications in numerous industry verticals is bolstering adoption of enterprise connectivity and networking hardware, software, and services.
Regional Growth Dynamics
- North America is projected to account for major share of the global enterprise connectivity and networking market from 2023 to 2031. High penetration of cloud computing solutions is expected to fuel market growth in North America. Presence of prominent players in the U.S. is anticipated to augment the market in the region in the next few years.
- The market in Asia Pacific is poised to expand at a significant pace during the forecast period. Rise in investment in smart city projects, rapid pace of digital transformation of industries, and surge in implementation of IoT platforms are prominent trends expected to augment the enterprise connectivity and networking market size in Asia Pacific.
Competition Landscape
Leading players strive to build new alliances and partnerships in order to strengthen their market positions. Some players are focusing on acquiring new technologies in order to expand customer base and gain market share during the forecast period. For instance, companies strive to leverage AI to help make enterprise networking more efficient.
Key players operating in the market are Cisco, Hewlett Packard Enterprise Development LP, Juniper Networks, ZTE Corporation, Arista Networks, Broadcom Inc., Dell, Inc., NetScout Systems, AT&T, and Extreme Networks.
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Enterprise Connectivity and Networking Market Segmentation
Components
- Hardware
- Software
- Services
Enterprise Size
- SMEs
- Large Enterprises
Industry Verticals
- BFSI
- Manufacturing
- IT & Telecom
- Retail & Ecommerce
- Healthcare
- Others
Region
- North America
- Europe
- South America
- Asia Pacific
- Middle East & Africa
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