The Network Devices Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Network Devices Global Market Report 2024, 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.
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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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
Major companies operating in the network devices market are focused on developing innovative solutions such as cloud network device. A cloud network device isn’t a single specific piece of hardware, but rather a term for any virtual or software-based networking component that operates within a cloud computing environment. For instance, in October 2023, CyberTAN Technology Inc., a Taiwan-based broadband network equipment manufacturing company launched the ‘CyberWiFi’ cloud network product series. The product lineup comprises an Outdoor Long Range Fixed Wireless Access Point, Controller, Indoor Wall Mount Access Point, Managed Switch, and Indoor Ceiling Mount Access Point. The CyberWiFi products showcase a proprietary cloud platform developed in-house, integrating crucial management functionalities tailored for small and medium-sized enterprise networks.
The network devices market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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