NEW YORK, May 25, 2016 /PRNewswire/ -- The global enterprise networking market is expected to reach USD 64.63 billion by 2024, according to a new report by Grand View Research, Inc. Increasing adoption of virtualization technologies by organizations to reduce the storage infrastructure costs is expected to offer lucrative opportunities to the market over the forecast period.
Growing popularity of wireless equipment and strong demand for internet-enabled devices is expected to drive the revenue growth. Enterprises are favoring the advanced technologies and features such as 100G Ethernet switches and adoption of 802.11 ac standards.
Additionally, the proliferation of Bring Your Own Device (BYOD) and expanding mobile workforce is expected to augment industry growth. The BYOD trend epitomizing the concept of any device used anywhere is fuelling the need for invasive wireless networks and mission-critical mobility applications.
Growing IT infrastructure and increasing demand from economies such as India, Japan, and China is expected to fuel enterprise networking market growth. Rising bandwidth requirements and accelerating shift towards wireless systems are also projected to boost demand over the forecast period. However, rising security concerns and difficulty in managing complex networks is expected to hamper growth.
The shift towards Software Defined Networking (SDN) has had a considerable impact on the router and switch market. The switch manufacturers are making their hardware more accessible through Application Program Interface (API) which exposes their configurable elements. This transition in design offers flexible and application-driven customization of network infrastructure.
Moreover, small and medium-sized businesses are expected to continue investing in the networking market to make provisions for technological changes and to support their expansion goals. Government initiatives in developing economies are aiming at building smart cities, reducing the digital divide and improving financial inclusions are expected to augment the demand for enterprise networking market.
Further key findings from the report suggest:
Ethernet switch is estimated to reach over USD 23.54billion by 2024 and growing at a CAGR of 4.5% from 2016 to 2024. Changing enterprise demand for high speed and better performance with a shift towards 40GE switching is expected to boost the sales of Ethernet switches.
WLAN accounted for growing at a CAGR of over 8% from 2016 to 2024. This high growth can be attributed to continuous improvements in wireless technologies and standards that address the wireless applications.
The Asia Pacific enterprise networking industry is expected to remain the largest market owing to the widespread implementation of hybrid IT environments among organizations. The regional industry is projected to account for over 40% by 2024, growing at a CAGR of over 7.0% from 2016 to 2024.
Enterprise networking vendors are evolving new business models to meet the demand of customers by offering new solutions that reduce cost, improves operational efficiency and replace legacy network infrastructure
Key players in the enterprise networking market include Cisco Systems, Hewlett-Packard, Alcatel-Lucent, Brocade Communications Systems and Juniper Networks. Competition for enterprise customers and service providers is particularly intense and increasingly focused on pricing. Growing adoption of SDN has lowered the barrier to entry in the networking space, creating new competitors for hardware vendors. Customer adoption of SDN is propelling proprietary hardware vendors to adopt new strategies to protect their revenue bases.
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