Overview and Scope
Enterprise networking is an interconnected system of computing devices designed to accommodate the organization’s growing needs by allowing for scalability and flexibility in adding new devices, users, and services. This networking is crucial in supporting day-to-day operations, collaboration, and innovation within modern organizations, enabling them to leverage technology effectively to achieve their business objectives.
Sizing and Forecast
The enterprise networking market size has grown strongly in recent years. It will grow from $73.21 billion in 2023 to $79.64 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to raise in network automation, raise in artificial intelligence (AI) integration, increasing focus on network cost optimization, increasing internet of things (IoT) integration, increasing multi-cloud adoption.
The enterprise networking market size is expected to see strong growth in the next few years. It will grow to $113.09 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing cloud adoption, increasing cybersecurity threats, increasing network analytics usage, growing software-defined networking (SDN), growing virtualization in networking. Major trends in the forecast period include the emergence of 5g and WIFI 6 technology, integration of security features with SD-wan technology, continued reliance on network automation, implementation of wi-fi 6 (802.11ax), technology advancements.
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Segmentation & Regional Insights
The enterprise networking market covered in this report is segmented –
1) By Component: Product, Services
2) By Deployment Mode: Cloud-Based, On-Premises
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By End User: Aerospace And Defense, Education, Media And Communication, Healthcare, Banking, Financial Services, And Insurance (BFSI), Transportation And Logistics, Other End Users
Asia-Pacific was the largest region in the enterprise networking market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise networking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing cybersecurity threats are expected to propel the growth of the enterprise networking market going forward. Cybersecurity threats refer to malicious activities performed with the harmful intent to steal data, damage, or disrupt computing systems. Cybersecurity threats are increasing due to expanding attack surfaces, evolving tactics by malicious actors, the proliferation of connected devices, and the growing dependency on digital infrastructure across various sectors. Enterprise networks reduce cybersecurity threats by providing firewalls, secure access controls, network segmentation, regular updates, encryption, security monitoring, employee training, and endpoint security. For instance, according to the Identity Theft Resource Center (ITRC), a US-based non-profit organization, the number of data breaches surged by 78% between 2022 and 2023, rising from 1,801 to 3,205 incidents. Therefore, increasing cybersecurity threats are driving the growth of the enterprise networking market.
Key Industry Players
Major companies operating in the enterprise networking market are Dell Technologies Inc., Huawei Technologies Co. Ltd., Lenovo Group Limited, Cisco Systems Inc., Broadcom Inc., Hewlett Packard Enterprise Company (HPE), Nokia Corporation , CommScope Inc., Palo Alto Networks Inc., Juniper Networks Inc., Arista Networks Inc., Fortinet Inc., Citrix Systems Inc., F5 Networks Inc., Check Point Software Technologies Ltd., Ubiquiti Inc. , Riverbed HOLDINGS INC., Extreme Networks Inc., Zyxel Communications Corporation, ADTRAN Inc., NETGEAR Inc., D-Link Corporation, SonicWall Inc., Barracuda Networks Inc., Allied Telesis Inc.
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