The Network Devices Global Market Report 2023 by The Business Research Company, provides network devices market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Network Devices Global Market Report 2023, the global network devices market size will grow from $28.01 billion in 2022 to $30.3 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the network devices is expected to grow to $39.9 billion in 2027 at a CAGR of 7.1%.
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.
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The network devices market is segmented:
1) By Device Type: Router, Gateway, Access Point
2) By Type: Wired, Wireless
3) By Connectivity: WiFi, Cellular, LoRa, ZigBee, Bluetooth, Other Connectivities
4) By Application: Residential, Commercial, Enterprise, Industrial, Transportation
Technological innovations are a key trend gaining popularity in the network devices market. Major companies operating in the network devices market are developing new products or technologies, such as SD-WAN, to strengthen the demand for network devices. A software-defined wide area network (SD-WAN) is a virtual wide area network type that enables businesses to employ any mix of transport services, such as MPLS, LTE, and broadband internet services, to safely connect users to applications. This improves user experience and application performance, which boosts corporate productivity and agility and lowers IT expenses. For instance, in May 2022, Nokia, a Finland-based telecommunications, information technology, and consumer electronics corporation, and STC (Saudi Telecommunication Company), a Saudi-Arabia-based digital enabler of telecommunications services, introduced stc SD-WAN. stc SD-WAN will enable the company’s IT and OT to modify their network services to fit rapidly evolving commercial contexts. The program aims to support its enterprise customers’ cloud migration and digital transformation journey.
The network devices market report table of contents includes:
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