5G Connectivity Drives Global Network Equipment Market to 2030: 22.3% CAGR Expected for 5G Segment
DUBLIN, Sept. 12, 2023 /PRNewswire/ -- The "Network Equipment Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Connectivity (2G/3G, 4G LTE), By Network Type, By End-user, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global network equipment market is set for remarkable growth, with expectations to reach a substantial USD 190.5 billion by 2030, driven by a steady CAGR of 3.7% from 2023 to 2030.
Network equipment, encompassing hardware, software, and related services, plays a crucial role in shaping the infrastructure of modern networks. Key factors fueling this growth include the rising adoption of Internet of Things (IoT) devices across consumer, commercial, and industrial sectors.
Telecom operators and service providers are heavily investing in network equipment infrastructure and solutions, further boosting industry expansion. Notably, Cisco Systems, Inc., expanded its enterprise-grade switching capabilities in January 2022 to enhance and safeguard key infrastructure within industrial networks, reflecting the industry's commitment to innovation and growth. Additionally, the market is witnessing substantial investments in next-generation 5G network equipment and software, empowering enterprises with competitive advantages, prompt service delivery, and expanded customer bases.
The advent of 5G technology, increased internet connectivity, smart device adoption, and technological advancements have all contributed to the growing demand for network equipment devices and infrastructure. The surge in distance learning and remote work culture during the COVID-19 pandemic accelerated the rollout of 5G network services, further driving 5G adoption.
Key Market Highlights:
- Hardware Leads the Way: In terms of components, the hardware segment is poised to experience the fastest CAGR of 4.1% over the forecast period. This is attributed to the widespread adoption of hardware components, particularly Radio Access Network (RAN) equipment, for the expanding deployment of 5G networks. RAN equipment enables network providers to offer network slicing solutions, assigning capacities to individual enterprises within a public mobile network.
- 5G Takes Center Stage: In the connectivity segment, 5G is anticipated to register the fastest CAGR of 22.3% over the forecast period. The growth is driven by the global demand for 5G services, offering improved network and data connectivity.
- Public Network Dominance: In terms of network types, the public network segment dominated the market in 2022, with a revenue share of 67%. This dominance is attributed to the increasing demand for enhanced network services across public sectors, reinforcing the importance of reliable and efficient network equipment.
- Enterprise Expansion: Based on end-users, the enterprises segment is expected to register a swift CAGR of 4.2% over the forecast period. This growth is fueled by the growing deployment of network equipment for private infrastructure in various verticals, including healthcare, public safety, and the BFSI sector.
- Asia Pacific's Rise: The Asia Pacific region is projected to witness the fastest CAGR of 48% over the forecast period. This growth is driven by the escalating demand for 5G-enabled services across the region, a testament to the rapid expansion of technology infrastructure.
Market Constraints:
Despite the promising growth, network equipment's premium quality and cost may deter some consumers, who perceive it as a budgetary constraint. This challenge might impact market growth during the forecasted period.
Companies Mentioned
- Telefonaktiebolaget LM Ericsson
- Nokia Corporation
- Samsung Electronics Co. Ltd
- ZTE Corporation
- Juniper Networks Inc
- Huawei Technologies Co. Ltd
- Cisco Systems Inc
- Hewlett Packard Enterprise Development LP.
- Broadcom
- ALE International (Alcatel-Lucent)
- Check Point Software Technologies Ltd.
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, & Scope Outlook
3.1. Market Segmentation
3.2. Network Equipment Market Size & Growth Prospects
3.3. Network Equipment Market - Value Chain Analysis
3.4. Network Equipment Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
3.4.3. Market Opportunity Analysis
3.5. Network Equipment Penetration & Growth Prospects Mapping
3.6. Network Equipment Market - Porter's Five Forces Analysis
3.7. Network Equipment Market - PEST Analysis
3.8. COVID-19 Impact Analysis
Chapter 4. Network Equipment Market Component Outlook
Chapter 5. Network Equipment Market Connectivity Outlook
Chapter 6. Network Equipment Market Network Type Outlook
Chapter 7. Network Equipment Market End-user Outlook
Chapter 8. Network Equipment Market: Regional Estimates & Trend Analysis
Chapter 9. Competitive Analysis
9.1. Recent Developments and Impact Analysis, by Key Market Participants
9.2. Company/Competition Categorization (Key Innovators, Market Leaders, Emerging, Niche Players)
9.3. Vendor Landscape
9.3.1. Key company market share analysis, 2021
9.4. Company Analysis Tools
9.4.1. Market Position Analysis
9.4.2. Competitive Dashboard Analysis
Chapter 10. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/lw8m6a
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