Network Transformation Market Worth $66.86 Billion by 2022
September 29, 2017 | PRNewswireEstimated reading time: 2 minutes
According to a new market research report "Network Transformation Market by Solution (SDN and NFV, C-RAN, Network Automation and 5G Networks), Professional Service, Managed Services (Network Monetization, Network Management, Network Testing),Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market size is expected to grow from USD 6.01 Billion in 2017 to USD 66.86 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 61.9% during the forecast period.
The major growth drivers of the Network Transformation Market include the rapid demand in bandwidth requirement and the increase in adoption of BYOD policy. Moreover, the collaboration among industry leaders for the development and promotion of next-generation networking solutions across industry verticals and increase in the adoption of IT as-a-service (ITaaS) and virtualization in the IT industry are also some of the factors that are likely to be driving the market growth.
Network automation is expected to be the fastest growing solution in the Network Transformation Market during the forecast period
Network automation solution enhances the security compliances of the network by automating security compliance. It automates the deployment, management, testing, configuration, and operations of physical and virtual devices within the network. The solution also helps reduce the network operation cost by automating time-consuming manual compliance and configuration tasks. The adoption of network automation is driven by the rapid expansion of network infrastructure required to support the exponential growth of network traffic generated by video, social media, data, and application usage.
Deployment and provisioning professional service is expected to hold the largest market share in the Network Transformation Market during the forecast period
Professional network transformation services help organizations across various verticals to effectively improve performance and improve agility of their networks. These services help enterprises to create a highly available, secure, and superior network environment that supports the enterprise growth vision while accommodating the convergence of voice and data systems and traffic. Deployment and provisioning services are basic and the most important aspect of implementing network transformation solutions to optimize their network technologies. While deploying next generation networking solution services, regulatory and industry compliances set by regulatory bodies and organizations are considered and provisioned by vendors.
North America is expected to have the largest market share in the Network Transformation Market during the forecast period
North America is expected to hold the largest market share and dominate the global Network Transformation Market during the forecast period. The region houses major sustainable and well-established companies, which invest substantially in R&D activities, thereby contributing to the development of next-generation networking technologies. The region comprises countries such as the US and Canada, which are witnessing a phenomenal adoption of network transformation solutions and services. Growing trends such as BYOD, IoT, and Industrial Internet of Everything (IIoE) have resulted in tremendous growth of technology adoption in this region. However, the trends have also triggered a rise in next-generation threats and added more complexities and concerns in the IT infrastructure. North America has always been the early adopter of new technologies. The region has adopted new solutions for enhancing manageability and flexibility for addition of new network capabilities and capacity.
The major vendors in the network security firewall market include Cisco, Juniper Networks, HPE, Huawei, IBM, NEC, Intel, Nokia Networks, Ericsson, FUJITSU, Accenture, and Mavenir.
About MarketsandMarkets
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Suggested Items
IDTechEx Examines the Opportunities for Wearables in Digital Health
04/19/2024 | IDTechExIDTechEx’s report, “Digital Health and Artificial Intelligence 2024-2034: Trends, Opportunities, and Outlook”, covers this ongoing trend in the consumer health wearables market and includes analysis of the opportunities and roadmap for biometric monitoring.
Real Time with... IPC APEX EXPO 2024: Pluritec's Expansion and Growth in the North American Market
04/19/2024 | Real Time with...IPC APEX EXPONicola Doria, president of Pluritec, discusses the company's strategic focus on the North American market, their investment in a new sales organization, service expansion, and a new process integration line. The conversation also covers market response and future installations, as well as Pluritec's new partnership with IEC.
Mycronic Releases Interim Report January–March 2024
04/18/2024 | MycronicNet sales increased 39 percent to SEK 1,692 (1,219) million. Based on constant exchange rates, net sales increased 42 percent.
Real Time with... IPC APEX EXPO 2024: Exploring Silicone Solutions with R&D Director of CHT
04/17/2024 | Real Time with...IPC APEX EXPOIn this interview, Gerry Ellis, the R&D director for CHT, discusses the product range offered by his company. He explains the challenges in creating base formulations, the drive to make products more user-friendly, and the various application techniques involved. Ellis also highlights the key market segments and the significance of providing efficient solutions to customers.
Gartner Forecasts Worldwide IT Spending to Grow 8% in 2024
04/17/2024 | Gartner, Inc.Worldwide IT spending is expected to total $5.06 trillion in 2024, an increase of 8% from 2023, according to the latest forecast by Gartner, Inc. This is an increase from the previous quarter’s forecast of 6.8% growth and puts worldwide IT spending on track to surpass $8 trillion well before the end of the decade.