Optical Networking and Communication Market by Component (Hardware [Optical Fiber Cables {Single-Mode Fiber, Multimode Fiber}, Optical Transceivers, Optical Splitters, Optical Amplifiers, Optical Switches, Optical Circulators], Software, Services), by Network Connectivity (Metro, Access, Long-Haul), by End-User (Telecommunication, Cable/Broadcasting, Government, Commercial, Data Centers, Industrial), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, Netherlands, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, U.A.E., South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2014–2024

NEW YORK, Feb. 19, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, optical networking and communication market is expected to reach $40.3 billion by 2024, registering a CAGR of 7.6% during the forecast period. The growth in the market can be mainly attributed to the surging demand for high-bandwidth network and the emergence of internet of things (IoT) and machine-to-machine (M2M) communication technologies.

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Based on component, the optical networking and communication market has been categorized into hardware, software, and services. Among these, the market is registering a considerable demand for optical network hardware components, globally. Factors such as the advent of 5G network and the rise in data traffic are stimulating the demand for hardware components capable of supporting high-speed data transmission.

Moreover, regular repairs and upgrades in the field of optical networking are resulting in the increased demand for hardware in the optical networking and communication market. Advanced network infrastructure is characterized by low latency, power consumption, and cost but higher capacity in terms of data transfer, for which well-operational, quality hardware components are required.

The optical networking and communication market for hardware has further been classified into optical fibers, optical transceivers, optical splitters, optical amplifiers, optical switches, optical circulators, and others. Among these, the category of optical fibers is estimated to hold the largest share in the market in 2018 and is projected to witness the fastest growth during the forecast period, across the globe. This can be mainly attributed to the increasing use of optical fibers in various application areas, including research, medicine, machine testing, computer networking, and communication.

Browse report overview with 98 tables and 76 figures spread through 188 pages and detailed TOC on "Optical Networking and Communication Market" at: https://www.psmarketresearch.com/market-analysis/-optical-networking-and-communication-market

The optical networking and communication market is witnessing intense competition among key players, including Fujitsu Limited, Infinera Corporation, Corning Incorporated, ZTE Corporation, ADVA Optical Networking SE, and Ciena Corporation. Besides, the market is exhibiting consolidation and increased price pressure and competition among the players in terms of product innovation. With the growing demand for high-bandwidth networks, the competition in the market is projected to grow stronger.

Leveraging their capabilities, players in the optical networking and communication market are focusing on strategies to expand their footprint in the industry. For instance, ZTE Corporation is focusing on innovating core technologies and increasing investments in 5G and network virtualization products to strengthen its product competitiveness. Besides, Corning Incorporated is focusing on its optical communications segment, where its top competitors include CommScope Inc. and the Prysmian Group.

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Some of the key players operating in the global optical networking and communication market are ADVA Optical Networking SE, Ciena Corporation, Cisco Systems Inc., Corning Incorporated, FiberHome Telecommunication Technologies Co. Ltd., Fujitsu Limited, Huawei Technology Co. Ltd., Infinera Corporation, Viavi Solutions Inc., Nokia Corporation, and ZTE Corporation.

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