New York, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Network Devices Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06374569/?utm_source=GNW
The global network devices market is expected to grow from $25.84 billion in 2021 to $27.72 billion in 2022 at a compound annual growth rate (CAGR) of 7.31%. 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, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The network devices market is expected to grow to $34.57 billion in 2026 at a compound annual growth rate (CAGR) of 5.67%.
The network devices market consists of sales of hub and switch, router, extender, adapter and wireless access point.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Network devices refer to a piece of hardware or software whose primary function is to direct and regulate communications among computers or computer networks. Network devices execute the fundamental tasks required to support network establishment and maintenance, including data transmission and reception.
North America was the largest region in the network devices market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the network devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).x
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main device types of network devices are routers, gateway, and access points.Routers are used to manage traffic between networks by forwarding data packets to their intended IP addresses and allowing multiple devices to use the same internet connection.
A router refers to a device that connects two or more packet-switched networks or subnetworks.These network devices can be connected by wire and wireless.
Wi-Fi, cellular, LoRa, ZigBee, BlueTooth and others are the connection types network devices support. Residential, commercial, enterprise, industrial and transportation are the applications of the network devices.
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.For instance, according to the survey of smartphone ownership commissioned by a nonpartisan American think tank, the Pew Research Center, the share of Americans that own a smartphone increased from 81% in February 2019 to 85% in February 2021, which was just 35% a decade ago (in 2011).
Moreover, according to the World Economic Forum, digital transformation will add $100 trillion to the global economy by 2025. Therefore, the rising use of smartphones coupled with growing digitalization is going to propel the network devices market.
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.
In October 2020, Juniper networks, a US-based company that develops and markets networking products, including routers, switches, network management software, network security products, and software-defined networking technology, acquired 128 Technology for $450 million. This acquisition will facilitate the industry’s transition from first-generation SD-WAN technology, which prioritizes connections from the branch to cloud optimization, to a contemporary AI-driven network that prioritizes user experiences from client to cloud optimization. 128 Technology is a US-based company that provides software-based routing solutions which enable enterprises and service providers to build networks.
The countries covered in the network devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The network devices market research report is one of a series of new reports that provides network devices market statistics, including network devices industry global market size, regional shares, competitors with a network devices market share, detailed network devices market segments, market trends and opportunities, and any further data you may need to thrive in the network devices industry. This network devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06374569/?utm_source=GNW
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