Pune, May 02, 2023 (GLOBE NEWSWIRE) -- The Network Transformation Market was valued at USD 36.81 billion in 2022, and it is anticipated to attain a worth of USD 560.90 billion by 2030. The market is projected to grow at a CAGR of 40.56% between 2023 and 2030, according to SNS Insider.
Market Overview
Network Transformation refers to the process of modernizing and upgrading traditional communication networks, such as telecom and IT infrastructures, into more efficient and advanced systems. This includes adopting new technologies like cloud computing, software-defined networking (SDN), and network functions virtualization (NFV), to enable automation, flexibility, and scalability.
Market Analysis
The network transformation market is poised for significant growth in the coming years, driven by various factors. One of the key drivers is the collaboration among market players to develop and promote next-generation networking solutions. This collaborative approach is helping to accelerate the development of innovative networking technologies that can meet the evolving needs of the digital age. Another factor contributing to the growth of the market is the increasing adoption of IT as a Service (ITaaS) and Bring Your Own Device (BYOD) policies. These trends are driving the need for more flexible and scalable networking infrastructure that can support the growing demand for remote access to data and applications.
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Key Company Profiles Listed in this Report are:
- NEC Corporation
- IBM
- Juniper Networks Inc.
- Fujitsu
- Cisco Systems, Inc.
- Dell
- Ericsson
- Ciena
- Intel Corporation
- HPE & Other
Impact of Recession on Network Transformation Market Growth
The impact of a recession on the network transformation market can be significant. During an economic downturn, many businesses and organizations reduce their IT budgets, resulting in a slowdown or postponement of network transformation initiatives. However, despite the potential setbacks, network transformation remains crucial for businesses to remain competitive and adaptable in an ever-changing market. Therefore, some organizations may continue to invest in network transformation initiatives during a recession to stay ahead of their competition.
Key Regional Developments
The network transformation market is rapidly expanding in North America, with smart connected devices and the Internet of Everything (IoE) being major drivers. The United States has been an early adopter of innovative technologies, and its companies have been at the forefront of implementing new solutions to enhance network flexibility and manageability. The region has seen increased investments from leading players, aided by grants and budget allocations. As technology continues to evolve, companies in North America are recognizing the need to transform their networks to keep up with the demands of the digital age.
Network Transformation Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 36.81 Billion |
| Market Size by 2030 | US$ 560.90 Billion |
| CAGR | CAGR 40.56% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Network Transformation Market: Key Segmentation | • By Solution (5G Networks, C-RAN, Network Automation, SDN & NFV) • By Service (Professional Service and Managed Service) • By Enterprise Size (Large Enterprise and Small & Medium Enterprise) • By End Use (BFSI, Energy & Utility, Government, Healthcare, IT & Telecom, Manufacturing, Retail, Others) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, +D11UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Key Growth Drivers | •Rapid Growth in Bandwidth Demand •Adoption of BYOD Policy is Growing |
| Market Restraints | •Adoption of Next-Generation Networking Solutions is being hampered by security threats •a lack of expertise and skills in next-generation networking solutions |
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Key Takeaway from Network Transformation Market Study
- The segment is set to dominate the market, driving significant investment and growth opportunities for businesses and individuals alike. The widespread adoption of 5G technology is expected to fuel the growth of the telecommunications industry, creating new jobs and opportunities for professionals with expertise in this domain.
- The 5G network transformation segment is set to dominate the market, driven by its ability to deliver unprecedented speed, reliability, and capacity. As more businesses and industries embrace 5G technology, the demand for innovative solutions that leverage this transformative technology will continue to grow.
Recent Developments Related to Network Transformation Market
- According to recent research, telecommunication companies (telcos) are planning to invest heavily in cloud network transformation. It is estimated that these companies will spend up to $1 billion each on this initiative. The move towards cloud-based networks is driven by the need for greater flexibility, scalability, and agility in the telecommunications industry.
- Verizon Business and Wipro, a leading global information technology company, have joined forces to speed up network transformation through their new offering, Network-as-a-Service (NaaS). The partnership aims to help businesses embrace digitalization by providing them with a flexible, scalable, and secure network infrastructure that is fully managed and optimized to meet their unique needs.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Network Transformation Market Segmentation, by Solution
9. Network Transformation Market Segmentation, by Service
10. Network Transformation Market Segmentation, by Enterprise Size
11. Network Transformation Market Segmentation, by End-Use
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion
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