Network Switches Market
The Business Research Company recently released a comprehensive report on the Global Network Switches Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The network switches market size has grown strongly in recent years. It will grow from $33.9 billion in 2023 to $36.4 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to increased internet penetration, data center modernization, growth of cloud computing, demand for high-speed connectivity, globalization of businesses.
The network switches market size is expected to see strong growth in the next few years. It will grow to $48.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to edge computing adoption, increasing cybersecurity concerns, focus on network automation, smart city initiatives, energy efficiency and green networking. Major trends in the forecast period include intent-based networking, edge computing and iot integration, multi-gigabit ethernet for wireless access points, cloud-managed switches, open networking and white-box switches.
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Market Drivers and Trends:
Adoption of cloud computing is expected to propel the growth of the network switch market going forward. Cloud computing encompasses the provision of computer services via the internet (commonly referred to as the cloud), encompassing servers, storage, databases, networking, software, analytics, and intelligence. The shift towards cloud-based infrastructure drives the demand for network switches with higher bandwidth and better management capabilities, as they are essential for establishing connectivity between cloud servers, storage systems, and end-users. For instance, in December 2021, according to Eurostat, a Europe-based intergovernmental organization, 41% of EU enterprises used cloud computing in 2021, primarily for hosting their e-mail systems and storing files in electronic form, an increase of 5% compared to 2020. Therefore, the adoption of cloud computing is driving the growth of the network switch market.
Product innovations are a key trend gaining popularity in the network switch market. Major companies operating in the network switch market are using advanced technologies to sustain their position in the market. For instance, in January 2023, Rackus Networks, a US-based software development company, launched the ICX 8200 series, a new line of entry-level, scalable edge switches with 25 Gbps uplink ports. The first entry-level enterprise switch that offers fiber-to-the-room connectivity is part of this series. The ICX 8200 series is a wired platform created to support the next generation of wireless-first and IoT campus networks. It is optimized for the delivery of wireless services.
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Major Key Players of the Market:
Dell Technologies Inc, Huawei Technologies Co., Intel Corporation, Cisco Systems Inc., Quanta Computer Incorporated, Broadcom Inc., Hewlett Packard Enterprise Development LP, Fujitsu Limited, NEC Corporation, ALE International SAS, ZTE Corporation, Microchip Technology Inc., Juniper Networks Inc., Super Micro Computer Inc., Fortinet Inc., Arista Networks Inc., Ciena Corporation, Avaya LLC, Advantech Co. Ltd., Ubiquiti Inc., Extreme Networks, Adtran Inc., Netgear Inc., D-Link Corporation, Belkin International Inc., Mellanox Technologies Ltd., Allied Telesis Inc., Ruckus Networks, PLANET Technology Corporation, Alaxala Networks Corp.
Network Switches Market 2024 Key Insights:
• The network switches market size is expected to see strong growth in the next few years. It will grow to $48.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Rising Adoption Of Cloud Computing To Drive Market Growth
• Product Innovations Transforming The Network Switches Market
• North America was the largest region in the network switches market in 2023
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