Network Devices
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What Will the Network Devices Industry Market Size Be by 2025?
The market size for network devices has been on a consistent growth trajectory in the past years. It is predicted to increase from $29.84 billion in 2024 to $31.33 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%. Factors contributing to the growth throughout the historic period include increased internet usage, a shift towards broadband, the wireless revolution, the launch of 5G, and the growth of the Internet of Things (IoT).
What’s the Long-Term Growth Forecast for the Network Devices Market Size Through 2029?
The market size for network devices is anticipated to experience substantial growth in the upcoming years, escalating to $46.02 billion by 2029 with a compound annual growth rate (CAGR) of 10.1%. The expansion during the prediction period can be connected to the rise of security-centric design, sustainability through IPv6 adaptation, and green networking along with evolving connectivity standards. Key trends anticipating during this forecast period include the revival of early networking technologies from before 1990, the adoption of advanced Wi-Fi 6 and 6E technology, an increase in interest for edge computing devices, and a heightened focus on network security appliances.
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What Are the Key Growth Drivers Fueling the Network Devices Market Expansion?
The escalating utilization of smartphones, along with the surge in digitalization, is anticipated to fuel the expansion of the network devices market. The application of digitalization is broadening to forge novel business methods, cultures, and customer experiences or modify current ones to align with changing corporate and market demands. The increasing demand for smartphones is attributed to growing internet access, augmented subscriptions to social media, elevated income levels, enhanced communication requirements, among other factors. Amid the COVID-19 outbreak, the use of smartphones combined with digitalization significantly surged due to extended periods of quarantine and work-from-home arrangements. This rise in smartphones and digitalization necessitates network devices for efficient data transfer between devices. For instance, it’s estimated that in 2023, 92% of Americans owned a smartphone, indicative of the substantial growth in mobile device usage. Additionally, the World Economic Forum forecasts that digital transformation will add a remarkable $100 trillion to the worldwide economy by 2025, reaffirming its crucial role in stimulating demand for network devices. Moreover, as of 2023, the estimated number of global internet users stood at 5.4 billion, marking an increase from 5.3 billion in the prior year, further demonstrating the heightened demand for effective network solutions. Hence, the burgeoning use of smartphones coupled with the uptrend in digitalization is set to spur the growth of the network devices market.
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What Are the Key Trends Driving Network Devices Market Growth?
The emergence of technological advancements is a significant trend that is gaining traction in the network devices market. Leading companies in this sector are introducing new products or technologies, like SD-WAN, to bolster network device demand. A software-defined wide area network (SD-WAN) is a unique type of virtual wide area network that permits businesses to utilize a range of transport services, including MPLS, LTE, and broadband internet services, to securely link users to applications. This leads to an enhanced user experience and better application performance, thereby increasing company productivity and agility while reducing IT costs. For instance, in May 2022, Nokia, a telecommunications, IT, and consumer electronics firm based in Finland, alongside STC (Saudi Telecommunication Company), a Saudi-Arabia-based firm that enables digital telecommunication services, launched stc SD-WAN. This new offering will allow the firm’s IT and OT to adjust their network services to adapt to quickly changing commercial scenarios. The initiative is designed to aid enterprise customers on their cloud migration and digital transformation journeys.
How Is the Network Devices Market Segmented?
The network devices market covered in this report is segmented –
1) By Device Type: Router, Gateway, Access Point
2) By Type: Wired, Wireless
3) By Connectivity: Wi-Fi, Cellular, LoRa, ZigBee, Bluetooth, Other Connectivities
4) By Application: Residential, Commercial, Enterprise, Industrial, Transportation
Subsegments:
1) By Router: Wired Routers, Wireless Routers, Core Routers, Edge Routers
2) By Gateway: Network Gateways, Iot Gateways, Security Gateways, Protocol Gateways
3) By Access Point: Wireless Access Points (WAPs), Indoor Access Points, Outdoor Access Points, Controller-Based Access Points
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Which Companies Are Leading the Charge in Network Devices Market Innovation?
Major companies operating in the network devices market include Dell Technologies, Huawei, Siemens AG, Cisco Systems, Hewlett Packard Enterprise, Juniper Networks, Fortinet, Arista Networks, Avaya, F5 Networks, Brocade Communications (via Broadcom), Ubiquiti, Extreme Networks, Zyxel Communications, Netscout, D-Link, SonicWall, Riverbed Technology, Barracuda Networks, Allied Telesis, Ruckus Networks, Cradlepoint, Aerohive Networks, WatchGuard Technologies, TP-Link Technologies.
Which Regions Are Leading the Global Network Devices Market in Revenue?
North America was the largest region in the network devices market in 2024. 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, Africa.
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