Next Generation Network Equipment Market Size
The Business Research Company recently released a comprehensive report on the Global Next Generation Network Equipment 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.
According to The Business Research Company’s, The next generation network equipment market size has grown strongly in recent years. It will grow from $32.72 billion in 2023 to $35.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increasing demand for high-speed connectivity, proliferation of connected devices, evolving communication standards, growing data traffic, need for improved network security.
The next generation network equipment market size is expected to see strong growth in the next few years. It will grow to $48.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to 5G network deployment, rise of virtualization and software-defined networking (SDN), demand for low-latency applications, increasing focus on network automation, demand for scalable and flexible network infrastructure. Major trends in the forecast period include edge computing proliferation, adoption of open rans (radio access network), growth of multi-access edge computing (MEC), emergence of network-as-a-service (NAAS) models, utilization of artificial intelligence for network management.
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Market Drivers and Trends:
The growing need for high-capacity internet protocol (IP)-based networks is expected to propel the growth of the next-generation network equipment market going forward. High-capacity internet protocol (IP)-based networks refer to advanced communication infrastructures with increased bandwidth and data-carrying capacity to efficiently handle large volumes of digital information. Next-generation network equipment is crucial in meeting the growing demand for high-capacity Internet Protocol (IP)-based networks by providing advanced infrastructure and technologies to efficiently handle increasing data traffic and support emerging applications and services. For instance, according to the World Development Report 2021, published by the World Bank Group, a US-based collection of five international organizations that provide leveraged loans to developing countries, the yearly total internet traffic is projected to increase by about 50% from 2020 levels to reach 4.8 zettabytes by 2022, equivalent to 150,000 GB per second. Therefore, the growing need for high-capacity Internet Protocol (IP)-based networks is driving the growth of the next-generation network equipment market.
Major companies operating in the next-generation network equipment market are increasing their focus on developing advanced solutions, such as an Amdocs Network Inventory, to gain a competitive edge in the market. It is an advanced cloud-agnostic network inventory solution that is a comprehensive software platform capable of managing and tracking network resources across various cloud environments without being tied to any specific cloud provider. For instance, in June 2023, Amdocs, a US-based company that provides software and services, launched the Amdocs Network Inventory. This platform features AI-driven automation, cloud-agnostic support, and end-to-end visibility, enhancing network operations and facilitating faster time-to-market. This platform signifies a technological shift towards intelligent and automated network management solutions, providing service providers with the capabilities to navigate complex network operations, meet evolving demands, and maintain competitiveness in the next-generation network equipment market.
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Major Key Players of the Market:
Samsung Electronics, Verizon Communications Inc., AT&T Inc., Huawei Investments and Holding Co. Ltd., IBM Corporation, Cisco Systems Inc., Qualcomm Incorporated, Oracle Corporation, Hewlett Packard Enterprise, Fujitsu, Tata Consultancy Services Limited, Ericsson, Alcatel-Lucent S.A. (Nokia), NEC Corporation, ZTE Corporation, Telstra Corporation Ltd., VMware Inc., Wipro Limited, Tech Mahindra Limited, Juniper Networks Inc., Amdocs, Ciena Corporation, Citrix Systems Inc., F5 Networks Inc., ADTRAN, WebNMS (Zoho Corporation), Elitecore Technologies Pvt. Ltd. (Sterlite Technologies Limited), Macquarie Telecom Group Ltd., TELES AG, Mycom OSI
Next Generation Network Equipment Market 2024 Key Insights:
• The next generation network equipment market is expected to grow to $48.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Growing Demand For Advanced Communication Infrastructures In Next Generation Network Equipment Market
• Increasing Focus On Developing Advanced Network Solutions For Competitive Edge In The Market
• North America was the largest region in the next generation network equipment market in 2023.
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