The global enterprise networking market is expected to reach $64.63 billion by 2024, according to a new report by Grand View Research.
It observed that increasing adoption of virtualization technologies by organizations to reduce the storage infrastructure costs is expected to offer opportunities to the market over the forecast period.
Moreover, growing popularity of wireless equipment and strong demand for internet-enabled devices is expected to drive the revenue growth.
Other driving factors
Additionally, the proliferation of Bring Your Own Device (BYOD) and expanding mobile workforce is expected to augment industry growth.
Grand View Research found the BYOD trend is fuelling the need for invasive wireless networks and mission-critical mobility applications.
Growing IT infrastructure and increasing demand from economies such as India, Japan, and China is expected to fuel enterprise networking market growth.
Rising bandwidth requirements and accelerating shift towards wireless systems are also projected to boost demand over the forecast period.
However, rising security concerns and difficulty in managing complex networks is expected to hamper growth.
The shift towards Software Defined Networking (SDN) has had a considerable impact on the router and switch market. Ethernet switch is estimated to reach over $23.54billion by 2024 and growing at a CAGR of 4.5 percent from 2016 to 2024.
Moreover, small and medium-sized businesses are expected to continue investing in the networking market.
Government initiatives in developing economies are expected to augment the demand for enterprise networking market.
The report identified Cisco Systems, Hewlett-Packard, Alcatel-Lucent, Brocade Communications Systems and Juniper Networks as key players in the enterprise networking market.