Optical Transport Network Equipment Market|Growing Mobile Data Traffic to Boost the Market Growth | Technavio
The global optical transport network equipment market size is poised to grow by USD 16.64 bn during 2020-2024, progressing at a CAGR of almost 16% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Optical Transport Network Equipment Market 2020-2024 (Graphic: Business Wire)
The growing smartphone and tablet data traffic is the biggest contributor to the optical transport network equipment market. Mobile video data traffic constituted a significant portion of the mobile data traffic due to extensive connectivity to the internet. Also, smartphones constituted more than 90% of the active connections to the Internet. As a result, end-users use several Internet-based smartphones that transfer data via a massive network of optical fibers. This market is expected to grow several-fold during the forecast period and the above factor is the predominant driving force.
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The Rising Adoption of the Internet of Things (IoT) will be a Key Market Trend
Internet of Things (IoT) is slowly but surely turning out it be the next big thing in the technological field. It makes life much easier for modern humans, as it connects all essential electronic home devices to the Internet and facilitates interconnectivity among these devices. Even the electronic giants such as SAMSUNG, Dell (News - Alert), Apple, and Microsoft are investing extensively in R&D to develop IoT. To widen the applications of IoT and connected devices, OTNs with the capacity and capability to support high bandwidths are required. The increasing applications of IoT are one of the key optical transport network equipment market trends contributing significantly toward the optical transport network equipment market growth.
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Optical Transport Network Equipment Market 2020-2024: Key Highlights
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Market Segmentation by End-user
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