Network Switches Market is Projected To Reach USD 40770 Million In 2029 With A CAGR of 4.7% | Valuates Reports
BANGALORE, India, Aug. 4, 2023 /PRNewswire/ -- Network Switches market is segmented by Type - Fixed Managed, Fixed Unmanaged, Modular Switches, Segment by End Users - Residential Use, Office or Commercial Use, Industrial Use, Others.. Global Opportunity Analysis and Industry Forecast 2023-2029. It is published in Valuates Reports under the Networking Category.
The Global Network Switches market is projected to reach USD 40770 million in 2029, increasing from USD 29450 million in 2022, with a CAGR of 4.7% during the period of 2023 to 2029.
Major Factors Driving The Growth Of Network Switches Market
To handle the growing data traffic and ensure error-free connectivity, the rapid development of cloud computing and data centers has increased the demand for high-performance network devices, especially switches. This factor is expected to drive the growth of the Network Switches Market.
In addition, the ongoing digital revolution in Telecommunications, healthcare, and finance requires scalable and reliable networks, which motivates companies to invest in the latest switching technologies. As a result, the network switch market continues to grow due to the growing demand for fast, secure, and integrated networks in today's digital environment.
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TRENDS INFLUENCING THE GROWTH OF NETWORK SWITCHES MARKET
The complexity of data centers is rising as a result of virtualization and a rise in end device numbers. Companies that want to geographically extend their operations must use efficient data center networking strategies. It is challenging to respond to quickly changing security risks and put new technologies into the market when using traditional data center management strategies. More and more commercial organizations are embracing the use of managed switches to resolve these problems and maintain the flexibility and security of data centers. This factor is expected to drive the growth of the Network Switches Market.
There is a greater demand for dependable network switches that can manage the increasing traffic as a result of the growth of IoT devices, cloud computing, and big data analytics. Furthermore, the development of virtualization technologies and software-defined networking (SDN) necessitates the use of sophisticated switches that can change to accommodate these changing topologies. This factor is expected to drive the growth of the Network Switches Market
Demand for network switches is growing as edge computing becomes more popular. Edge computing reduces latency and increases system performance by bringing data processing and storage closer to the point of production. Businesses need intelligent and flexible network switches that can handle the distribution of data and workloads across edge devices, data centers, and clouds to enable edge computing environments. This factor is expected to stimulate the growth of the network switch market.
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NETWORK SWITCHES MARKET SHARE ANALYSIS
Cisco, and Huawei, among others, are the major manufacturers of network switches. About 48% of the market for network switches is accounted for by the top 3 companies.
Network switches are most popular in North America, where they account for around 37% of global sales, followed by Europe and Asia-Pacific. During the forecast period, the North American region is anticipated to account for the highest share of the market for network switches. The need for more IT capacity and the expanding use of new data center technologies are to blame for this.
Market By Region
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Cisco, Huawei, Arista Networks, HPE, Juniper, Dell Technologies, Broadcom, Alcatel-Lucent, D-Link, TP-Link, Extreme Netwoks, Ruijie Networks, NETGEAR, Fortinet, Inc., Hikvision, Fujitsu, Panasonic, Allied Telesis.
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