5G Connectivity Drives Global Network Equipment Market to 2030: 22.3% CAGR Expected for 5G Segment
DUBLIN, Sept. 12, 2023 /PRNewswire/ -- The "Network Equipment Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Connectivity (2G/3G, 4G LTE), By Network Type, By End-user, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global network equipment market is set for remarkable growth, with expectations to reach a substantial USD 190.5 billion by 2030, driven by a steady CAGR of 3.7% from 2023 to 2030.
Network equipment, encompassing hardware, software, and related services, plays a crucial role in shaping the infrastructure of modern networks. Key factors fueling this growth include the rising adoption of Internet of Things (IoT) devices across consumer, commercial, and industrial sectors.
Telecom operators and service providers are heavily investing in network equipment infrastructure and solutions, further boosting industry expansion. Notably, Cisco Systems, Inc., expanded its enterprise-grade switching capabilities in January 2022 to enhance and safeguard key infrastructure within industrial networks, reflecting the industry's commitment to innovation and growth. Additionally, the market is witnessing substantial investments in next-generation 5G network equipment and software, empowering enterprises with competitive advantages, prompt service delivery, and expanded customer bases.
The advent of 5G technology, increased internet connectivity, smart device adoption, and technological advancements have all contributed to the growing demand for network equipment devices and infrastructure. The surge in distance learning and remote work culture during the COVID-19 pandemic accelerated the rollout of 5G network services, further driving 5G adoption.
Key Market Highlights:
Despite the promising growth, network equipment's premium quality and cost may deter some consumers, who perceive it as a budgetary constraint. This challenge might impact market growth during the forecasted period.
Key Topics Covered:
Chapter 3. Market Variables, Trends, & Scope Outlook
For more information about this report visit https://www.researchandmarkets.com/r/lw8m6a
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