SELBYVILLE, Delaware, Aug. 16, 2019 /PRNewswire/ -- Enterprise networking market demand will rise exponentially to 2024 owing to increased deployment of technology in business processes across several applications. Tools such as artificial intelligence, cloud computing and software-defined networking (SDN) provide a foundation upon which future innovations can be developed.
Networking software and hardware components enable enterprises to strive towards fully automated and secure networks that enhance end-user experience. Enterprise networking equipment powered by AI can optimize operations of existing infrastructure and significantly transform efficiency levels. Fast-paced digitization of manufacturing facilities and retail establishments will generate massive opportunities for the implementation of enterprise networking systems.
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Modern enterprise networking services can help protect organizations from cyber-attacks by taking remedial action based on network analysis and behavioral patterns. The gradual emergence of 5G technology could lead to a shift in focus from software and applications back to infrastructure as enterprises look to install the latest equipment.
Network security products are poised to witness tremendous adoption owing to augmented cyberthreats and increasing occurrence of phishing and malware attacks worldwide. Use of advanced firewall solutions and secure web gateways will certainly expand amongst the IT, banking, retail and governments sectors where most operations are performed digitally.
Organizations are focusing on adding more bandwidth and devising methods to upgrade their enterprise networking systems by expanding their wireless equipment and capabilities. Advancement in cloud and virtualization has led enterprises to underpin their security strategies for enhanced privacy protection.
Process data and employee information are some of the common targets of cybercriminals and has led companies to install strong security solutions. Advent of cyberattacks that are hard to detect have significantly transformed the dynamics of enterprise networking market in terms of security products. For instance, reports show that around 77% of compromised attacks on businesses in 2017 were file-less malware.
Immense competitive pressure and the massive losses an enterprise can face due to system downtimes has encouraged companies to invest heavily into network security products and services. Malware, viruses and other type of attacks can render a computer network unusable to some extent or make it vulnerable to more threats.
It was estimated in 2017 that there are nearly 130 large scale breaches in the U.S. every year, a number which was to grow by 27% every year. Undoubtedly, the network security component in global enterprise networking market is slated to witness considerable demand in the years to come.
With ever-increasing need for high bandwidth, networks are under pressure as they are carrying more and more traffic every day originating from numerous sources. It also makes it difficult to track malicious traffic and has directed many businesses to opt for the services of network and security management providers.
Adoption of cloud-based platforms for deploying business process and security systems has lowered the overall cost of installation and maintenance, besides enabling safe integration of managed services. Cloud has also allowed the retail, manufacturing and utility sector players to benefit from the boom in IoT devices and applications.
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Growing number of enterprises have evolved towards virtualization and have a need for secure cloud computing solutions. It has proven to work efficiently for a number of businesses and helped them save time, resources and offered a viable platform to expand operations globally. Retailers have been able to use cloud technology for optimizing businesses, through price management, recommendation personalization, real-time inventory review and many other processes.
Cloud-based platforms complement efforts to increase the use of IoT devices but make enterprises vulnerable to cyberattacks. Rapid growth in retail, particularly through e-commerce platforms, will bolster enterprise networking market size.
The Europe enterprise networking market is expected to hold a market share of over 20% by 2024 due to the rising internet penetration, attracting a lot of malware and viruses to halt enterprise networks. According to a recent study by the European Union Agency for Network and Information Security (ENISA), major cyber-attacks using ransomware were among the top cyber-attacks reported in 2016. An increase in cyber-attacks in countries such as the UK, Germany, and Italy have compelled government agencies and enterprises to come up with the enhanced cybersecurity policies and solutions.
Retail sales in the U.S. are projected to surpass the USD 3.8 trillion mark in 2019, according to the country's National Retail Federation. The region has apparently witnessed considerable reduction in unemployment rates and increase in daily wages, boosting the disposable incomes of consumers.
U.S enterprise networking market share will witness robust growth owing to massive adoption of cloud-based infrastructure amongst physical and online retail businesses, driven by reduced cost of software, hardware and the emerging BYOD trends. Gradual introduction of online grocery sales will further create demand for secure networks to manage ecommerce operations and logistics.
Driven by the rising cases of cyberattacks on the BFSI sector, North America held around 40% of enterprise networking market share in 2017 and is anticipated to dominate the industry over the forecast timeframe.
What does this report offer?
This report encompasses a gist of the component, deployment model, and application landscapes of enterprise networking market. The competitive spectrum of the industry in explicit detail as well. Prominent enterprise network equipment and service providers include Cisco, Huawei, McAfee, Symantec, Checkpoint, and Dell Technologies, among several others.
To deal with existing enterprise networking complexities, industry players are increasingly adopting virtualization techniques, claims the report. Companies are commonly seeking key technology partnerships to offer enterprises improved cloud capabilities for gaining a competitive edge and accelerate innovations.
Cisco had recently collaborated with Amazon Web Services (AWS) to simplify network complexities and eliminate challenges for enterprise users of Kubernetes. Other market players are focusing on similar partnerships and strategies to cater to enterprise networking services for small and medium enterprises as well.
Browse key industry insights spread across 270 pages with 456 market data tables & 26 figures & charts from the report, "Enterprise Networking Market By Component (Product [Switches, Network Security, Wireless, Routers, Network Management], Service), Deployment Model (On-premise, Cloud), Application (BFSI, Healthcare, IT & Telecom, Manufacturing, Retail, Government & Public Sector, Energy & Utility), Regional Outlook, Growth Potential, Competitive Market Share & Forecast 2024" in detail along with the table of contents:
Global enterprise networking market outlook will be significantly impacted by tremendous mobile connectivity demands in emerging economies which has fueled the popularity of smartphones. Production of huge amounts of corporate information due to the introduction of Big Data and related technologies has put a strain on conventional networks, encouraging enterprises to deploy solutions that would help them optimize their network traffic and storage capabilities.
As per the report, another key factor propelling enterprise networking market forecast is the increased adoption of machine learning to solve multiple networking and security challenges.
The report provides a comprehensive understanding of various factors driving the market growth and offers reliable insights into product segmentation, which is constituted of components like switches, anti-malware software, intrusion prevention systems and security for mobile devices.
It describes about various industry players influencing the competitive dynamics of the industry and studies their growth strategies. The market valuation across different regions and application landscapes have been underscored in the report, which also provides a detailed forecast for the industry over the forecast period.
Table of Contents (ToC) of the report:
Chapter 7. Enterprise Networking Market, By Application
7.1. Key trends, by application
7.2.1. BFSI market estimates and forecast, 2013-2024
7.3.1. Healthcare market estimates and forecast, 2013-2024
7.4. IT & telecom
7.4.1. IT & telecom market estimates and forecast, 2013-2024
7.5.1. Manufacturing market estimates and forecast, 2013-2024
7.6.1. Retail market estimates and forecast, 2013-2024
7.7. Government & public sector
7.7.1. Government & public sector market estimates and forecast, 2013-2024
7.8. Energy & utility
7.8.1. Energy & utility market estimates and forecast, 2013-2024
7.9.1. Others market estimates and forecast, 2013-2024
Browse Complete Table of Contents (ToC) @
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