NOIDA, India, Dec. 15, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, theNetwork Devices Market was valued at USD 24 billion in 2020 and is expected to grow at a CAGR of around 6% from 2022-2028. The analysis has been segmented into Connectivity (WiFi, Cellular, LoRa, Zigbee, and Bluetooth); Device Type (Router, Gateway, Access point); Application (Residential, Commercial, Industrial and others.) Region/Country.
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The network devices market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the network devices market. the network devices market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the network devices market at the global and regional levels.
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Market Overview
The devices which are used for communication between different hardware used in the computer network are known as network devices. These devices are also known as physical devices, networking hardware, and network equipment otherwise computer networking devices. In a computer network, each network device plays a key role based on its functionality, and also works for different purposes at different segments. The growing adoption of network devices can be attributed to the expanding number of smartphone users and improved connectivity across the globe. Furthermore, the rapid technological advancements in the telecom industry, home networking and smart home devices are expected to drive the market. For instance, according to earthweb.com, there are more than 250 million smart homes in the world in the year 2022.
The Network Devices Market is expected to grow at a steady rate of around 6% owing to the increasing use of translation services in the entertainment and media industry. Major companies in the market that offer network devices are Cisco Systems, Cradlepoint, Juniper Networks, Huawei, HP Enterprise, Digi International, Sierra Wireless, Nokia, Inseego, and Teltokina Networks.
Covid-19 Impact
Due to Covid-19, the market has declined in 2020 due to government regulations regarding lockdowns, temporary shutdown of manufacturing facilities, supply chain disruptions, limited production capacities, workforce shortages, and reduced demand in major end-use industries. However, after covid due to the rising trend of work-from-home, the market is expected to recover quickly.
- Based on connectivity, the market is segmented into WiFi, cellular, LoRa, ZigBee, and Bluetooth. The WiFi segment is expected to with a significant CAGR during the forecast period. The growing adoption of the WiFi segment can be attributed to the advancements made in WiFi technology in recent years. Furthermore, the growing smartphone penetration is expected to drive the market.
- Based on device type, the market is segmented into the router, gateway, and access point. The router segment is expected to grow with a robust CAGR, the growing adoption of routers can be attributed to the growing need for high-speed Internet connectivity and the rising adoption of smart devices such as smartphones, tablets, and smart TVs is driving the demand for wireless routers with effective connectivity in the residential sector.
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Network Devices Market Geographical Segmentation Includes:
- North America (United States, Canada, and the Rest of North America)
- Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
- Rest of the World
In 2020, North America is expected to grow with a significant CAGR, the growing adoption can be attributed to the growing demand for wireless and WiFi hotspot solutions and services. Furthermore, the growing digitization of the organization's operations is expected to drive the market in the region. Moreover, governments of countries in the region like the U.S.A and Canada are investing heavily in the advancement of internet technology to make it more refined. The key players in the network devices market in the U.S and Canada are making efforts to offer the largest suite of networking products and solutions, thereby providing a great opportunity for regional companies to increase their business footprint. The presence of the major networking solution and service providers, including Cisco Systems, Aruba, Juniper Networks, and Extreme Networks, in this region, is a major factor responsible for the growth of the North American market.
The major players targeting the market include
- Cisco Systems
- Cradlepoint
- Juniper Networks
- Huawei
- HP Enterprise
- Digi International
- Sierra Wireless
- Nokia Corporation
- Inseego
- Teltokina Networks
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Network Devices Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the network devices market?
- Which factors are influencing the network devices market over the forecast period?
- What are the global challenges, threats, and risks in the network devices market?
- Which factors are propelling and restraining the network devices market?
- What are the demanding global regions of the network devices market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights (UMI)
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Network Devices Market Report Coverage
Report Attribute | Details |
Base year | 2020 |
Forecast period | 2022-2028 |
Growth momentum | Accelerate at a CAGR of 6% |
Market size 2020 | USD 24 billion |
Regional analysis | North America, Europe, APAC, Rest of World |
Major contributing region | North America to Dominate the Global Network Devices Market |
Key countries covered | United States, Canada, Germany, United Kingdom, Italy, France, China, Japan, India |
Companies profiled | Cisco Systems, Cradlepoint, Juniper Networks, Huawei, HP Enterprise, Digi International, |
Report Scope | Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation |
Segments Covered | By Connectivity; By Device Type; By Application; By Region/Country |
About UnivDatos Market Insights (UMI)
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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