Global enterprise networking market is expected to cross US $90 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
With the introduction of Big Data, enterprises are generating massive corporate information which is hard to handle for traditional networks. Hence, enterprises are incorporating advance enterprise networking solutions which optimize network traffic, manage network components like cables, switches & router, and are reliable. Increasing adoption of mobility solutions along with rising demand for resilient connectivity will augment the enterprise networking market in the upcoming years.
Moreover, adoption of network analytics services powered by machine learning and AI modules for solving network and security challenges will further fuel the enterprise networking market growth. These algorithms provide insights about the network traffic, anomalies, and suggest best solutions for network optimization.
Increasing incidences of malware attacks on corporate and government networks, along with the network security threat caused by the BYOD practice will encourage the enterprises to adopt network security solutions. These solutions detect potential threats and protect the network by offering control over users, content, and applications through firewalls, intrusion prevention, and web content filtering. Widespread deployment of security-based enterprise networking solutions will boost the market growth, claims the study.
Anti-virus solutions dominated the enterprise networking market in 2017 and are expected to showcase a similar trend over the forecast period, owing to increasing instances of cyber-attacks. The presence of existing malwares along with new viruses developed by attackers will amplify the demand for robust anti-virus solutions, cites the report.
Based on deployment model, cloud-based enterprise networking market is presumed to grow with a CAGR of 10% over the analysis period, pertaining to large-scale incorporation of cloud-platforms to optimize critical business operations. The solution is capable of storing and handling massive amount of business & financial data without any additional hardware cost.
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Considering the application spectrum, enterprise networking market from BFSI industry is anticipated to register a growth rate of 4% by the year 2024. Banking organizations store personal and financial records of numerous customers, making them an appealing target for hackers. BFSI are adopting modern networking solutions to enhance the security of such data and prevent cyberattacks. Banks are also incorporating virtualization technologies to enhance data flow handling and accommodate multi-channel digitalization.
In terms of regional landscape, Europe is projected to hold 20% share of enterprise networking market over the forecast period, owing to growing incidences of cyber-attacks caused by rampant use of internet. Introduction of enhanced cybersecurity policies, along with adoption of networking solutions, and virtualization technologies will bolster the regional market growth, cites the report.
Major contenders of enterprise networking market are Broadcom, Arista Networks, Inc., Cisco Systems, Inc., Dell Technologies, Checkpoint Software Technologies Ltd., FireEye, Inc., Extreme Networks, HPE, Fortinet, Inc., and F5 Networks, Inc. among others.