May 07, 2020
As per the report titled ‘Enterprise Networking Market Size By Component , By Deployment Model, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, global enterprise networking market is projected to surpass USD 90 billion by the year 2024.
Growing popularity of mobility trend and increasing connectivity demands are prompting enterprises to find new ways to modernize their networks and expand their networking capabilities. Massive production of corporate data due to the advent of Big Data has put a strain on traditional networks. Urgency among enterprises to improve their network’s reliability and efficiency while optimizing their network traffic and storage for accommodating new network resources is fueling the growth of enterprise networking market. These networking solutions ensure the reliability of the network and efficient management of network components such as switches and routers.
Increasing adoption of BYOD policies has surged security threats to enterprise networks, which coupled with rising prevalence of malware attacks on government and corporate networks is boosting the demand for robust network security solutions. Incorporation of advanced technologies such as machine learning to address a broad range of networking and security challenges is a major growth impetus for the industry.
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Based on the component, anti-virus segment is expected to display strong growth trends in the forthcoming years, owing to increasing number of malware attacks on enterprise networks. As the number of malware programs created by attackers grow each day, antimalware solutions will continue to see an accelerated demand over the forecast timeline.
Elaborating on the deployment model, cloud segment is projected to register 10% CAGR through 2024. Huge volume of business and financial data along with several benefits of cloud platforms such as reduced requirement of additional hardware, lower maintenance costs, high flexibility and scalability are driving the segment growth.
Speaking of the application spectrum, enterprise networking market share from BFSI sector is anticipated to grow with a CAGR of over 4% during the estimated timeframe. Hackers are targeting banking institutions as they hold huge amounts of confidential information regarding the customer and their financial records. Growing instances of cyber-attacks on financial IT networks are encouraging the adoption of enterprise networking security solutions. Moreover, integration of wide variety of virtualization methods such as application virtualization, machine OS virtualization, and desktop virtualization across banks owing to reduced costs and centralized management of IT resources is enhancing the segment growth.
Considering the geographical landscape, Europe is projected to account for 20% of global enterprise networking market share by the year 2024. Increasing cyber-attacks in countries such as Germany, Italy, and UK, along with favorable government policies and investments is driving the regional market growth. Moreover, rising implementation of network virtualization is likely to expand Europe business landscape during the forecast period.
Major players in global enterprise networking market are Arista Networks, Inc., Checkpoint Software Technologies Ltd., Broadcom, Cisco Systems, Inc., Extreme Networks, Dell Technologies, FireEye, Inc., F5 Networks, Inc., HPE, Fortinet, Inc., Juniper Networks, Inc., Huawei Technologies Co., Ltd., McAfee LLC, Palo Alto Networks, Inc., Netscout, Riverbed Technology, Inc., Trend Micro Inc., and Symantec Corporation.