March 03, 2020
As per the report titled ‘North America Enterprise Networking Market Size By Component, Application, Deployment Model, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 - 2024’ available with Market Study Report LLC, North America enterprise networking market is expected to grow considerably during 2018-2024.
The study estimates that North America enterprise networking market will amass USD 30 billion by the year 2024. Increasing number of connected devices coupled with surging need for secure and real-time data transmission between devices is driving market growth. Surging network traffic and issues such as bandwidth bottlenecking are prompting enterprises to adopt advanced network management solutions. This factor coupled with rising digitalization across SMEs to develop customer-centric business models is further expanding the business scope.
Based on the component, switches segment accounted for one-fourth share of North America enterprise networking market in 2017 and is expected to gain decent traction over the forthcoming years. The growth is attributable to changing consumer demands in tandem with growing adoption of network virtualization systems. Escalating preference for high data transmission rates is supporting the installations of high-speed ethernet switches. Furthermore, expansion of 5G technologies will pave the way for adoption of advanced high-speed switches across North America.
Speaking of the application scope, IT & telecom segment is projected to account for 20% share of North America enterprise networking market by the end of the forecast timeline. Increasing demand for efficient solutions to address the burgeoning data traffic and bandwidth shortage issues are encouraging communication services providers to deploy cloud-based network virtualization solutions. Increasing penetration of IoT devices coupled with deployment of enterprise networking solutions across IT & telecom industry is further enhancing the market scenario.
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Considering the geographical landscape, North America enterprise networking market is divided into U.S. and Canada. As per the report, Canada enterprise networking industry is anticipated to record a growth of over 6% through 2024. Growing adoption of cloud services across several enterprises along with increasing integration of cloud-computing technologies among government authorities to meet the demand for IT services are the factors supporting the regional growth. Moreover, the adoption of virtualization technologies by small and medium enterprises will expand the regional landscape in the coming years.
Checkpoint, Dell Technologies, Cisco, F5 Networks, FireEye, Broadcom, Arista, Riverbed, HPE, Juniper, McAfee, Extreme Networks, Netscout, Huawei, Extreme Networks, Trend Micro, Fortinet, Palo Alto, and VMWare are the major players of North America enterprise networking market. The companies in this industry are strategically acquiring other small players to expand their business footprint and improve their market share in the long term.
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