New York, US, Oct. 26, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Network Transformation Market information by Organization Size, by Components, by Vertical and Region – forecast to 2027” market size hit USD 122.73 billion, growing at a compound annual growth rate of 39.7% by 2026.
Network transformation enables existing networks to automate processes and provide new customer experiences. The global network transformation market report by Market Research Future (MRFR) contains changes in regulatory landscapes and evolution of communication networking technologies. The report can serve as a precursor to industries looking to embark on digital transformation initiatives. The COVID-19 outbreak and its effects are part of the report.
Dominant Key Players on Network Transformation Market Covered are:
Hewlett Packard Enterprise Development LP
Telefonaktiebolaget LM Ericsson
Juniper Networks Inc.
Ribbon Communications Operating Company Inc.
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Market USP Exclusively Encompassed:
Benefits of Network Fiber to Accelerate Demand
Network fiber is expected to be used in spades during modernization drives of enterprises. Companies looking to upgrade their networks and maintain it through future-ready networks can drive market growth. For instance, Corning Inc. has produced fibers with superior bendability, compatibility, and wide spectrum accessibility. Rollout of 5G services and shift to new communication standards by telecom providers can bode well for the market.
Lack of Skilled Personnel to Limit Market Growth
The lack of skilled personnel capable of handling the capacity of new networking technologies can hamper market growth.
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Segmentation of Market Covered in the Research:
Solution Component to Gain Traction
By component, the global network transformation market has been divided into solution and services. Further, the solution sub-segment is bifurcated into 5G networks, cloud/centralized radio access network (C-RAN), network automation, and software-defined networking (SDN) & network functions virtualization (NFV). Whereas services sub-segment is divided into professional services and managed services. Among the two, solutions are set to capture a major market share over the forecast period. This is due to rise of virtualization of hardware and development of next-generation solutions.
Large Enterprises to Capture Huge Market Share
By organization size, the global network transformation market has been divided into small & medium enterprise and large enterprise. Large enterprises are likely to capture a huge market share over the forecast period owing to relentless cyberattacks and huge capital investments by companies in safeguarding their data.
IT & Telecom to be Biggest End-user
Depending on vertical, the network transformation market is split into BFSI, energy & utility, government, healthcare, IT & telecom, manufacturing, retail, and others. The IT & telecom vertical is expected to be the biggest user of the market owing to huge investments in modernizing its infrastructure and integration of new technologies.
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North America to Lead Global Market Growth
North America has assumed the top position in the network transformation market owing to huge demand for tractors. Adoption of new technologies by companies to improve their efficiency and network capacity capabilities can drive market growth. Increased budgets and applications across verticals can drive the market.
APAC to Exhibit Highest Growth Rate
APAC is touted to lead the global market owing to increased demand for 5G services by customers. Rollout of new connectivity services and auctions for new spectrum ranges can drive opportunities in the market. Adoption of cloud and edge computing are likely to provide customer service providers with higher capabilities and managing a large customer base.
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COVID-19 Impact on the Global Network Transformation Market
The COVID-19 outbreak has accelerated digital transformation of networks due to evolution of communication standards and protocols. Adoption of 5G networks and cloud for increasing revenue and scaling profit margins of enterprises can bode well for the network transformation market. Support provided to orchestration services, microservices, and containers by leveraging scaling and functionality of cloud and provide seamless experience to customers can drive market growth.
Corning Inc. has launched the Corning SMF-28 Contour optical fiber for reducing network errors during installation of fiber optical cables.
Rise of cloud computing due to its capacity in scaling operations and supporting virtualization of infrastructure can drive the network transformation market. Establishment of data centers and shift to cloud by various players to extend their storage capacity can bode well for the market. Rise of new startups and affinity towards cloud can be pivotal in formulation of new strategies by key players.
Rise in work from home and remote working is likely to provide a bevy of opportunities to the global market. Social media platforms and software behemoths are offering employees leeway in managing their schedules and balancing professional commitments. This is evident with various enterprises scaling up their legacy systems and ballooning their budget for modern infrastructure.
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size is expected to register an exponential CAGR of 39.7% valued at USD 12.15 Billion in 2019 and USD 122.73 Billion by 2026.