New York, Nov. 16, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Network Transformation Market Size, Share, Trends, and Growth Forecast to 2028 - COVID-19 Impact and Global Analysis by Component [Solutions (SDN & NFV, RAN, 5G Networks, and Network Automation) and Services (Professional Services and Managed Services)], Organization Size (SMEs and Large Enterprises), Vertical (IT, Energy & Utilities, Manufacturing, Media & Entertainment, Telecom, and Others), and Geography”, The network transformation market revenue was expected to rise from USD 19.27 billion in 2021 to USD 175.34 billion by 2028; it is estimated to grow at a CAGR of 40.6% between 2022 and 2028.
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Global Network Transformation Market – Report Scope:
| Market Size Value in | USD 19.27 Billion in 2021 |
| Market Size Value by | USD 175.34 Billion by 2028 |
| Growth rate | CAGR of 40.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Component, Organization Size, and Vertical |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Network Transformation Market: Competitive Landscape
Cisco Systems, Inc.; IBM Corporation; Juniper Networks, Inc.; Huawei Technologies Co., Ltd.; and Telefonaktiebolaget LM Ericsson are among the key network transformation market players profiled during the study. Several other major network transformation market players were studied and analyzed during this research study to get a holistic view of the network transformation market and its ecosystem.
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Network Transformation Market Growth by Segments:
The SDN & NFV (Software Defined Network & Network Functions Virtualization) segment held the largest market share in 2021. Software-defined wide area network (SD-WAN) has been present for over a decade now, and it definitely provides various advantages over traditional WAN. SD-WAN is often utilized as a platform for delivering additional cloud services such as security services, secure remote access, and multi-cloud connectivity. Several enterprises are considering SD-WAN over private leased lines and multi-protocol label switching (MPLS). Such factors are promoting network transformation market growth. NFV allows for virtualization of network appliance hardware, thus allowing organizations to reduce expenditure on inhouse IT infrastructure. Several macroeconomic factors across the globe have created a severely hostile environment for businesses. The pandemic caused severe disruptions, which led to huge losses for several industry verticals. With respect to such factors, enterprises are adopting different measures to remain competitive by reducing capital expenditure. Hence, enterprises are preferring economical and flexible expenses while focusing on core business. With decreasing lifecycle of electronic devices and intensifying competition, companies tend to focus more on core technologies, which directly affect their business, rather than managing in-house infrastructure. Such factors have been promoting the growth of this segment, and in turn boosting the network transformation market growth.
The large enterprises segment held a notable share and can be expected to dominate the market through the forecast period. However, the SMEs segment is expected to be the fastest growing segment. SMEs increasingly rely on managed network service providers (MSPs) to aid their network transformation. MSPs can customize their offerings to match regional requirements and obtain distinctive growth rates. EBC Group (UK) has been focusing on tapping this growth potential and has been increasing its partnership with SMEs constantly. Demand from both SMEs and large enterprises are expected to propel the network transformation market globally.
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Network Transformation Market – Growth Drivers:
Rise in Demand for Advanced Networking Solutions is Catalyzing the Network Transformation Market:
With organizations worldwide strongly adopting digital transformation, there is a rising requirement for improved network performance, better monitoring, and higher security. Additionally, enterprises are concerned with the cost associated with such transformation. Given the critical nature of digital transformation, coupled with the requirement for large bandwidths to enable such solutions, there is a steep demand for transformation of network from enterprises of all industry verticals. Such factors are catalyzing the network transformation market in the current times and is also foreseen to drive the network transformation market through 2028.
The telecommunication industry has been profoundly growing over the past decade, and network transformation is not new to the industry. Growing competitiveness among telecom operators have forced enterprises to risk short-term advantage for seizing untapped growth potential. The evolution of digital-native companies, offering disruptive models of service delivery, has been strongly promoting competitiveness. Hence, telcom operators started to adopt network transformation for maintaining parity with competitors. These factors have been strongly catalyzing network transformation market growth. Adoption of machine learning (ML), artificial intelligence (AI), and big data have further fueled the network transformation market. Furthermore, the advent of Open RAN (ORAN) has been further revolutionizing the industry. Due to its vendor agnostic nature, the cost of network deployment can be expected to come down significantly, which can again be expected to promote network transformation market growth, since it will attract more enterprises to undertake network transformation. Combination of all such factors have been fueling the network transformation market growth.
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Impact of COVID-19 Pandemic on Network Transformation Market:
Implementing containment measures such as trade bans, travel restrictions, and workforce limitations at workplaces has impacted various businesses' manufacturing, supply, and sales. Such disruptions promoted work from anywhere (WFA) trends, which, in turn, resulted in strong adoption of digital transformation across the globe. Employees were instructed to work from home, while the company scaled their IT infrastructure to accommodate such changes. Hence, there was a spurt in the demand for network transformation during that period. With growing vaccination drives, businesses have started to return to their pre-COVID state but are mostly enjoying the steps taken during the pandemic, with regards to IT infrastructure. Thus, the pandemic positively impacted the global network transformation market.
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