The network transformation market was expected to reach at US$ 19.27 billion in 2021 and it is expected to grow at a CAGR of 40.6% between 2022 and 2028.
Businesses are rapidly embracing significant network technologies to support business initiatives and gain a competitive advantage. The growing emphasis of organizations on creating a digital workplace with minimum network downtimes has become a major driving factor for network transformation market. The digital transformation uses technologies to create new or modify existing business processes and customer experiences to meet the ever-changing business environment. Digital transformation has common goals, such as improving efficiency, adding value, and promoting innovation. As companies are increasingly adopting digital transformation to deliver better customer experiences and compete more effectively, there is a growing need for transformation of network that support such modernization of information technology (IT) within different enterprises. This parameter has been bolstering the network transformation market in the current scenario.
MARKET DYNAMICS
Digital transformation is boosted by factors such as migration to the cloud and rapid growth in data generation. Companies have continually migrated their workloads to the cloud for better flexibility and workload portability. Hence, the public cloud is becoming an increasingly important asset for a company’s IT strategy. In 2021, enterprises contributed to creating, capturing, and replicating about 46 zettabytes of data. Most enterprises cannot derive valuable business insights from such huge amounts of generated data. Artificial intelligence (AI) and machine learning (ML) can be utilized for harnessing meaningful insights from such data; however, for doing so, companies first need to address certain critical aspects, including multicloud data management, data privacy, and data governance. To attend to all such factors and avail the advantages of such advanced technologies, transformation of network is becoming the priority for most enterprises. Several major enterprises (e.g., Cargill, P&G, and Mercedes Benz) from different industry verticals have been availing digital and network transformation for improving business processes. The presence of such large well-established players with significant high demand for network transformations help the network transformation market players to design and develop newer solutions and services and offer the same at competitive prices. This drives the network transformation market.
MARKET SCOPE
The "Global Network Transformation Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of market with detailed market segmentation by component, organization size, and vertical. The report provides key statistics on the market status of the leading network transformation industry player and offers key trends and opportunities in the network transformation market.
Strategic Insights
MARKET SEGMENTATION
The global network transformation market is segmented into component, organization size, and vertical. Based on component, the market is segmented into solutions and services. The solutions segment is further segmented into SDN & NFV, RAN, 5G networks, and network automation. The services segment is further bifurcated into professional services and managed services. In terms of organization size, the market is segmented into SMEs and large enterprises. From vertical point of reference, the market is categorized into IT, energy & utilities, manufacturing, media & entertainment, telecom, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global network transformation market based on various segments. It also provides market size and forecast estimates from 2020 to 2028 with respect to five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. The network transformation market by each region is later sub-segmented by respective countries. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.
From the regional perspective, North American dominated the network transformation market with ~32% market share in 2021. The dominance of North American in the network transformation market is majorly due to the presence of large number of rotor manufacturers as well as helicopter manufacturers. Some of the key rotor manufacturers in the region include Advanced Technologies Inc., Dakota Air Parts, and Van Horn Aviation. These suppliers witness constant demand from helicopter manufacturers such as Boeing, Sikorsky, and Bell Textron. The below figure showcases the revenue growth trend in the global network transformation market:
Source: The Insight Partners Analysis
The report analyzes factors affecting network transformation market from both demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends, effecting the market during the forecast period. The report also provides exhaustive PEST analysis highlighting the factors affecting the network transformation market.
IMPACT OF COVID-19 PANDEMIC
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.
MARKET PLAYERS
The reports cover key developments in the network transformation market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base. The key players from network transformation market are anticipated to witness lucrative growth opportunities with the rising demand for network transformation.
The report also includes the profiles of key network transformation market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years. Below mentioned is the list of a few companies engaged in the network transformation market.
- Cisco Systems, Inc.
- IBM Corporation
- Juniper Networks, Inc.
- Huawei Technologies Co., Ltd.
- Telefonaktiebolaget LM Ericsson
- NEC Corporation
- Dell EMC
- Intel Corporation
- Fujitsu Ltd.
- Hewlett Packard Enterprise
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.