A recent analysis by UnivDatos Markets Insights estimates that the market for network devices was worth USD 24 billion in 2020 and is projected to increase at a CAGR of around 6% from 2023 to 2028.
Network devices are those that provide communication among various pieces of computer network hardware. These units are sometimes referred to as physical units, networking equipment, network hardware, or computer networking units. Each network device in a computer network has a crucial function depending on its functionality and serves various functions at various segments. The increasing use of smartphones and better global connection can be linked to the growing deployment of network equipment. Additionally, the market is anticipated to be driven by quick technical improvements in the telecom sector, home networking, and smart home gadgets. The growing demand for translation services in the entertainment and media sectors is predicted to propel the growth of the network devices market at a constant rate of around 6%. Cisco Systems, Cradlepoint, Juniper Networks, Huawei, HP Enterprise, Digi International, Sierra Wireless, Nokia, Inseego, and Teltokina Networks are significant industry players that provide network equipment.
The market is divided into WiFi, cellular, LoRa, ZigBee, and Bluetooth segments based on connection. During the projection period, the WiFi sector is anticipated to grow at a considerable CAGR. The latest developments in WiFi technology are to blame for the WiFi segment’s increasing usage. Additionally, the market is anticipated to be driven by rising smartphone penetration.
The router, gateway, and access point are the three market segments that are based on device type. The need for wireless routers with a strong connection in the residential market is predicted to rise at a robust CAGR. This is due to the rising demand for high-speed Internet access as well as the increasing usage of smart devices like smartphones, tablets, and smart TVs.
The rising demand for wireless and WiFi hotspot solutions and services is to blame for North America’s predicted growth at a substantial CAGR. In addition, the region’s market is anticipated to be driven by the organization’s activities’ increasing digitalization. In addition, governments in the area, including those of the U.S. and Canada, are making significant investments in the development of internet technology. The leading corporations in the U.S. and Canada’s network devices market are working hard to provide the broadest range of networking products and solutions, which is a fantastic chance for local businesses to expand. One of the main driving forces for expanding the North American market is the presence of major networking solution and service providers, including Cisco Systems, Aruba, Juniper Networks, and Extreme Networks, in this area.