NETWORK TRANSFORMATION MARKET TO REACH USD 232.8 BILLION BY 2027 | CAGR 61.1% — FORENCIS RESEARCH
Global Network Transformation Market: Key Highlights
- According to the new market research report “Network Transformation Market by Component (Solution and Services), By Solution (Network Function Virtualization (NFV), Software-defined Networking (SDN), Centralized RAN (C-RAN), Virtualized radio access network (vRAN) and 5G Networks), by Services (Network Consulting, Modernize Network Services, Network Transformation Services, Integration, Optimization Services, and Wireless Infrastructure Management), By Deployment Mode (On-Demand and On-premise), By Enterprise Size (Small Enterprises, Medium-Sized Enterprises, and Large Enterprises), By End-User (Manufacturing, Telecom, Transportation and Logistics, Energy and Utilities and Media and Entertainment), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2019 to 2027)”, the global Network Transformation Market is estimated to reach USD 232.8 Billion by 2027 at a CAGR of around 61.1% during the review period.
- Bring Your Own Device (BYOD) can help the user to empowered and engage in the growth of the business which is anticipated to increase the market growth.
- However, a lack of expertise to lead the digitization initiative major challenging factor for the growth of the network transformation market in the forecast period.
Global Network Transformation Market: Key Market Dynamics
- The increasing demand for brings your own device (BYOD), where the enterprise is motivating the employee to bring their own device to work which boosts the growth for the market in the projected period.
- Cybersecurity issues are growing constantly growing in complexity and volume which will hinder the market growth in the forecast period.
- The rising demand in digitalization enhanced the connectivity and speed which lead to improving the market demand.
- High Adoption of IT as a Service (ITaaS) enhanced the business end-users and to manage on-premises IT resources which lead to boost the market growth in the forecast period.
- Growing adoption in 5G technologies enhanced the speed and productivity of the business and is anticipated to increase market growth.
Global Network Transformation Market: Regional Overview
According to the Department of Foreign Affairs and Trade, the cyber cooperation program is a partner with Asia-Pacific Network Information Centre (APNIC) to enhance a cohesive, integrated and trusted security community in the Pacific. Moreover, in 2018 Nokia and China Mobile have signed a one-year frame agreement of USD 1.15 billion to support and enhanced the Chinese mobile operator transition for further oriented network infrastructure. According to the Japan External Trade Organization (JETRO), Japan is projected to improve its internet connectivity such as Wireless Fidelity (Wi-Fi) by making an investment upon it.
Hence, the growing network and technologies transformation in the region is anticipated to create a positive impact on the growth of the Network Transformation Market in the region.
According to the European Commission, the connecting Europe Broadband Fund is taken an initiative by the European Commission and the European Investment Bank (EIB) is supporting the financing of broadband network infrastructure with the USD 117 million from the Connecting Europe Facility. European Commission set out new strategic targets for 2025 to create a Gigabit Society, it is anticipated the 5G-PPP public-private partnership to receive up to USD 821 million in EU funding for advancing the private funding is projected to reach by USD 4.1 Billion by 2025. Furthermore, Enterprise Europe Networks is a global largest player that helps small and medium-sized enterprises (SMEs) to innovate and grow worldwide.
Therefore, the growing adoption technology in the region will be projected to lead the demand for the market.
Global Network Transformation Market: Key Players Overview
- Juniper Networks, Inc.:
Juniper Networks, Inc. is a multinational company that develops and market networking products, switches, routers, network security products, and software defines networking technology. Moreover, the company enhanced its services by network functions virtualization (NFV) solution which combines a turnkey software cloud management system and also improving architecture based on programmability and virtualization. Furthermore, in 2018 Juniper Networks expands its partnership with Ericsson to enhance its 5G transformation which provides an end-to-end solution and helps reduce the complexity.
- Huawei Technologies Co., Ltd.:
Huawei Technologies Co., Ltd. is a global leading provider for information and communications technology. The company provides telecommunications equipment and sells consumer electronics and smartphones. Moreover, the company is providing a single strategy of solution for fast and efficient development for enhancing network. The company is promoting an All-Cloud telecommunication architecture that is easy to upgrade, and able to enhance digital transformation. In 2019, Huawei announced the release of the Telco Cloud Networking Solution to deliver a 400G data center network in the industry and enables innovative services such as empowering 5G, the Internet of Things (IoT), and Virtual Reality (VR).
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