Press Releases

Global Enterprise Networking Market to see 6.9% Annual Growth Through 2023

July 10, 2018

WELLESLEY, Mass., July 10, 2018–Growing mobile workforces, expanding cloud applications and increasing virtualization are all factors that are helping to drive the global enterprise networking market, according to a report by BCC Research.

As indicated in the report Enterprise Networking: Global Markets to 2023, the industry is expected to see a compound annual growth rate (CAGR) of 6.9% through 2023, when it is forecast to reach $63.7 billion up from $45.4 billion in 2018.

Major players in the market include Arista Networks, Brocade Communication Systems, Cisco Systems, EnGenius, F5 Networks, Hewlett Packard Enterprise, Huawei Technologies, Juniper Networks and Riverbed Technology.

Research Highlights

  • Wireless LAN will lead the industry in growth, with a CAGR through 2023 of 16.3%. By size, the industry will be led by network switches, with a 2023 estimated value of $34.5 billion.
  • The banking, finance and insurance sector dominate the market with at 2017 value of $12.1 billion. The fastest-growing end-user is the healthcare segment, which anticipates a CAGR of 10.3% through 2023.
  • The Asia-Pacific region will lead by size and growth, with a 2017 value of $24.3 billion and a CAGR through 2023 of 7.8%.

“Organizations across the globe are adapting to changes in their ecosystem by leveraging digital technology to create digitally-enhanced, customer-centric business models,” the report notes. “The adoption of these digital technologies enables companies to create new customer experiences, improve operational efficiency, generate new revenue streams and rapidly respond to changing conditions.”

Network Security Concerns Seen as a Key Market Restraint

Enterprise networks are now more complex than ever, and the growth of cloud computing, connected devices and mobile workforces are straining security teams as they seek to protect networks and data. Meanwhile, cyber criminals are becoming increasingly sophisticated. The evolving enterprise network is challenging network security, and as significant trends in computing and networking continue to drive change, enterprises are looking for innovative network security solutions to embrace those changes.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Enterprise Networking: Global Markets to 2023( IFT163A )
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