Network Transformation Market Worth $66.86 Billion by 2022

Estimated reading time: 2 minutes

According to a new market research report "Network Transformation Market by Solution (SDN and NFV, C-RAN, Network Automation and 5G Networks), Professional Service, Managed Services (Network Monetization, Network Management, Network Testing),Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market size is expected to grow from USD 6.01 Billion in 2017 to USD 66.86 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 61.9% during the forecast period.

The major growth drivers of the Network Transformation Market include the rapid demand in bandwidth requirement and the increase in adoption of BYOD policy. Moreover, the collaboration among industry leaders for the development and promotion of next-generation networking solutions across industry verticals and increase in the adoption of IT as-a-service (ITaaS) and virtualization in the IT industry are also some of the factors that are likely to be driving the market growth.

Network automation is expected to be the fastest growing solution in the Network Transformation Market during the forecast period

Network automation solution enhances the security compliances of the network by automating security compliance. It automates the deployment, management, testing, configuration, and operations of physical and virtual devices within the network. The solution also helps reduce the network operation cost by automating time-consuming manual compliance and configuration tasks. The adoption of network automation is driven by the rapid expansion of network infrastructure required to support the exponential growth of network traffic generated by video, social media, data, and application usage.

Deployment and provisioning professional service is expected to hold the largest market share in the Network Transformation Market during the forecast period

Professional network transformation services help organizations across various verticals to effectively improve performance and improve agility of their networks. These services help enterprises to create a highly available, secure, and superior network environment that supports the enterprise growth vision while accommodating the convergence of voice and data systems and traffic. Deployment and provisioning services are basic and the most important aspect of implementing network transformation solutions to optimize their network technologies. While deploying next generation networking solution services, regulatory and industry compliances set by regulatory bodies and organizations are considered and provisioned by vendors.

North America is expected to have the largest market share in the Network Transformation Market during the forecast period

North America is expected to hold the largest market share and dominate the global Network Transformation Market during the forecast period. The region houses major sustainable and well-established companies, which invest substantially in R&D activities, thereby contributing to the development of next-generation networking technologies. The region comprises countries such as the US and Canada, which are witnessing a phenomenal adoption of network transformation solutions and services. Growing trends such as BYOD, IoT, and Industrial Internet of Everything (IIoE) have resulted in tremendous growth of technology adoption in this region. However, the trends have also triggered a rise in next-generation threats and added more complexities and concerns in the IT infrastructure. North America has always been the early adopter of new technologies. The region has adopted new solutions for enhancing manageability and flexibility for addition of new network capabilities and capacity.

The major vendors in the network security firewall market include Cisco, Juniper Networks, HPE, Huawei, IBM, NEC, Intel, Nokia Networks, Ericsson, FUJITSU, Accenture, and Mavenir.

About MarketsandMarkets

MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.