Network Transformation Global Market Report 2023
Major players in the network transformation market are IBM Corp, Fujitsu Ltd., Dell EMC, Ciena Corp, Hewlett Packard Enterprise Co, NEC Corp, Juniper Networks Inc., Cisco Systems Inc., Ericsson, Intel Corp, Accenture, GENBAND, AT&T, Mavenir Systems, Ribbon Communication, and Wipro Limited.
New York, March 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Network Transformation Global Market Report 2023" - https://www.reportlinker.com/p06319485/?utm_source=GNW
The global network transformation market grew from $38.85 billion in 2022 to $59.89 billion in 2023 at a compound annual growth rate (CAGR) of 54.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The network transformation market is expected to grow to $346.65 billion in 2027 at a CAGR of 55.1%.
The network transformation market includes revenues earned by entities by providing various solutions and services to enhance the newtowk architecture such as system integration, staging, and deployment, VNF migration, network designing, component development, and product & engineering solutions.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The network transformation refer to the process of updating one’s core network. Network transformation is a step-by-step approach to reimagining the complete network, including the cloud, WAN, branch, data centers, remote user connection, and network security architecture.
North America was the largest region in the network transformation market in 2022 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the network transformation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main solutions provided in the network transformation include network automation, 5G networks, SDN & NFV, and C-RAN.Network automation refers to the process of automating the configuration, management, testing, installation, and administration of physical and virtual network equipment.
These components are provided to small and medium enterprises, and large enterprises in industries ranging from BFSI, energy and utility, government, IT and Telecom, manufacturing, and retail sectors.
The growing adoption of bring your own device (BYOD) policy in companies is expected to propel the growth of the network transformation market.BYOD policy is when employees connect to the organization’s network and access what they need to complete their tasks using their personal devices such as smartphones, tablets, computers, laptops, and others.
Network transformation helps reconstruct network architecture when companies want to change their network infrastructure based on employees’ devices.According to Cisco, 89% of IT departments enable BYOD in some form and 69% of IT leaders are positive about BYOD.
Therefore the growing adoption of BYOD policy in companies is expected to drive the network transformation market.
Adoption of artificial intelligence (AI) is a key trend in the network transformation market. Next-generation cloud networks are vital for growth, and digitally modernizing the network infrastructure to become more open, frictionless, and efficient is critical for retaining that growth. As data and networks become more commercialized, telecommunications companies seek ways to save money and innovate wherever feasible. Telecommunications operators are using AI to study and forecast network disruptions before they occur, reducing response times and interruptions in service. In February 2020, Ericsson, a US-based telecommunication company, launched two new artificial intelligence (AI)-powered services to its network services portfolio-Network Intelligence and Omni Network Channel, allowing communications service providers to secure always-on networks and create optimal user experiences.
In January 2022, NEC Corporation, a Japan-based information technology company that supplies Open RAN, end-to-end Open 5G solutions, and system integration skills, acquired Blue Danube Systems.This acquisition broadens NEC’s customer service expertise and assets in North America, as well as the breadth of its Open RAN solutions offering to meet customers’ requirements and desires.
Blue Danube Systems is a US-based company that creates wireless technologies for mobile networks and other applications. It introduces 5G beamforming to today’s networks, significantly boosting network capacity and end-user experience.
The countries covered in the network transformation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The network transformation market research report is one of a series of new reports that provides network transformation market statistics, including Network transformation industry global market size, regional shares, competitors with a network transformation market share, detailed network transformation market segments, market trends and opportunities, and any further data you may need to thrive in the network transformation industry. This network transformation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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