Network Devices Global Market Report 2024

The network devices market size has grown strongly in recent years. It will grow from $28.78 billion in 2023 to $30.55 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. Historical growth can be attributed to the widespread availability of the internet, the transition towards broadband, the wireless revolution, the rollout of 5G, and the expansion of the Internet of Things (IoT).

The network devices market size is expected to see strong growth in the next few years. It will grow to $41.26 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. Anticipated growth in the forecast period is driven by a focus on security-centric design, the adoption of IPv6, sustainability initiatives within green networking, and the evolution of connectivity standards. Major trends expected in this period include the exploration of early networking technologies (pre-1990), the adoption of Wi-Fi 6 and 6E technology, increased demand for edge computing devices, and a heightened focus on network security appliances.

The burgeoning utilization of smartphones, coupled with the escalating trend of digitalization, is anticipated to be a driving force behind the growth of the network devices market. Digitalization is not only creating novel business practices, cultures, and customer experiences but also adapting existing ones to align with evolving company and market requirements. The surge in smartphone demand is attributed to factors such as increasing internet penetration, a rise in social media subscriptions, growing income levels, enhanced communication needs, among others. The COVID-19 pandemic further accelerated the adoption of smartphones and digitalization, driven by prolonged quarantine periods and the prevalence of work-from-home scenarios. This heightened reliance on smartphones and digital tools necessitates efficient network devices for seamless data transfer between devices. Notably, according to a survey commissioned by the nonpartisan American think tank, the Pew Research Center, smartphone ownership in the U.S. increased from 81% in February 2019 to 85% in February 2021, marking a substantial growth from 35% a decade ago (in 2011). Additionally, the World Economic Forum predicts that digital transformation will contribute $100 trillion to the global economy by 2025. Consequently, the increasing prevalence of smartphones and the accelerating pace of digitalization are poised to drive robust growth in the network devices market.

The anticipated surge in the number of internet users is poised to be a key driver for the expansion of the network devices market. Internet users, encompassing both individuals and entities, engage in various online activities such as browsing websites, sending emails, utilizing social media, streaming content, and accessing online services. The global proliferation of internet connectivity underscores the escalating demand for networking equipment, including routers, switches, and access points. Notably, data from the International Telecommunication Union, a Switzerland-based United Nations agency, reported that as of November 2022, approximately 5.3 billion individuals, constituting 66% of the global population, are estimated to be internet users. This signifies a notable growth rate of 6.1% compared to the previous year (2021). Consequently, the projected increase in the number of internet users is expected to be a driving force behind the growth trajectory of the network devices market.

Technological innovations stand out as a prominent trend gaining traction in the network devices market. Leading companies within this sector are actively involved in the development of new products or technologies, with a particular focus on solutions such as SD-WAN, aimed at bolstering the demand for network devices. Software-defined wide area network (SD-WAN) represents a virtual wide area network that allows businesses to utilize a mix of transport services, including MPLS, LTE, and broadband internet, to securely connect users to applications. This approach enhances user experience and application performance, fostering increased corporate productivity, agility, and cost-effectiveness in IT. An illustrative example is Nokia, a Finland-based telecommunications, information technology, and consumer electronics corporation, in collaboration with STC (Saudi Telecommunication Company), a Saudi Arabia-based digital enabler of telecommunications services. In May 2022, they introduced stc SD-WAN, a program designed to empower IT and OT to adapt network services to rapidly evolving commercial contexts. The initiative aims to support enterprise customers in their cloud migration and digital transformation journey.

Major companies in the network devices market are actively concentrating on the development of innovative solutions, with a notable focus on offerings such as cloud network devices. A cloud network device is not a specific piece of hardware but rather a term encompassing any virtual or software-based networking component designed to function within a cloud computing environment. As an example, in October 2023, CyberTAN Technology Inc., a Taiwan-based broadband network equipment manufacturing company, introduced the 'CyberWiFi' cloud network product series. This product lineup includes an Outdoor Long Range Fixed Wireless Access Point, Controller, Indoor Wall Mount Access Point, Managed Switch, and Indoor Ceiling Mount Access Point. The CyberWiFi products feature a proprietary cloud platform developed in-house, integrating essential management functionalities tailored for small and medium-sized enterprise networks. This initiative underscores the industry's commitment to providing innovative solutions that leverage cloud-based networking components to enhance flexibility, scalability, and efficiency in network operations.

In November 2023, Vantiva S.A., a technology products manufacturing company headquartered in Paris, successfully acquired CommScope’s home networks business. This strategic acquisition is aimed at broadening Vantiva's network device portfolio through the incorporation of CommScope’s home network devices, which include broadband, home, and video networking devices. CommScope Holding Company, Inc., a U.S.-based network infrastructure provider, has divested its home networks business as part of this transaction. Vantiva anticipates that the acquisition will contribute to the enhancement and diversification of its product offerings in the technology sector.

Major companies operating in the network devices market report are Dell Technologies, Huawei Technologies Co. Ltd., Siemens AG, Cisco Systems Inc., Hewlett Packard Enterprise Development LP, Palo Alto Networks Inc., Juniper Networks Inc., Fortinet Inc., Arista Networks Inc., Symantec Corporation, Avaya Inc., F5 Networks Inc., Checkpoint Software Technologies Ltd., Brocade Communications Systems Inc., Ubiquiti Inc., Trend Micro Inc., Extreme Networks Inc., Zyxel Communications Corporation, Netscout, D-Link Corporation, SonicWall, Riverbed Technology Inc., McAfee LLC, Barracuda Networks Inc., Allied Telesis Inc., Ruckus Networks, Cradlepoint, Aerohive Networks, WatchGuard Technologies Inc., TP-Link Technologies Co. Ltd.

North America was the largest region in the network devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the network devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the network devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of network devices include routers, gateways, and access points. Routers play a key role in managing traffic between networks by forwarding data packets to their intended IP addresses, enabling multiple devices to share the same internet connection. A router is a device that connects two or more packet-switched networks or subnetworks, and it can facilitate both wired and wireless connections. Various connection types are supported by network devices, including Wi-Fi, cellular, LoRa, ZigBee, Bluetooth, and others. Network devices find applications in residential, commercial, enterprise, industrial, and transportation settings.

The network devices market research report is one of a series of new reports that provides network devices market statistics, including network devices industry global market size, regional shares, competitors with a network devices market share, detailed network devices market segments, market trends and opportunities, and any further data you may need to thrive in the network devices industry. This network devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The network devices market consists of sales of hub and switch, router, extender, adapter and wireless access point. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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.


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