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(Hosting-NewsWire.com, February 16, 2023 ) The network switches market is projected to grow from USD 33.0 billion in 2023 and is projected to reach USD 45.5 billion by 2028; it is expected to grow at a CAGR of 6.6% from 2023 to 2028.
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The augmented global demand for data centers coupled with need for simplified networking communication management and automation and growing investments in digital platforms is expected to fuel the growth of the network switches market.
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Artificial intelligence has revolutionized the technology world. Using AI and ML, network analytics customizes the network baseline for alerts, reducing noise and false positives while enabling IT teams to accurately identify issues, trends, anomalies, and root causes. AI/ML techniques, along with crowdsourced data, are also used to reduce unknowns and improve the level of certainty in decision making. Today, many Ethernet switches feature software, or they can connect with software that takes in and analyzes data that the switch collects. By applying artificial intelligence (AI) and machine learning (ML), that data can be turned into actionable data and used to optimize smart environments. Several established network switches vendors are introducing network switches that possess advanced AI/ML capabilities.
The market for modular switches is expected to grow at the higher CAGR during forecast period. The growth of the market for modular switches can be attributed to their increasing adoption especially in data centers. Modular switches can be customized according to an end-user’s requirement and are different from traditional switches, in terms of design, operational efficiency, ease of installation, and aesthetic appearance. The feasibility of modular switches has led to their utilization in many applications for data centers and non-data center end-users.
The market for non-data center end-user segment is expected to hold a larger share of the network switches during forecast period. Factors such as the increasing adoption of network switches in university campuses and k-12 schools for modernizing network infrastructure, migration of small businesses to the cloud have contributed to the revenue growth.
In terms of geographic coverage, the network switches market has been segmented into 4 regions, namely, North America, Europe, Asia Pacific and Rest of the World (RoW). The market in Asia Pacific is expected to
record the highest growth rate during the forecast period, primarily due to countries such as China, India, Japan contributing to the overall market share significantly. Asia Pacific is expected to experience lucrative growth opportunities in the next few years. Increasing government initiatives and investments from technologically developing countries in Asia Pacific, such as India, Japan, and China, are driving the increasing deployments of data centers in the region, which in turn is expected to drive the market for network switches. Also, the increasing number of small- and medium-scale enterprises and the adoption of digital technologies in them further drive the demand for network switches. Moreover, the increasing penetration of the internet and the rising population of internet users in the region creates a massive amount of data that drives the demand for cloud-based services. All these parameters generate the need for deployment of network switches across the network infrastructure in data centers.
News Also Covered: https://www.prnewswire.com/news-releases/network-switches-market-worth-45-5-billion-by-2028---exclusive-report-by-marketsandmarkets-301745029.html
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