Unlocking Potential: Understanding the Network Switches Market Dynamics
The Network Switches Market is expected to rise significantly, from USD 33.0 billion in 2023 to USD 45.5 billion by 2028. This increase is the result of a 6.6% Compound Annual Growth Rate (CAGR) during the projected period. The market's upward trend is ascribed to multiple factors, such as the growing need for modular and fixed configuration switches among different end-user segments. The market is expanding due to technological developments as well, especially in high-speed switching ports with a range of 100 MBE & 1 GBE to 200 GBE & 400 GBE. Global demand for network switches is also being fueled by the growing use of networking solutions in sectors like IT, telecommunications, healthcare, BFSI, and others.
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Network Switches Market Size Market Players
Major vendors in the Network Switches Companies include Cisco Systems (US), Huawei Technologies (China), HPE Aruba (US), Juniper Networks (US), Arista Networks (US), NETGEAR (US), D-Link Corporation (US), Extreme Networks (US), NVIDIA Corporation (US), TRENDnet (US), Lantronix (US). Apart from this, Alcatel Lucent Enterprise (France), Dell Technologies (US), Pica8, Inc. (US), Larch Networks (US), STORDIS (Germany), IP Infusion (US), Buffalo Americas, Inc. (US), Linksys (US), TELEFLY Telecommunications Equipment Co., Ltd. (China), Allied Telesis (Japan), Moxa (Taiwan) are among a few emerging companies in the network switches market.
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Network Switches Market Size Dynamics:
Drivers: Augmented global demand for data centers
Thanks to the development of cutting-edge technologies like 5G, AI, and the Internet of Things, data centres are becoming essential in today's digital environment. With a projected remarkable growth rate of 7.5%, the global data centre industry is expected to rise at a strong pace. The market is expected to rise to USD 209.8 billion by 2032 from a size of USD 101.79 billion in 2022. The primary cause of this increase is the growing need for cloud migration, which is propelling the global construction of data centres. As a result, to keep up with the increasing demand, large data centre operators are expanding their infrastructure. It is noteworthy that in 2021, the data centre market in the United States alone grew at an exponential rate, consuming 500 megawatts (MW) of space.
Restraint: Technological complexity involved in network switches making it vulnerable towards security attacks
The core components of any network infrastructure are routers, switches, and firewalls, which are referred to as network infrastructure devices. These devices are crucial, but they frequently go unnoticed when it comes to security updates, which puts the integrity of the network at serious risk. Remarkably, network misconfigurations—which sometimes result from changes that are overlooked—cause significant financial losses for businesses, amounting to an average of 9% of yearly sales. Surprisingly, 96% of businesses fail to audit their switches and routers, making them open to attack. Failure to modify default configurations, such as administrator login credentials and security settings, is one of the most common security flaws in these devices. Due to this carelessness, hackers will have an easy time breaking into company servers and causing serious data breaches with far-reaching effects.
Opportunity: Rising data volumes across enterprises
Thanks to developments in cutting-edge technologies like edge computing, artificial intelligence (AI), the Internet of Things (IoT), 5G, and machine learning, the landscape of IT infrastructure has fundamentally changed. Numerous industry sectors, including healthcare & life sciences, finance, manufacturing, retail, logistics, aviation, and defence systems, as well as smart agriculture and smart infrastructure, have found extensive uses for these advancements. In particular, the introduction of 5G technology has completely changed a number of businesses by providing widespread internet coverage and fast data transmission, which boosts connection and broadens the client base. But as a result of the applications' widespread use, data volumes have increased, requiring larger bandwidths to be used for the transfer of vast volumes of data to servers and storage systems. As a result, there is an increasing need for sophisticated network switches that can reliably and efficiently handle these tasks.
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Challenge: High operational cost of network switches
When it comes to networking operations, network switches are excellent. They can handle enormous volumes of data quickly and efficiently. They are essential for high-bandwidth and low-latency applications like gaming, video editing, and cryptocurrency mining due to their fast data transfer speeds. However, network switches come with comparatively expensive research and development (R&D) costs. Additional features like CPUs, memory, cabling, and connectors drive up the cost of a switch. Modern hardware from well-known producers like Broadcom and Intel can cost thousands of dollars for bigger 24-48 port switches or just a hundred dollars for modest 5-port ones. However, as technology has developed, more affordable options have emerged.
Network Switches Companies - Cisco Systems (US) and Huawei Technology (China) are the Key Players
With a broad range of products and services, Cisco Systems is a market leader in network switches. Cisco is a market leader because of its global reach and wide range of offerings across different industry areas. For the purpose of expanding its market reach and providing cutting-edge solutions, the company actively forms strategic alliances with vendors, dealers, retailers, and other stakeholders. For example, Cisco introduced its Catalyst 9000 network switches portfolio in 2022 to bring enterprise-grade switching capabilities to industrial environments, such as transportation, oil and gas, utilities, and critical infrastructure. This was achieved by utilising the Unified Access Data Plane (UADP) ASIC silicon. Cisco uses partnerships, acquisitions, and collaborations as part of its growth strategy to stay ahead of the competition and promote innovation in the network switch market.
Thanks to its wide range of smart devices and infrastructure, Huawei Technologies is a well-known player in the worldwide information and communications technology (ICT) market. Huawei has a strong market position in the network switch industry and provides a wide range of products and solutions that are designed to satisfy the different demands of different sectors. Huawei's network switch solutions are used in a wide range of verticals, from government organisations to financial institutions and healthcare providers, helping the shift to intelligent business systems. With more than 12,000 clients across sectors including government, banking, energy, and transportation, Huawei has proven its dedication to providing state-of-the-art networking solutions globally.
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