Router And Switch Market Growth & Trends
The global router and switch market size is anticipated to reach USD 84.12 billion by 2030, registering a CAGR of 6.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to grow due to the rising demand for IoT, cloud services, connected devices, and high-speed internet. Additionally, with the advent of the pandemic, remote work adoption increased rapidly. It propelled businesses to invest in new or existing IT solutions. Organizations across all industries accelerated their cloud transformation due to remote work. For instance, in October 2022, Singapore announced that it would migrate 70% of workloads to the commercial cloud by 2023. Besides, in March 2022, Amazon Web Services Inc., and the Singapore government developed a cloud technology skilling program for Singaporeans across different demographics, including recent graduates and early career workers.
Moreover, the growth of cloud services has also led to increased network traffic and data transfer, which has put a strain on traditional networking infrastructure. It has fueled the demand for advanced routers and switches supporting higher bandwidth, increased security, and better network management capabilities. Therehas been a growth in recent years with internet access being switched to a high-speed internet connection and an increased number of internet-enabled devices per household. This trend is expected to continue router market growth as more devices are equipped with internet capabilities and networking. Growing demand for various solutions such as BYOD, IoT, surveillance, virtualization in networking, and traffic overloading are expected to drive the market.
North America is projected to hold a significant market share during the forecast period. The U.S. market is one of the largest and most developed markets in the world. The market is expected to continue to grow in the coming years with increasing demand for faster and more reliable networking solutions. The adoption of multi cloud environments, increasing number of connected devices in homes and businesses, and the growth of cloud computing and IoT is driving the demand for routers and switches in the U.S. There is also a growing demand for smaller, more agile switches and routers that can support the growing number of connected devices in the IoT and support the growing trend towards edge computing. The Canadian government’s focus on digital transformation and investment in technology infrastructure is also contributing to the growth of the market. The market is expected to continue to grow in the coming years, with a focus on offering faster and more reliable networking solutions.
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Router And Switch Market Report Highlights
The ATM & ethernet switch segment led the market in 2022, accounting for over 67% share of the global revenue.The ATM & ethernet switch lets multiple devices communicate and share resources, such as printers and file servers. It operates by creating virtual connections, or circuits, between devices to enable direct data transfer
The internet data center/collocation/ hosting segment dominated the market and accounted for over 39% share of the global revenue in 2022. The growth is attributed to the increasing adoption of cloud computing, big data analytics, and the Internet of Things (IoT)
North America dominated the market and accounted for over 38% share of the global revenue in 2022. The presence of well-established router and switch manufacturers is one of the key factors supporting the market growth
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