New York, USA, October 26, 2021 (GLOBE NEWSWIRE) – Market overview:
According to a detailed Market Research Future (MRFR) research report, “Network transformation market information on the size of the organization, by components, by vertical and region – forecast until 2027The market size reached 122.73 billion dollars, increasing at a combined annual growth rate of 39.7% by 2026.
Network transformation allows existing networks to automate processes and provide new customer experiences. The Market Research Future (MRFR) Global Network Transformation Report contains changes in the regulatory landscape and the evolution of communication network technologies. The report can serve as a precursor to industries that want to embark on digital transformation initiatives. The outbreak of COVID-19 and its consequences are part of the report.
Dominant key players in the covered network transformation market are:
- IBM Corporation
- Hewlett Packard Enterprise Development LP
- Telephone activity LM Ericsson
- Dell Inc.
- Intel Corporation
- TATA Communications
- Cisco Systems
- Juniper Networks Inc.
- Wipro Limited
- NEC Corporation
- Ribbon Communications Operating Company Inc.
- Price Corporation
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Advantages of network fibers to accelerate demand
Network fiber is expected to be widely used during the modernization of enterprises. Companies that want to upgrade their networks and maintain them through future-ready networks can stimulate market growth. For example, Corning Inc. has produced fibers with superior flexibility, compatibility and wide range of availability. The introduction of 5G services and the transition to new communication standards by telecommunications providers can herald a good market.
Lack of qualified staff to limit market growth
The lack of qualified staff capable of handling the capacity of new network technologies can hamper market growth.
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Market segmentation covered in the study:
Component of the adhesion solution
By component, the global market for network transformation is divided into solutions and services. In addition, the solution sub-segment is divided into 5G networks, cloud / centralized radio access network (C-RAN), network automation and software-defined network (SDN), and network function virtualization (NFV). While the services sub-segment is divided into professional services and managed services. Among the two solutions, they are set to take a major market share during the forecast period. This is due to the growth of hardware virtualization and the development of next-generation solutions.
Large enterprises to capture a huge market share
According to the size of the organization, the global market for network transformation is divided into small and medium enterprises and large enterprises. Large enterprises are likely to capture huge market share over the forecast period due to relentless cyber attacks and huge capital investments by data protection companies.
IT & Telecom to be the biggest end user
Depending on the vertical, the network transformation market is divided into BFSI, energy and utilities, government, healthcare, IT and telecommunications, manufacturing, retail and others. The IT and telecommunications vertical is expected to be the largest consumer in the market due to huge investments in infrastructure modernization and integration of new technologies.
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North America to lead the growth of the world market
North America is at the forefront of the market for network transformation due to the huge demand for tractors. The adoption of new technologies by companies to improve their efficiency and network capacity can stimulate market growth. Increased budgets and applications in different verticals can stimulate the market.
APAC will show the highest growth rate
APAC is advertised as a world market leader due to the increased demand for 5G services from customers. The introduction of new connectivity services and tenders for new spectrum ranges could lead to market opportunities. The adoption of cloud and peripheral computations is likely to provide customer service providers with higher capabilities and management of a large customer base.
Influence of COVID-19 on the global market for network transformation
The outbreak of COVID-19 accelerated the digital transformation of networks due to the evolution of communication standards and protocols. The adoption of 5G networks and the cloud to increase revenue and scale the profit margins of enterprises can well portend a market transformation network. The support provided to orchestration services, microservices and containers by using cloud scaling and functionality and providing a seamless customer experience can stimulate market growth.
Corning Inc. launched the Corning SMF-28 Contour fiber optic to reduce network errors during fiber optic cable installation.
The increase in cloud computing due to their capacity to scale operations and support for infrastructure virtualization could drive the market for network transformation. Creating data centers and moving to the cloud by different players to expand their storage capacity can be good for the market. The rise of new startups and affinity for the cloud can be key in formulating new strategies by key players.
The growth of work from home and teleworking is likely to provide many opportunities in the global market. Social media platforms and software giants offer employees leeway in managing their schedules and balancing professional commitments. This is evident with various companies increasing their legacy systems and increasing their budget for modern infrastructure.
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The amount is expected to register an exponential CAGR of 39.7% worth $ 12.15 billion in 2019 and $ 122.73 billion by 2026.