North America Enterprise Networking Market is estimated to be over USD 25 billion in 2017 and is expected to show lucrative growth with a CAGR of over 3% from 2018 to 2024.
North America Enterprise Networking Market Size, By Product, 2017 & 2024 (USD Million)
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The market is attributed to the increase in cyber threats that enables enterprises to adopt cloud security solutions. The enterprises are shifting toward advanced enterprise networking solutions to manage the growing number of wireless network devices. The increase in BYOD trends has resulted in complex network infrastructure. This complex network infrastructure enables enterprises to adopt a robust network monitoring solution.
The service segment is expected to grow at CAGR of over 6% during the forecast period due to the adoption of network maintenance & integration services by enterprises. The rising network virtualization is enabling enterprises to integrate network devices into the virtualized environment. Enterprises are currently focusing on training their resources for deploying and managing complex network systems. Many solution providers are associating with training partners in various regions to allow their customers to conveniently access the training services. Enterprises are emphasizing on using managed services to focus on their core competencies.
The cloud deployment model is expected to show a growth rate of over 8% during the forecast period due to the increased focus on cloud-based network infrastructure. The cloud-based network infrastructure aids enterprises to eliminate the need for investing and maintaining on-premise network infrastructure and provides scalability to meet their users’ demands. SMEs are shifting toward cloud-based deployment due to benefits such as pay-as-you-go, cost-effectiveness, and improved reliability.
The U.S. held a major share of over 70% in 2017 due to the increase in the number of cyberattacks on defense agencies and banking institutions. For instance, in 2017, Equifax, a consumer credit reporting agency, suffered a data breach that exposed the personal data of 145 million people including social security members. The increase in cyberthreats is enabling enterprises to deploy a robust solution to protect their IT infrastructure.
The companies present in the North America enterprise networking market are focusing on strategic acquisitions to enhance their networking capabilities. In July 2017, Extreme Networks acquired Avaya Inc.’s networking business. Avaya’s networking business complemented its existing portfolio and broadened its enterprise solution capabilities across target verticals. Some companies are also focusing on strategic partnerships to expand their networking product & service portfolio.
Major players operating in the market are Arista, Checkpoint, Cisco, Dell Technologies, F5 Networks, Broadcom, FireEye, HPE, Riverbed, Juniper, Extreme Networks, McAfee, Netscout, Palo Alto, Symantec, Huawei, Trend Micro, Fortinet, and VMWare