Published Date: 2019-08-12
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According to the Graphical Research new growth forecast report titled North America Enterprise Networking Market By Component (Product [Switches, Network Security{Firewall, Intrusion Prevention, Anti-virus/Anti-malware, Secure Web Gateway (SWG), Mobile Device Security}, Wireless, Routers, Network Management], Service [Training & Consulting, Integration & Maintenance, Managed Service]), By Application (BFSI, Healthcare, IT & Telecom, Manufacturing, Retail, Government & Public Sector, Energy & Utility), By Deployment Model (On-Premise, Cloud), Industry Analysis Report, Regional Outlook (U.S., Canada)”, estimated to exceed USD 30 billion by 2024.
The enterprise networking market growth is fueled by the increasing number of connected devices generating the need for secure & real-time communication between devices. The growing network traffic and bandwidth bottleneck issues are enabling enterprises to adopt advanced network management solutions to manage traffic while ensuring network security. Enterprises across the region are adapting to new changes in the ecosystem by leveraging digital technology to develop customer-centric business models. The adoption of these digital technologies enables companies to create new customers, improve efficiency, and generate revenue streams.
The switches segment held a market share of over 25% in 2017 due to the changing enterprise network demands in line with the adoption of network virtualization solutions. The demand for high transmission data rates enables enterprises to use high-speed ethernet switches. The commercialization of 5G technology will further enable companies to manufacture high-speed switches.
The IT & telecom segment is expected to hold a market share of over 20% by 2024 due to the rapidly changing network environment. The growing network challenges, such as huge growth in data traffic and bandwidth shortage issues, are enabling communication service providers to deploy cloud-enabled network virtualization solutions. The growing mobility trends are increasing the number of connected IoT devices and enterprises are using robust enterprise networking solutions to manage these devices.
Canada is expected to have the highest growth rate of 6% over the forecast period due to the adoption of cloud services across the enterprises. The Canadian government authorities are using cloud-computing technology to respond to the increasing demand for IT services. For instance, in August 2016, the Canadian government pursued the right cloud strategy across the public sector that helped Chief Information Officers to procure cloud services more easily. The adoption of virtualization technologies by SMEs is further contributing significantly to market growth.
The companies operating in the North American enterprise networking market are strategically acquiring other network solution providers to enhance their cloud security portfolio. For instance, in January 2018, McAfee acquired Skyhigh Networks to bolster its existing cloud security portfolio. This acquisition helped the company to integrate Skyhigh Security Cloud, McAfee Cloud Workload Security, and McAfee Virtual Network Security Platform, thus allowing enterprises to confidently move toward the cloud and accelerate their businesses.
The major players operating in the North American enterprise networking market are Checkpoint, Cisco, Dell Technologies, F5 Networks, Broadcom, FireEye, Arista, HPE, Riverbed, Juniper, Extreme Networks, McAfee, Netscout, Symantec, Huawei, Trend Micro, Palo Alto, Fortinet, and VMWare.
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