Enterprise networking market for cloud deployment is estimated to grow at a CAGR of around 10% over the forecast timeline. This market growth is attributed to the growing adoption of the cloud-platforms to improve the efficiency of critical business processes. Organizations are adopting cloud-based models due to an increase in the volume of business and financial data and the need for reducing additional hardware maintenance costs.
The BFSI vertical in the enterprise networking market is expected to grow at a CAGR of over 4% from 2018 to 2024. Hackers are targeting banking institutions as they hold huge amounts of customer information and their financial records. The growing instances of cyber-attacks on financial IT networks have prompted institutions to undertake initiatives for modernizing their network security policies. Also, banks are rapidly adopting the virtualization technology due to the emerging needs of banks and other financial institutions to have an infrastructure that can accommodate multi-channel digital services and handle increasing data flows.
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The rapidly growing demand for connected devices across the globe is one of the pivotal factors driving enterprise networking market, given that these devices help facilitate real-time communication. In an effort to cope with and overcome the rapidly rising bandwidth bottleneck & network traffic issues, organizations worldwide are embracing network management solutions that keep the traffic flowing while also ensuring network security. The exponential surge in the number of IoT-enabled devices has drastically increased security risks, on the grounds of which organizations are rolling out enterprise network security solutions to obtain visibility of endpoints and unsecured applications & devices.
Enterprise networking market trends are also expected to witness a transformation on account of changing customer preferences toward converged network architecture as well as the network virtualization technology to strengthen the network functions. Shifting user inclination has further enabled organizations to enhance network efficiency at reduced operational costs, which would provide renewed growth prospects for enterprise networking market.
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APAC enterprise networking market is primarily driven by the large-scale adoption of cloud-based infrastructure in the region as the organizations are actively transferring their workloads onto the public cloud. According to a report by the not-for-profit organization, Cloud Security Alliance (CSA), in APAC, Japan, South Korea, Singapore & China are some of the primary nations that have witnessed the highest cloud adoption rate in 2017. The rising prominence of the cloud computing environment has further enabled network architectures that are disparate in nature to contribute to the increasing operational burden.
Some Point from Table of Contents:
Chapter 6. Enterprise Networking Market, By Deployment Model
6.1. Key trends, by deployment model
6.2.1. On-premise market estimates and forecast, 2013-2024
6.3.1. Cloud market estimates and forecast, 2013-2024
Chapter 7. Enterprise Networking Market, By Application
7.1. Key trends, by application
7.2.1. BFSI market estimates and forecast, 2013-2024
7.3.1. Healthcare market estimates and forecast, 2013-2024
7.4. IT & telecom
7.4.1. IT & telecom market estimates and forecast, 2013-2024
7.5.1. Manufacturing market estimates and forecast, 2013-2024
7.6.1. Retail market estimates and forecast, 2013-2024
7.7. Government & public sector
7.7.1. Government & public sector market estimates and forecast, 2013-2024
7.8. Energy & utility
7.8.1. Energy & utility market estimates and forecast, 2013-2024
7.9.1. Others market estimates and forecast, 2013-2024
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