Enterprise networking market trends are 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.
Anti-virus solutions held a majority of the market share in 2017 and are expected to maintain the market dominance in the enterprise networking markets due to rising instances of malware attacks on enterprise networks. As several malware programs are created by attackers each day, the demand for robust antimalware solutions is expected to increase over the forecast timeline.
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The cloud deployment market 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.
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. These circumstances have led to a significant rise in demand for virtualization technology which makes the computing environment more agile, effectively addressing the growing network demands.
The Europe enterprise networking market is expected to hold a market share of over 20% by 2024 due to the rising internet penetration, attracting a lot of malware and viruses to halt enterprise networks. According to a recent study by the European Union Agency for Network and Information Security (ENISA), major cyber-attacks using ransomware were among the top cyber-attacks reported in 2016. An increase in cyber-attacks in countries such as the UK, Germany, and Italy have compelled government agencies and enterprises to come up with the enhanced cybersecurity policies and solutions.
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Companies operating in the enterprise networking market are implementing new solutions to accelerate the provisioning of new customers, applications, and networks with cloud-scale efficiency. For instance, in March 2018, Telefonica Spain partnered with Nokia and Nuage Networks to build data center network investiture. The company extended its SD-WAN infrastructure and included new software-defined data centers, which helped to expand the agility and scalability of its cloud-based services.
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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