The software technologies are expected to witness a high adoption in the structured cabling market and will grow at a CAGR of over 14% over the forecast timespan owing to the rise in demand for effective tools that will help to manage, maintain, and implement the cabling systems in IT environment. These software tools allow the operators to manage the cabling infrastructure by aiding them to view the routing, physical layout, and locations of telecommunication cables, closets, outlets, connectors & individual fiber assignments.
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The growing application of these solutions in the BFSI segment is expected to drive the structured cabling market. Banks and financial institutions are installing large numbers of IT facilities due to the increased data storage requirement. Increasing number of customers due to flexible financial policies is the major factor propelling the demand for large IT facilities. The players operating in the sector are competing by offering low-interest rate loans, savings, and deposit facilities that are attracting a large customer base, resulting in the generation of large amounts of customer details.
Financial companies are concerned with the effective management of their IT assets due to the storage of confidential data that needs to be secured from being lost at times of system downtime and failure. Such factors are encouraging these financial businesses to implement advanced cable systems and tools, thereby propelling the structured cabling market growth.
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The Asia Pacific structured cabling market is predicted to grow substantially due to the rapid industrialization and urbanization in major economies such as China, India, and Japan. The global companies are expanding their enterprise operations in these countries due to the favorable business environment and economic human resources. Such factors are encouraging these businesses to establish their IT environment for the storage and processing of their enterprise data in these countries.
The major companies operating in the structured cabling market are Rittal GmbH & Co. KG, ABB Ltd., Anixter International, Belden Inc., CA Technologies, Cisco Systems, Inc., CommScope Holding Co., Inc., Corning, Inc., Furukawa Electric Co., Ltd., IBM Corporation, Legrand, Metz Connect, Nexans S.A., Panduit Corporation, Reichle & De-Massari AG, RiT Tech Ltd., Schneider Electric SE, TE Connectivity, and The Siemon Company.
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Owing to the presence of a connectivity-driven foreground, the global structured cabling market would be drawing in significant growth over the years to come. In fact, according to a research report by Global Market Insights, Inc., the overall structured cabling market would be exceeding a valuation of $25 billion by 2025.