PUNE, India, August 23, 2018 /PRNewswire/ --
According to the new market research report "Next-Generation Network Market By Offering (Hardware, Software, Services), Application, End User (Telecom Service Provider, Internet Service Provider, Government), and Geography (North America, Europe, Asia Pacific, RoW) - Global Forecast to 2023", published by MarketsandMarkets™, the market to grow from USD 21.86 billion in 2018 to USD 32.81 billion by 2023, at a CAGR of 7.0% from 2018 to 2023.
Browse 60 market data Tables and 32 Figures spread through 117 Pages and in-depth TOC on "Next-Generation Network Market - Global Forecast to 2023"
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Demand for high-speed services, increase in public-private partnerships for NGN developments, and low operational cost are among the driving factors for the growth of the market
Telecom service provider to hold major share of NGN market during forecast period
Telecommunications companies are increasingly adopting NGN to meet the growing requirements for high-speed data services. The exponential growth in IP and mobile data traffic has been the major reason for the increasing adoption of NGN in the telecommunications industry. As the number of smartphone and tablet users increases day by day, demand for high-speed data services grows significantly. Also, the rising trend of Voice over Internet Protocol promotes telecommunications companies to provide services pertaining to quality as well as the quantity of data. Many companies in this industry proactively provide NGN products and services and are likely to transform traditional network to high-speed packet-based NGN.
Market for hardware to hold major share of NGN market from 2018 to 2023
The major hardware devices required for NGN include routers, switches, and gateways. To upgrade traditional network into NGN, the hardware needs to be replaced with advanced capabilities including huge data handling, compatible for software interface, and support legacy network. The growth for hardware offering is primarily attributed to the rise in data traffic in networks and increase in virtualization and technological advancement to reduce OPEX. Moreover, technological advancements and growing IoT and cloud-based services are expected to create opportunities for the NGN market.
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APAC to hold major share of NGN market from 2018 to 2023
The growth is attributed to the increasing network upgrade activities in APAC and growing public-private partnerships to offer high-speed data connectivity. APAC consists of the highest number of mobile subscribers, and the number is expected to grow at a faster rate in the coming years. APAC is a diversified region with a range of countries moving toward digital transformation. The NGN market, including 4G, is at a growing stage in APAC driven by a large number of mobile subscribers and huge demand for high-speed data connectivity.
Cisco (US), Huawei (China), ZTE (China), Ericsson (Sweden), Nokia (Finland), Juniper Network (US), NEC Corporation (Japan), Samsung Electronics (South Korea), IBM (US), Ciena Corporation (US), Hewlett Packard Enterprise (US), AT&T (US), ADTRAN (US), TELES (Germany), KPN International (Netherlands), Infradata (Netherlands), PortaOne (Canada), TelcoBridges (Canada), CommVerge Solutions (Hong Kong), and Extreme Networks (US) are among the major players in the NGN market.
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