NEWARK, Del, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The network engineering service market is expected to reach US$ 50.3 billion in 2024. The market is estimated to be worth US$ 105.8 billion in 2034. According to projections, the market will exhibit a CAGR of 7.7% between 2024 and 2034.
As communication service providers (CSPs) struggle to differentiate themselves in a competitive market, the pressure to maximize revenue increases. New technological trends such as network functions virtualization (NFV) and software-defined networking (SDN) are changing the deployment and management of networks.
Global network engineering service are predicted to grow significantly over the next few years. With more people using network infrastructure, 5G technology adoption, and the demand for network optimization and security, the market value is expected to rise. With technological advancements, organizations will increasingly rely on network engineering service as their needs evolve.
Adding security to networks continues to be a focus of network engineering service as cyber threats become more prevalent. As security threats continue to evolve, it is increasingly important that engineers stay up-to-date on the latest security measures and technologies to safeguard networks.
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Network engineering service will be impacted significantly by automation and artificial intelligence. By implementing these technologies, it is possible to manage networks more efficiently, to prevent problems from occurring in the first place, and to increase productivity.
5G networks and network virtualization will shape the future landscape of network engineering service in an era of technological convergence. As the digital age evolves, organizations will have to employ skilled network engineers so that their network infrastructures can be designed, implemented, and managed to meet the ever-changing demands of the future.
Network engineering service will be impacted significantly by 5G technology. 5G networks will require engineers to upgrade infrastructures, optimize networks, implement security measures, integrate technologies, and support new applications. A significant economic impact is also expected to be generated by deploying 5G, stimulating economic growth and job creation.
Key Takeaways
- Large size enterprises will continue to dominate the network engineering service market in 2024 with 67% of the total value share.
- The market for network engineering service in the United States is expected to expand at a CAGR of 5.6% during the forecast period.
- China's internet penetration and digital landscape continue to grow, resulting in an 8.2% CAGR for the market.
- The demand for network engineering service in Australia is expected to increase at a CAGR of 11.2% throughout the forecast period.
- The enterprise segment will account for 35% of the market for network engineering service by 2024.
“Faster and more reliable 5G networks enable businesses and individuals to take advantage of new possibilities. With the expansion of businesses globally, the need for reliable and interconnected networks for communications and data transfers is increasing,” opines Sudip Saha, Managing Director at Future Market Insights (FMI).
Market Competition
Players have adopted different strategies to increase their market share for network engineering service. Industry players use several strategies, including acquisitions, joint ventures, and product launches.
Top 10 Key Players in the Network Engineering Service Market
- SINCERA TECHNOLOGIES
- Juniper Networks Inc.
- Datavision Inc.
- Cyient
- HCL Technologies Limited
- Accenture
- Infosys Limited
- Advance Digital Systems Inc.
- Movate
- Hughes Systique Corporation.
Key Developments
- In April 2023, Infosys, a leading digital service and consulting provider, became a Leader in the Everest Group’s 5G Engineering Service PEAK Matrix® Assessment 2023. In addition to marquee projects, Infosys has consistently focused on developing use cases.
- In November 2023, the Navy unveiled a $173M network engineering contract solicitation. Through this contract, the Navy is replacing and consolidating its existing afloat networks into a common computing environment as part of its broader Consolidated Afloat Networks and Enterprise Service program.
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Future Market Insights offers an unbiased global market analysis, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the network engineering service market, the market is segmented based on By Service Type (Professional Service, (Design & Planning, Implementation, Integration, Network Optimization), Managed Service), By Connection Type (Wired, Wireless), By Organization Size (Large Size Enterprises, Small and Medium Sized Enterprises (SMEs)), By End-use (Communication Service Providers (CSPs), Enterprises (Government & Public Sector, Healthcare, Retail & E-commerce, BFSI, Manufacturing, Automotive, Others)), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East, and Africa).
Network Engineering Service Market Segmentation
By Service Type:
- Professional Service
- Design & Planning
- Implementation
- Integration
- Network Optimization
- Managed Service
By Connection Type:
- Wired
- Wireless
By Organization Size:
- Large Size Enterprises
- Small and Medium Sized Enterprises (SMEs)
By End Use:
- Communication Service Providers (CSPs)
- Enterprises
- Government & Public Sector
- Healthcare
- Retail & E-Commerce
- BFSI
- Manufacturing
- Automotive
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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