New York, US, Feb. 14, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Network Engineering Services Market Research Report: Information by Services Type, by Vertical, and Region - Global Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 76.3 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 9.4% during the assessment timeframe.
Network Engineering Services Market Key Players
Eminent industry players profiled in the global network engineering services market report include-
- Cisco (US), IBM (US)
- Ericsson (Sweden)
- Huawei (China)
- Juniper Networks (US)
- HCL Technologies (India)
- Infosys (India)
- NTT Global Networks (US)
- Fujitsu (Japan)
- Cyient (Hyderabad)
- CSS Corp (US) Accenture (Ireland)
- Aviat Networks (US)
- AT&T (US)
- Wipro (India)
- TCS (India).
Key players have adopted numerous strategies to stay at the forefront such as mergers, acquisitions, new product launches, geographical expansions, collaborations, contracts, joint ventures, partnerships, and others to name a few.
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 76.3 Billion |
| Growth Rate | CAGR of 9.4% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Rising Network Investments to offer Robust Opportunities |
| Key Market Drivers | Increasing Adoption of Broadband to Boost Market Growth |
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Network Engineering Services Market Drivers
Increasing Adoption of Broadband to Boost Market Growth
Rising broadband adoption rates in both developed and emerging nations have increased the need for substantial network infrastructures, which will spur growth in the near term. For the market, this represents a profitable opportunity in the foreseeable future.
Market Opportunities
Rising Network Investments to offer Robust Opportunities
The rising network investments will offer robust opportunities for the market over the forecast period. Network investments are becoming more and more important for performance, particularly for communication service providers (CSPs).
Market Restraints
High Price of Software Upgradation to act as Market Restraint
The high price of software upgradation may act as a market restraint in the assessment period.
Market Challenges
Worries Concerning Unauthorized Access to act as Market Challenge
Worries concerning unauthorized access, misuse, and data security may act as market challenges over the forecast period.
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Network Engineering Services Market Segmentation
The global network engineering services market is bifurcated based on services type and vertical.
By services type, network design will lead the market over the forecast period. The markets for data-consuming goods and services, like smart wearables, OTT smart phones, linked logistic systems, and others, are expanding at an exponential rate, which has resulted in a large increase in the demand for cloud computing, data storage services, and Al solutions. It is essential that the design be specifically adapted to the applicable market and industry because these markets incorporate networking resources into their own items.
By vertical, the BFSI segment will domineer the market over the forecast period. The majority of today's financial transactions are carried out through internet deposits, mobile wallets, and e-bill payments. The growth and competition plans of financial organizations must include open banking. When banks integrate their financial solutions with software created by independent enterprises, they create a single interface via which customers can access their services. By working with fintech firms, banks can provide their services to customers across platforms for straightforward payments. Open banking services enable online payments whether ordering food through well-known food delivery apps or hailing a car using well-known cab hailing apps.
COVID-19 Analysis
Due to the sharp rise in demand for communication technologies during the COVID-19 pandemic, which also increased demand for Wi-Fi coverage and network systems, the global network engineering services market has experienced growth. Additionally, the growing popularity of working from home during COVID-19 created a demand for Wi-Fi networks with several nodes that can communicate with one another to easily share a wireless connection over a wider region. These elements fueled the market's expansion for network engineering services globally during the time.
Regional Analysis
North America to Have Lions Share in Network Engineering Services Market
The greatest market will be in North America during the anticipated period. North America can make significant investments in deploying the most advanced tools & technologies to ensure effective company operations because of its strong financial position. These advantages give the firms in this area a competitive edge over those in other areas. The region possesses state-of-the-art IT infrastructure and was a leader in network solutions adoption. The development of technology and automation has altered how customers interact and engage with businesses across industries. It is projected that during the projection period, demand for international network engineering services will rise as a result of North America's growing ICT investments. Due to their strong financial standing, major players in North America have been able to make large investments in implementing the most cutting-edge techniques and technologies. These advantages give businesses in this area a competitive edge over those in other areas. The area has cutting-edge information technology (IT) infrastructure and was a pioneer in the use of network solutions. Due to developments in technology and automation, customers now engage and interact with businesses in various industries in diverse ways.
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APAC to Have Admirable Growth in Network Engineering Services Market
The region with the highest predicted CAGR during the forecast period is Asia Pacific. In terms of nominal GDP and PPP, Asia has the largest continental economy and is the region that is growing the fastest. Additionally, the area has been a pioneer in the adoption and use of cutting-edge technologies. The use of new technologies is causing significant changes in businesses across many industries. The two most important emerging technologies—Wi-Fi 6 and 5G networks—are crucial for the region's technological development. The adoption of new technology and improvements in businesses across numerous industries are undergoing dynamic transformations.
Industry Updates
In September 2022, Ericsson unveiled the Radio 6646, a revolutionary triple-band, tri-sector radio. The company claims that it can replace nine radios while consuming 40% less energy and weighing 60% less than competing products. The radio supports stable networks.
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