Dublin, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The "Network Engineering Services Market by Service Type (Network Assessment, Network Design, Network Deployment), Transmission Mode (Wired, Wireless), Organization Size (Large Enterprises, SMEs), Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global network engineering services market is expected to grow from USD 48.7 Billion in 2022 to USD 76.3 Billion by 2027, at a CAGR of 9.4% during the forecast period.
Dependency of financial institutions on networking
Commercial banks, investment banks, and credit unions are just a few examples of financial institutions that rely extensively on centralized systems to run their businesses since their local branches must connect to them over the internet. These centralized systems are crucial for several bank-related tasks including credit checks, loan applications, checking blue book value, communications, and security checks that confirm an individual's identification. The institution's scope to conduct business is dependent on their networking capacity, which must be always reliable.
Based on service type, the network design segment is projected to account for the highest CAGR during the forecast period
The increasing demand for cloud-based services and the rising adoption of data-based solutions are the key factors expected to drive the network design segment. The efficient delivery of services improves system reliability and operational efficiency and saves costs. These services also enhance customer experience. The amount of data that needs to be ingested and processed is increasing daily due to the increasing number of data sources. In such cases, adopting a suitable network design has become essential to govern the data, its sources, and data access. Network design form an integral part of network engineering services.
Based on transmission mode, the wireless segment is projected to account for the highest CAGR during the forecast period
Wireless technology provides a hassle-free management and deployment to connectivity needs. Wireless network could considerably lower deployment complexity and cost, including licensing cost, it ensures end-to-end network security, and provides ML, AI, and cloud-driven automation in error handling and maintenance support. Upcoming technologies such as 6G and Wi-Fi 6 are also a driving factor for development of wireless segment.
Based on vertical, BFSI segment is projected to account for the highest CAGR during the forecast period
Cloud-based data solutions are gaining high traction over on-premises solutions due to the multiple benefits of the cloud deployment mode. These benefits include reduced operational costs, simple deployments, and higher scalability in terms of connected resources. Combined with AI and ML technologies banks are aiming to improve their fraud detection systems while reducing chance of risks to minimum. These organizations also emphasize on improving their customer services, instant query resolution, low latency, high-speed networking, and secure banking.
Based on region, Asia Pacific is projected to account for the highest CAGR during the forecast period
Asia is the fastest-growing region and the largest continental economy in terms of GDP Nominal and PPP in the world. The region has also been a leader in upcoming technology adoption and applications. It is witnessing dynamic changes in adopting new technologies and advancements in organizations across various industries. Wi-Fi 6 and 5G networks being the key upcoming technologies, are playing an integral role in technological advancement of Asia Pacific.
Market Dynamics
Drivers
- Increasing Investments in IoT Devices
- Trend of Connected Wearables Gaining Momentum
- Growing Need for Big Data
- Shift Toward OTT
Restraints
- Growing Concerns Over Data Security
Opportunities
- Immersive Gaming and Virtual Reality Market
- Unleashing AI
Challenges
- Concerns About Unauthorized Access
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Network Engineering Services Market, by Service Type
7 Network Engineering Services Market, by Transmission Mode
8 Network Engineering Services Market, by Organization Size
9 Network Engineering Services Market, by Vertical
10 Network Engineering Services Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent Markets
14 Appendix
Companies Mentioned
- Accenture
- Advance Digital Systems
- At&T
- Aviat Networks
- Chr Solutions
- Cisco
- Codetru
- Css Corp
- Cyient
- Ericsson
- Fujitsu
- Hcl Technologies
- Huawei
- Hughes Systique Corporation
- Ibm
- Immco
- Infosys
- Inspira Enterprise
- Juniper Networks
- Mphasis
- Nexius
- Ntt Global Networks
- Sincera
- Tcs
- Tech Mahindra
- Velocis Systems
- Vertikal
- Wipro
For more information about this report visit https://www.researchandmarkets.com/r/iztyo6
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