Pune,India, Nov. 20, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Optical Wavelength Services Market Size was valued at USD 4.19 billion in 2022 and is projected to grow from USD 4.46 billion in 2023 to USD 10.12 billion by 2030, exhibiting a CAGR of 11.8% during the forecast period.
An optical wavelength service is a delivery service which is used in offering high bandwidth network connections up till 400 Gbps. Demand for wavelength services is attributed to various factors such as adoption of cloud computing and 5G technology, expansion of data center, and digital transformation is set to drive the market growth. Fortune Business Insights™ shares this information in its report titled “Optical Wavelength Services Market, 2023-2030.”
Key Industry Development
April 2023: Zayo Group LLC announced the expansion and enhancements in its network and services. This includes the core IP network modernization, 400-G enable routes, and others. The completed the launch of 8 new routes.
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Key Takeaways-
- Optical Wavelength Services Market is expected to flourish & reach USD 10.12 Billion in 2030
- The rapid advancement in DWDM technology expanding market growth.
- Data transmitted over wavelength services involves the sensitive information.
- Optical Wavelength Services Market Size in North America was USD 2.16 Billion 2022
Discover the Leading Players Featured in the Report-
“Lumen Technologies (U.S.), Zayo Group LLC. (U.S.), Nokia Corporation (Finland)Verizon (U.S.), Colt Technology Services Group Limited (U.K.), Crown Castle (U.S.), Comcast Corporation (U.S.), AT&T (U.S.), Telstra (Australia),TDS Telecommunications LLC (U.S.)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 11.8% |
| 2030 Value Projection | USD 10.12 Billion |
| Base Year | 2022 |
| Optical Wavelength Services Market Size in 2022 | USD 4.19 Billion |
| Historical Data for | 2017 to 2021 |
| No. of Pages | 150 |
| Segments covered | Transmission Rates, Configuration Type, Attributes, Industry, |
Browse Complete Report Details- https://www.fortunebusinessinsights.com/optical-wavelength-services-market-108577
Drivers and Restraints-
Increasing Demand For Data Centers In Various Sectors To Drive Market Trajectory
Increasing demand for data centers in various sectors is anticipated to drive global optical wavelength services market growth. The expansion in the data center industry is propelling the demand for optical wavelength services as sectors such as BFSI, healthcare, government, and education are becoming more and more data driven and cloud centric. The demand for these services is increasing as they allow data center interconnection for real-time data processing and cloud connectivity.
However, security concerns regarding data and limited geographic coverage is set to hinder the market development.
Leading Segments Covered in this Report-
By Transmission Rates
- Less than 10 Gbps
- 40 Gbps
- 100 Gbps
- More than 100 Gbps
By Configuration Type
- Ethernet
- Transparent Synch Frame
- Optical Transport Network
By Attributes
- Metro
- Long-haul
- Short-haul
By Industry
- BFSI
- Healthcare & Life Sciences
- IT & Telecom
- Manufacturing
- Retail & E-commerce
- Government
- Others (Education, Media & Entertainment, etc.)
Regional Insights
Presence Of Large Number Of Data Centers In U.S., North America Is Expected To Lead The Market Share
North America is projected to lead optical wavelength services market share. The market was valued at USD 2.16 billion in 2022. U.S is one of the prominent countries of the region and leads the region due to the presence of large number of data centers.
Asia Pacific is set to grow with the highest growth rate during the study period as region marks itself with the presence of some of the fastest growing economies such as Singapore, India, China, and South Korea.
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Competitive Landscape-
Key Market Players Have Been Adopting various Strategies to Enhance Their Market Positions
The global optical wavelength services market has Lumen Technologies, Zayo Group LLC., Nokia Corporation, Verizon, AT&T, Colt Technology Services Group Limited, and others as some of its key market players. These market players have been adopting various strategies such as mergers, acquisitions, product launches, collaborations, and partnerships to strengthen their positions in the market.
FAQs
How big is the Optical Wavelength Services Market?
Optical Wavelength Services Market size was USD 4.19 Billion in 2022. It is expected to reach USD 10.12 Billion by 2030.
How fast is the Optical Wavelength Services Market growing?
The Optical Wavelength Services Market will exhibit a CAGR of 11.8% during the forecast period, 2023-2030
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