Routing Market worth $22.9 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 15, 2022 /PRNewswire/ -- According to the new research report, the "Routing Market with COVID-19 Impact, by Type (Wired, Wireless), Placement (Edge, Core, Virtual), Application (Datacenter, Enterprise), Vertical (BFSI, Healthcare, Education, Residential, Media & Entertainment) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Routing Market size is estimated to be valued at USD 15.1 billion in 2022 and reach USD 22.9 billion by 2027, at a CAGR of 8.6% from 2022–2027.
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The growing requirement for bandwidth in data centers and rising adoption of connected devices in the healthcare and education sectors are projected to create lucrative opportunities for the market players during the review period.
The routing market includes major Tier I and II players like Cisco (US), Huawei Technologies Co., Ltd. (China), Juniper Networks, Inc. (US), Hewlett Packard Enterprise Development LP (US), Arista Networks, Inc. (US), and others. These players have a strong market presence for Routing across various countries in North America, Europe, APAC, and RoW.
High demand for cloud services
The growth of the routing market is exclusively driven by cloud services and cloud-based infrastructure with the increasing number of cloud service providers. Cloud is also driving the adoption of SDN, ensuring scalable, flexible, and differentiated network governed and achieved by SDN. This is further fueling the adoption of data center switches. SDN works on 3 different layers: application, control, and infrastructure; switches play an important role in handling the data traffic and supporting SDN controllers in all three layers. Technological advancements in routing are leading to rapid adoption of routers for cloud-based services. Improved features, such as high bandwidth of 25 Gbps to 100 Gbps, high scalability, and high performance allow quick data access, encouraging the adoption of these routers for cloud computing.
Wireless routers is expected to hold the highest market share during the forecast period
Wireless router is expected to be the leading segment, by type, in the routing market during the forecast period. The growing need for high-speed internet connectivity and the rising adoption of smart devices such as smartphones, tablets, and smart TVs are driving the demand for wireless routers with effective connectivity. The increasing demand for internet-based devices and expansion of cloud networking, coupled with the rising adoption of virtualized technologies, are expected to propel the growth of the global wireless router market during the forecast period.
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BFSI vertical to hold the largest market size of routing market during the forecast period
The increasing implementation of IoT in this vertical is fueling the growth of the connected devices market and consequently the growth of the routing market. IoT enables financial institutions to track customers' activities, events, and needs with the help of the data generated by sensors. With IoT devices, banks can provide holistic and connected banking solutions for customer finances in real-time. IoT-enabled connected banking solutions help banks fulfill customers' needs and facilitate financial decisions through the data collected from various smart devices. The data also enables banks to provide value-added services, financial assistance, and customized products to individual customers.
Routing market in APAC to hold the highest market share during the forecast period
APAC is also witnessing an increase in the adoption of technologies such as cloud, IoT, connected devices, SDN, and NFV. The growing adoption of these technologies, along with the next-generation communication requirements, can create challenges for the existing networks. APAC has the largest mobile subscribers across the world, and the number is expected to increase in the coming years. Moreover, with a rise in the number of digitalization initiatives, countries in APAC are moving toward digital transformation. Most countries in the APAC region, such as Singapore and India, are experiencing high economic growth, fueled by the rapid expansion of domestic enterprises. Also, companies such as AWS, Microsoft, Google, and IBM are the leading cloud service providers in the region that are fueling the growth of the data center applications for the routing market. Both Amazon and Microsoft sell their cloud services through their data centers in China. Google is also planning to open its first data center in China by 2023.
Key players operating in the routing market are Cisco (US), Huawei Technologies Co., Ltd. (China), Juniper Networks, Inc. (US), Hewlett Packard Enterprise Development LP (US), Arista Networks, Inc. (US), ASUSTeK Computer Inc. (Taiwan), New H3C Technologies Co., Ltd. (Taiwan), NETGEAR (US), Nokia (Finland), Xiaomi (China), Acelink Technology Co., Ltd. (Taiwan), ADTRAN (US), Allied Telesis, Inc. (Japan), Belkin International, Inc. (US), D-Link Corporation (Taiwan), EERO LLC (US), EKINOPS S.A. (France), Extreme Networks (US), Linksys USA, Inc. (US), MikroTik (Latvia), Peplink (US), Raymar Information Technology, Inc. (US), Sierra Wireless (Canada), Synology Inc. (Taiwan), and TP-Link Corporation Limited (China).
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