Network engineering services market to be worth US$ 54.69 bn by 2022: MarketsandMarkets
According to a new market research report on ‘Network Engineering Services Market Global Forecast to 2022’, published by MarketsandMarkets, the market size is expected to grow from US$ 34.35 billion in 2017 to US$ 54.69 billion by 2022, at a CAGR of 9.8 per cent during the forecast period. Technology readiness for competitive products and services, network investment optimization, advent of Internet of Things (IoT), and growing demand for high speed and large network coverage are the driving factors for the network engineering services market.
Telecom vertical is expected to hold the largest market size during the forecast period. The telecom vertical comprises telecommunications organizations and internet service providers (ISPs). With voluminous data generated from millions of subscribers who stream terabytes of videos, music, and social networking every day, enterprises are facing various challenges, such as high network load, and the increasing demand for network bandwidth. The telecom vertical manages several mobile devices and broadband networks and technologies, such as video streaming and IoT, which are transforming the overall communication infrastructure and networking scenario. Network engineering services in the telecom vertical help the network carriers in ensuring enhanced communication performance.
SMEs segment is expected to grow at a higher CAGR during the forecast period. The entry of small vendors in the network engineering services market has provided an opportunity for SMEs to avail inexpensive solutions. The increased competitive market scenario has also encouraged SMEs to invest in network engineering services for better quality network performance, and to make effective decisions for their business growth. As opposed to large enterprises, SMEs face resource crunch and require methods to solve complexities in their business processes, resulting in better cost optimization of their assets.
According to the report, North America will hold the largest market size during the forecast period. Rapid adoption of network engineering services due to a strong and well-established economy makes North America the largest market in terms of market size. The growing Information and Communications Technology (ICT) investments in North America are expected to boost the demand for network engineering services during the forecast period. North America has emerged as the largest network engineering services market in terms of market size and largescale implementations in the telecom industry over the last decade.
The network engineering services ecosystem comprises key vendors, including Accenture (Ireland), Ericsson (Sweden), IBM (US), Huawei (China), Juniper Networks (US), Dell (US), Cisco (US), Fujitsu (Japan), Aviat Networks (US), Tech Mahindra (India), and Mphasis (India).
