Global Enterprise Routers Market - Segmented by Type of Connectivity (Wired, Wireless), Type of Port (Fixed Port, Modular), Functionality (Core Routers, Aggregation Router, Access Router), End-user Vertical (BFSI, IT & Telecom, Retail), and Region - Growth, Trends, and Forecast (2018 - 2023)
The enterprise routers market is expected to register a CAGR of 6.11%, during the forecast period (2018 - 2023). The scope of the report is limited to the type of connectivity, port, functionality, and various end-user verticals. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Growth in IP traffic, transition towards cloud for data storage are a few factors driving the growth of the market, where as security and privacy concerns are inhibiting its growth rate.
Rapid Growth in IP Traffic
IP traffic have increased five-folds during the past five years and is still increasing exponentially, driven by increasing penetration of the internet. In 2016, worldwide IP traffic exceeded 1 zettabyte and IP traffic during peak hours increased to more than 35%.
With the increase in connected devices, the IP traffic is bound to increase. Video is poised to account for the majority of all IP traffic, owing to increase in video-on-demand (VoD) services. Moreover, bring-your-own-device (BYOD) concept in organizations is also contributing its growth. So, to support this huge growth in IP traffic, routers need to be upgraded, thus growing the enterprise routers market.
North America to Hold the Largest Market Share
North America is expected to hold the largest market size with US holding the major chunk of the market. High dependence on internet connectivity is driving the growth of this market in the region. Moreover, most of the enterprise router providing companies are headquartered in North America, which do pilot run there before launching the product globally. Also, most of the cloud service providers and network virtualization companies are set up in this region, which will also boost the growth rate of enterprise routers market.
Key Developments In The Market