Routing Market Share, Size, Trends, Industry Analysis Report, By Type (Wired, Wireless); By End-Use (BFSI, IT & Telecom, Education, Healthcare, Others); By Region; Segment Forecast, 2022 - 2030
- Published Date:Jun-2022
- Pages: 117
- Format: PDF
- Report ID: PM2451
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global routing market was valued at USD 14.80 Billion in 2021 and is expected to grow at a CAGR of 8.6% during the forecast period. The global routing industry is driven by an increase in the volume of multimedia material produced by the internet and web applications. Increased use and availability of affordable broadband services, with an increasing number of users, have resulted in the development of massive amounts of multi-media material on the internet.
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This is anticipated to increase investment in data centers and cloud infrastructure, as well as the widespread use of data center switches for data traffic management and routing. Further, the growing use of IoT in this sector is fueling the growth of the connected devices market, which in turn is fueling the growth of the routing industry.
With the help of data collected by sensors, IoT allows financial institutions to follow clients' activities, events, and demands. Banks can provide holistic and linked banking solutions for customer finances in real-time using IoT devices. Through data acquired from various smart devices, IoT-enabled connected banking solutions assist banks in meeting customers' needs and facilitating financial decisions. Individual clients can also benefit from value-added services, financial help, and personalized products due to the data.
ISPs and telecom corporations continue to maintain and operate old systems that are difficult to manage. Traditional architecture and infrastructure require customizing the new virtual router software solutions. To enjoy the benefits, these solutions must be effectively connected with existing infrastructure, and there is always the danger that this integration will be incomplete. As a result, service providers are hesitant about their old services.
Industry Dynamics
Growth Drivers
Several large-scale clients are using high-bandwidth exchanges to solve the interconnection problem between hundreds of computers. For numerous applications such as cloud and data analytics, the overall volume and workload in data centers are expanding.
In order to minimize delays and accommodate increased speeds and networks, higher bandwidth is required for such applications. To meet this need, the network must be able to absorb more bandwidth at the access layer, where the requirement is projected to rise from 1 GbE to 10 GbE or 25 GbE, and in the core network, where connection at 40 GbE or 100 GbE would be required.
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Report Segmentation
The market is primarily segmented based on type, end-use, and region.
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By Type |
By End-Use |
By Region |
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Insight by Application
BFSI market segment is anticipated to garner the largest revenue over the study period in the global market. Financial firms employ technology to make procedures like transfers, lending, investing, and receiving payments more efficient. Customers will benefit from the convenience and accessibility of digital and mobile banking services. Traders and investors can access routing market data in real-time owing to high-speed networks. The increasing use of advanced routing solutions in the fintech industry is likely to fuel the BFSI vertical's routing industry growth.
Geographic Overview
North America had the largest revenue share in the global routing market. This high revenue share is primarily due to strategic agreements and collaboration among key companies. For instance, in November 2021, DISH Wireless and Cisco announced a multi-layered collaboration to accelerate 5G services in the US.
The companies will be able to use DISH's 5G network and application infrastructure to support new hybrid work patterns as a result of the partnership. DISH will develop the US’s first smart 5G network with Cisco, unlocking the value and benefits of 5G for companies. In addition, network infrastructure is becoming more complicated, service providers are increasingly using routing solutions to optimize their networks, and there is a growing market demand to give a better customer experience across all key industry verticals.
Moreover, APAC is projected to witness a high CAGR over the study period in the global routing industry. The region has the most mobile users in the world, and this figure is likely to grow in the future years. Furthermore, countries in the Asia Pacific market are moving toward digital transformation, as seen by an increase in the number of digitalization efforts.
In addition, cloud service providers such as AWS, Microsoft, Google, and IBM are driving the expansion of data center applications for the routing market in the region. Amazon and Microsoft both sell cloud services through their Chinese data centers. Further, in June 2021, ZTE Corporation's core router ZXR10 was successfully implemented in China Telecom's IP MAN.
Competitive Insight
Some of the major players operating in the global routing market include Acelink Technology, Adtran, Arista Networks, Asustek Computer, Belkin International, Cisco, Ekinops, Extreme Networks, H3C, HP Enterprise, Huawei, Juniper Networks, Netgear, Nokia, and Xiaomi, among others.
Routing Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 14.80 Billion |
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Revenue forecast in 2030 |
USD 29.67 Billion |
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CAGR |
8.6% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD Billion and CAGR from 2022 to 2030 |
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Segments covered |
By Type, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Acelink Technology, Adtran, Arista Networks, Asustek Computer, Belkin International, Cisco, Ekinops, Extreme Networks, H3C, HP Enterprise, Huawei, Juniper Networks, Netgear, Nokia, and Xiaomi |
