According to a new report published by UnivDatos Markets Insights, the Network Devices Market was valued at USD 24 billion in 2020 and is expected to grow at a CAGR of around 6% from 2022-2028.
The growing adoption of network devices can be attributed to the expanding number of smartphone users and improved connectivity across the globe. Furthermore, the rapid technological advancements in the telecom industry, home networking and smart home devices are expected to drive the market. For instance, there are more than 250 million smart homes in the world in the year 2022.
The Network Devices Market is expected to grow at a steady rate of around 6% owing to the increasing use of translation services in the entertainment and media industry. Major companies in the market that offer network devices are Cisco Systems, Cradlepoint, Juniper Networks, Huawei, HP Enterprise, Digi International, Sierra Wireless, Nokia, Inseego, and Teltokina Networks.
Due to Covid-19, the market has declined in 2020 due to government regulations regarding lockdowns, temporary shutdown of manufacturing facilities, supply chain disruptions, limited production capacities, workforce shortages, and reduced demand in major end-use industries. However, after covid due to the rising trend of work-from-home, the market is expected to recover quickly.