Press Release / Technology / Network Engineering Services Market worth 54.69 Billion USD by 2022

Network Engineering Services Market worth 54.69 Billion USD by 2022

Network engineering services facilitate organizations in technology assessment, planning, design, and deployment of network models. The network engineering services market is expected to grow significantly, owing to the growing demand for high speed and large network coverage and a rapid increase in the number of Internet of Things (IoT)- enabled devices. MarketsandMarkets forecasts the network engineering services market size to grow from USD 34.35 Billion in 2017 to USD 54.69 Billion by 2022, at a CAGR of 9.8% from 2017 to 2022.
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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.
Major companies such as Cisco and Ericsson have adopted the strategy of partnerships/collaborations and introduced new services to expand their service portfolio and strengthen their market position in the network engineering services market. Cisco is one of the leading providers in this market. The company caters to a wide clientele as well as organizations operating in financial services, healthcare, manufacturing, government, and other sectors through its innovative products and solutions. The company’s long-term strategy is focused on expanding its partner network through agreements and collaborations with major players in the market to strengthen its portfolio and serve a large customer base worldwide. In December 2017, Cisco Systems partnered with Digicel, a telecommunication services provider, to fast-track digital transformation and expand its presence in the Caribbean and Central American regions.
Ericsson is another major provider of network engineering services. The company offers a comprehensive portfolio of services in the market. It focuses on both inorganic and organic growth strategies to tap into the network engineering services market. In October 2017, Ericsson signed an agreement with Etisalat. The contract would enable Ericsson to expand its presence in Egypt through transforming the core network and business support systems.
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