Enterprise networking market in India to grow at 5.2% CAGR during 2019-24: Report

Following a temporary decline in 2020, the Indian enterprise networking market is expected to expand at a CAGR of 5.2 percent in its market value between 2019 and 2024, a new report by analytics firm GlobalData said on Wednesday.

GlobalData said it expects that India 's enterprise networking market will decrease from $8.42 billion in 2019 to $8.35 billion in 2020.

Networking services in India will remain the largest and fastest-growing business segment by value over the forecast period, while banking, financial services and insurance (BFSI) will emerge over the forecast period as India's largest vertical market for enterprise networking, GlobalData said.

According to GlobalData, the Covid-19 pandemic-led disruption and the resulting decrease in sales jointly impacted the ICT spending of companies throughout the year.

However, as companies return to normalcy and as businesses accelerate their digital transformation path, their expenditure on ICT infrastructure, including networking, is expected to recover soon, said GlobalData.

Ms Nidhi Gupta, Technology Analyst at GlobalData, said," As businesses gradually resume their normal operations by shifting their business processes to the cloud and allowing their employees to even work from home, their investments in networking technologies and services that are able to support these strategies will increase in the coming years.”

Ms Gupta said, "Although both large and small and medium enterprises are equally keen on making strategic investments in enterprise networking, the latter will turn out to be the highest spenders on networking services in India over the forecast period, given their limited resources and manpower to handle robust network infrastructure".

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.