The Router market is driven by escalating demand for high-speed, secure connectivity, fueled by digital transformation and 5G integration.
PORTLAND, OREGON, UNITED STATES, November 16, 2023 /EINPresswire.com/ — The router market size was valued at $19.6 billion in 2022, and is estimated to reach $44.4 billion by 2032, growing at a CAGR of 8.8% from 2023 to 2032.
Router is a physical or virtual networking device that is designed to receive, analyze, and forward data packets between computer networks. In addition, it plays a critical role in directing data traffic efficiently between networks by forwarding data packets to their intended IP addresses and allowing multiple devices to use the same internet connection. Hence, it determines the best path to travel from its sources to its destination.
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Furthermore, routers are configurable, enabling network managers to develop policies based on routing decisions. In addition, with the use of cutting-edge technology such as AI and machine learning, routers can now make smart decisions allowing customers to prioritize urgent cases and high-value customers, precisely route a case to the correct bot or agent and orchestrate how humans and bots collaborate to quickly resolve customer problems. Moreover, it plays a vital role in ensuring secure and reliable communication in a range of contexts, including businesses, homes, data center, and the broader internet.
Growth in penetration of bring-your-own-device policy among the SMEs positively impacts the growth of the market. In addition, increase in demand for faster internet connectivity technology among consumers and rise in adoption of connected device among the healthcare, education and BFSI industry are the crucial factors that boost the global router market across the globe. However, factors such as high implementation cost of wireless router solutions and overheating and overloading of router technology are expected to hamper the market growth. On the contrary, increase in government initiatives for smart city projects is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
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Depending on end user segment, the IT & telecom segment dominated the router market share in 2022 and is expected to continue this trend during the forecast period, owing to the increase in internet penetration among residential and commercial users and the rising investments in data centers by the leading IT & telecom providers, which helps in expanding the growth outlook of the market. However, the healthcare segment is expected to witness considerable growth in the upcoming years, owing to the need to promote real-time patient monitoring in healthcare organizations, as well as growth in investment and funding in the field of telehealth and telemedicine, which foster the adoption of the router market in the healthcare segment.
Region-wise, the router market was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to increase in demand for colocation data centers among SMEs and rise in adoption of machine-to-machine (M2M) communication, further contributing to the market growth within the region. However, Asia-Pacific is expected to witness significant growth during the router market forecast, owing to the surge in government projects for smart city development coupled with surge in need to monitor network violations and offences in this region.
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The outbreak of COVID-19 is projected to provide a range of new avenues for the market to witness growth over the forthcoming period. These novel opportunities include a tremendous increase in the demand for wireless routers, due to a rise in the number of internet connectivity activities such as ecommerce transactions, web browsing, mobile learning, and online-related activities. Besides, the robust demand for emerging technologies, which are relevant to consumer needs, has grown substantially in the last few years.
The key players profiled in the text-to-speech market analysis are Acapela Group, Amazon.Com, CereProc, Google, Inc., IBM Corporation, iFlytek, iSpeech, LumenVox LLC, Microsoft Corporation, NextUp Technologies, Nuance Communications, Readspeaker, Sestek, Sensory, Inc., TextSpeak, Deepdub, Neosapience. These players have adopted various strategies to increase their market penetration and strengthen their position in the text-to-speech industry.
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