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According to a new report, published by KBV research, The Global Routing Market size is expected to reach $22.7 billion by 2027, rising at a market growth of 7.8% CAGR during the forecast period.
The Wireless segment acquired maximum revenue share in the Global Routing Market by Type in 2020, thereby, achieving a market value of $14.3 billion by 2027. This is because the need for wireless routers with effective connectivity is being driven by the growing requirement for high-speed internet connectivity and the increased usage of smart devices such as smartphones, tablets, and smart TVs. Moreover, factors such as rising demand for internet-based devices and the expansion of cloud networking, as well as the growing usage of virtualized technologies are expected to fuel the growth of the segment.
The Core segment is showcasing a CAGR of 7.7% during (2021 - 2027). This is because the core router supports many high-speed and high-usage telecommunication interfaces in the core internet. In addition, it is compatible with the routing protocol used in the core. Within the network, it transfers internet data packets.
The BFSI segment is leading the Global Routing Market by Vertical in 2020, thereby, achieving a market value of $6.1 billion by 2027. Technology is used by financial institutions to improve the efficiency of procedures such as transfers, lending, investing, and receiving payments. Customers are likely to be benefitted from the convenience and accessibility of digital and mobile banking services. Additionally, traders and investors can access market data in real-time due to the high-speed networks. To face the difficulties of fintech, financial institutions require a high-speed, low-latency, and secure network. The increasing deployment of sophisticated routing solutions in the fintech industry is likely to fuel the BFSI vertical's routing market expansion.
North America is the fastest growing region in the Global Routing Market by Region in 2020, and would achieve a market value of $7.7 billion by 2027. The Europe market is estimated to witness a CAGR of 7% during (2021 - 2027). Additionally, The Asia Pacific market would display a CAGR of 9.5% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/routing-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Arista Networks, Inc., New H3C Technologies Co., Ltd., Xiaomi Corporation, Cisco Systems, Inc., Juniper Networks, Inc., Huawei Technologies Co., Ltd., Nokia Corporation, ASUSTeK Computer, Inc., Netgear, Inc., and Hewlett-Packard Enterprise Company.