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. 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.
The network engineering services ecosystem comprises several vendors, Accenture (Ireland), Ericsson (Sweden), IBM (US), Huawei (China), Juniper Networks (US), Dell (US), Cisco (US), Fujitsu (Japan), Aviat Networks (US), Tech Mahindra (India), and Mphasis (India). Players in this market have embraced different strategies to extend their worldwide presence and increase their market share. New product launches & upgradations, partnerships/collaborations, agreements, and business expansions are some of the strategies adopted by the market players to enhance their product and service offerings and expand their customer base.
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The Asia-Pacific (APAC) region is expected to provide significant growth opportunities over the next 5 years. As the broadband and mobile infrastructure is improving in this region, the mobile workforce and Bring Your Own Device (BYOD) trend are also gaining momentum. The region encompasses both developed and developing economies, such as Australia, Japan, Singapore, China, India, New Zealand, and South Korea. The developed countries in this region are expected to experience significant growth, because of greater technological infrastructures. The developing countries, on the other hand, are gradually adopting network engineering services to advance and streamline their business processes. Mphasis and Tech Mahindra are some of the major companies headquartered in this region.
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to be the fastest growing vertical in terms of adoption of network engineering services during the forecast period. The BFSI vertical is inclusive of various organizations that are into banking services, such as core banking, corporate, retail, and investment; financial services, such as payment gateways, stock broking, and mutual funds; and insurance services, such as life and general insurance. The risk level in the BFSI vertical is always high, as it deals with critical financial data. The BFSI vertical provides extensive growth opportunities for the network engineering services, due to the globalization of financial services.
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Network engineering services empower the financial institutions to design and deploy network infrastructures, which can automate the business processes. Financial service organizations get the most out of the BYOD development offers, in spite of the rigid security and dictatorial requirements that have to be addressed. In other words, the BFSI vertical should have a firm grip on devices and applications that are linked to their networks. The ever-expanding customer base makes it possible for this vertical with significant growth opportunities for network engineering service providers.
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