Originally created for military communication in the U.S., the internet has become so important that if it broke down even for a single day, the global economy would crash. In almost all the industries, a major part of the work has shifted from pen and paper to computers and the internet. Where people used to sit for hours in a library for a research project, they can get a lot of the information on the internet now. Similarly, emails have replaced much of the letter writing, while emails are themselves being replaced by instant messaging, all thanks to the internet.
Thus, with the booming pace of internet coverage expansion, P&S Intelligence expects the Asia-Pacific (APAC) networking equipment market value to increase from $22,875.2 million in 2018 to $42,753.4 million by 2024, at an 11.3% CAGR between 2019 and 2024. This is because just like electricity, the transmission of data requires several pieces of equipment, including switches, routers, security devices, cables, range extenders, boosters, modems, storage devices, repeaters, access points, bridges, antennae, network interface cards (NICs)/adapters, amplifiers, and hubs.
Browse detailed report - APAC Networking Equipment Market Analysis and Demand Forecast Report
Around the world, China and India are home to the highest number of internet users as they are home to the most people on earth. The increasing disposable income and decreasing internet connection and data rates have allowed people to have the internet at home. Moreover, the region is home to one of the largest corporate sectors around the globe. Since this sector almost exclusively depends on the internet, there are few offices in the region that do not have internet connectivity at all.
Further, the rising rate of digitization and automation in the manufacturing sector is propelling the procurement of networking equipment. Under the industry initiatives of India, China, and many other countries, they are to become manufacturing powerhouses, strengthened by high-tech machines with embedded sensors and advanced controls. For such machines to function, internet connectivity is essential, which is why the Industry 4.0 revolution is driving the installation of networking equipment in factories.
