The optical communication and networking market is expected to be worth USD 24.12 Billion by 2023, growing at a CAGR of 8.1% from USD 15.11 Billion in 2017. Some of the key factors driving the growth of this market are the growing adoption of cloud-based services and virtualization, and growing data center deployments.
According to the new market research report on "Optical Communication and Networking Market by Component (Fiber, Transceiver, Amplifier, Switch, Splitter, Circulator), Technology (WDM, SONET, and Fiber Channel), Application (Telecom, Data Center, and Enterprise) and Geography - Global Forecast to 2023", the optical communication and networking market is expected to grow from USD 15.11 Billion in 2017 to USD 24.12 Billion by 2023, at a CAGR of 8.1% between 2017 and 2023. The growth of this market is driven by the growing data center deployments, and increasing internet penetration and data traffic.
Browse 65 Market Data Tables and 50 Figures spread through 165 Pages and in-depth TOC on "Optical Communication and Networking Market - Global Forecast to 2023"
Optical communication and networking market for optical transceivers to grow at the highest CAGR during forecast period
The optical communication and networking market for optical transceivers is expected to grow at the highest CAGR during the forecast period owing to the introduction and adoption of new applications such as wearable devices, IoT, and cloud computing to address the evolving consumer needs.
The increasing internet penetration and growing data traffic lead to the rapid growth of data centers along with the need for high-speed transmission networks. Optical transceivers are used to upgrade telecommunications networks and launch very large mega data centers.
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Optical communication and networking market for the data center application to grow at the highest CAGR during forecast period
This market for the data center application is expected to grow at the highest CAGR between 2017 and 2023 owing to the mainstream adoption of cloud computing and the growing use of the Internet by smartphones and other connected devices. There is a rapid increase in internet traffic going through mega data centers.
Mega data centers are operated primarily by leading companies, such as Amazon (US), Apple (US), Facebook (US), Google (US), and Microsoft (US). They have steadily increasing investments in very large data centers as they implement cloud-based Big Data services that can be crowd-sourced and crowd-distributed and that use machine-to-machine and inter-datacenter transactions to power the mobile web.
The Americas to hold the largest share of the optical communication and networking market during the forecast period
The Americas held the largest share of the market in 2016 and is expected to dominate the market with the largest share between 2017 and 2023. The Americas has emerged as a major data center and cloud computing hub, which has ultimately made it the largest consumer of optical communication and networking since data center is the leading application for this market.
The major players in the optical communication and networking market are Huawei Technologies Co. (China), Nokia (Finland), Cisco (US), Ciena (US), ADTRAN (US), ZTE (China), Broadcom (US), Finisar (US), Fujitsu Optical Components (Japan), Infinera (US), ADVA Optical Networking (Germany), NEC (Japan), Juniper Networks (US), Ericsson (Sweden), Corning (US), and Coriant (US).
The key innovators in the market are Lumentum Operations (US), Calix (US), Oclaro (US), Arista Networks (US), NeoPhotonics (US), Mitsubishi Electric (Japan), and ECI Telecom (Israel).
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