Routing Market: Technological Advancements and Industry Insights Shaping Size, Share, and Growth Outlook

The routing market size has grown strongly in recent years. It will grow from $20.33 billion in 2023 to $21.84 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to growth of the internet and data traffic, expansion of telecommunication networks, e-commerce and online services, cloud computing and data centers, mobile and wireless communications..

The routing market size is expected to see strong growth in the next few years. It will grow to $31.46 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to 5g network deployments, edge computing and iot connectivity, sd-wan (software-defined wide area network) adoption, cybersecurity and threat protection, remote work and digital transformation, multi-cloud and hybrid cloud environments.. Major trends in the forecast period include network slicing and qos (quality of service) routing, zero-trust network access (ztna) for secure routing, ai-driven self-healing networks, quantum-safe routing protocols, routing as a service (raas) models, mesh networking and peer-to-peer routing..

Market Overview -
Routing refer to wired or wireless network services performed by network layer devices. The routing process refers to the selection of a path for traffic in a network or across multiple networks. The routing is applied to networks such as circuit-switched networks, public switched telephone networks (PSTN), computer networks, internet, IP address, and others. The routing algorithm, metric and costs initialize and maintain the routing table for the process of path determination.

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Surging Demand For Internet-Based Devices Fuels Routing Market Growth
The increasing demand for internet-based devices is significantly driving the growth of the routing market. Internet-based devices are hardware devices, which run over the IoT, AI, and ML ecosystem that includes processors, sensors, routing devices, communication hardware & software, and other tools to collect and send data that connect wirelessly to a network and have the ability to transmit data. Routing of data from source to sink is an integral part of large-scale internet-based devices and wireless solutions. For instance, according to the study published in DataProt, the number of IoT or connected devices across the globe is expected to reach 25.4 billion devices by 2025. Therefore, increasing demand for internet and internet-based devices is driving the growth of the routing market.

Competitive Landscape -
Major companies operating in the routing market include Cisco Systems Inc., Huawei Technologies Co. Ltd., Juniper Networks Inc., Hewlett Packard Enterprise Development LP, Arista Networks Inc., ASUSTeK Computer Inc., New H3C Technologies Co. Ltd., NETGEAR Inc., Nokia Corporation, Xiaomi Corporation, Acelink Technology Co. Ltd., ADTRAN Inc., Allied Telesis Inc., Belkin International Inc., D-Link Corporation, EERO LLC, EKINOPS S.A., Extreme Networks Inc., Fortinet Inc., Fujitsu Limited, Hitachi Ltd., NEC Corporation, Palo Alto Networks Inc., Riverbed Technology Inc., TP-Link Technologies Co. Ltd., ZTE Corporation, Alcatel-Lucent Enterprise USA Inc., Brocade Communications Systems Inc., Check Point Software Technologies Ltd., Dell Technologies Inc.

Technological Advancements Driving Innovation In Routing Market
Technological advancements in routing are a key trend that is gaining popularity in the routing market. Major companies operating in the routing market are focused on providing technologically-advanced solutions to meet their end-customer demands and strengthen their market position. These companies are implementing next-generation routing technologies and models into their services, such as load carrying and delivery routing, data-centric routing, optimized link-state routing, dynamic source routing, and others. For instance, In August 2021, Arista Networks, a USA-based provider of computer networking solutions and services, upgraded its routing portfolio to support edge use cases such as multi-cloud, 5G radio access networks, and other applications.

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Key Segments -

The routing market covered in this report is segmented -

1) By Type: Wired, Wireless
2) By Placement: Edge, Core, Virtual
3) By Application: Datacenter, Enterprise
4) By Vertical: BFSI, Healthcare, Education, Residential, Media & Entertainment

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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