The optical fiber switch market is estimated to grow at a significant CAGR throughout the forecast period, i.e., 2021-2029, on the back of rising internet penetration globally, followed by the increasing utilization of cloud storage, and rising data transmission. According to the International Telecommunication Union, 41.69% of the world population used the internet in 2015 which rose to 44.8% in 2016. This rate crossed 51% in 2019, backed by the increasing social media usage and the increasing adoption of digital lifestyle. The rise in the demand for optical fiber switches can also be further attributed to the increasing efficiency of optical fiber switches and their ability to handle high speed data transmission. However, the high costs of optical fiber switches present a challenge to the market growth.
On the basis of application, the market is segmented into cloud storage, data transmission, cable television and others, out of which, the cloud storage segment holds the highest growth potential, which can be attributed to the growing prominence of cloud storage applications. Cloud storage devices usually are interconnected with fiber optical cables and hence require numerous fiber optical switches to link the inter-connected hardware.
On the basis of regional analysis, the optical fiber switch market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The North America market is anticipated to hold the highest market share by the end of 2029 primarily on the back of the highest data traffic in the region. According to the data by International Telecommunication Union (ITU), as of 2018, 88.50% of the total population in the North America was documented to use the internet paving way for future opportunities in the region.
Alternatively, the Asia Pacific market is estimated to be the highest growing market for optical fiber switch on the back of technological advancements, increased mobile cellular subscriptions and internet penetration, growing digitalization, and population growth. For instance, according to the data by International Telecommunication Union (ITU), Asia Pacific recorded over 4.5 billion mobile cellular subscriptions in 2019.
The global optical fiber switch market is further classified on the basis of region as follows:
Our in-depth analysis of the optical fiber switch market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Global shift towards digitalization and the increased internet penetration are the major factors accounting for the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
High production cost of optical fiber switches is the major factor estimated to hamper the market growth.
The major players in the market are Hewlett Packard Enterprise, Fujitsu Ltd., Keysight Technologies Inc., ZTE Corporation, Yokogawa Electric Corporation, Nokia Corporation and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology used, function, application and by region.
The cloud storage segment is anticipated to hold the largest market size on the back of increasing internet usage and is estimated to grow at a significant CAGR over the forecast period and display significant growth opportunities.
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