New Technologies Expected to Drive Service Provider Router Market Past $15 Billion in 2024

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The COVID-19 pandemic led to a major reset of our forecast assumptions and market growth profile for the next five years. For the short term through 2020, market growth will be suppressed due to supply and human resource constraints, as well as weakened macroeconomic conditions. Over the longer term, from 2021 through 2024, we expect the technology and use case drivers of our prior forecasts to remain largely intact and drive annual growth.

Network Security and ADC Market to Grow 6 Percent CAGR from 2019 to 2024

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The Network Security and Data Center Appliance market, consisting of the Firewall, Content Security, Intrusion Detection System and Intrusion Prevention System (IDS and IPS), and Application Delivery Controller (ADC) markets, is forecasted to grow at 6% five-year CAGR and go from $14 B in 2019 to $19 B in 2024. Growth at 6% is slightly weaker than the typical high single-digit pattern we have seen over the last decade, but considering the ongoing COVID-19 pandemic is explicable. Several of the key takeaways from our forecast report include:

Spending on Data Center Switches to Grow at a 4% CAGR from 2019 to 2024, Despite the Pandemic

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Dell’Oro Group published an update to its Data Center switch market five-year forecast report. The report shows that the data center switch market is expected to grow at a 4% CAGR from 2019 to 2024, approaching $17 B by the end of our forecast period. Despite the COVID-19 pandemic, our revised forecast of 4% CAGR shows only a slight downward adjustment from our prior January forecast of 5%.

The Total MEC Market to Grow at a 169% CAGR from 2019 to 2024

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We just published the July 2020 Multi-Access Edge Computing (MEC) market forecast report. The industry collaboration and the momentum being achieved, our July 2020 five-year MEC forecast (2019 to 2024) has doubled from our January 2020 forecast. The market is still expected to start slow but greatly accelerates in the second half of the forecast period. We expect the China market will be leading in the scale of MEC deployments and will represent the largest regional market. Here are some key takeaways from the report

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