A number of factors, such as the increasing demand for high bandwidth, surging mobile data traffic, and development of the machine-to-machine (M2M) and internet of things (IoT) technologies, are projected to boost the growth of the optical networking and communication market at a CAGR of 6.2% in the forecast period (2020–2030). At this growth rate, the market size is expected to reach $32.8 billion by 2030 from $16.9 billion in 2019.
Currently, the market is witnessing the rising inclination toward wireless optical networks using the open-air optical technology. The primary factor improving the optical networking and communication market growth prospects is the rising demand for high bandwidth. Due to the increasing number of internet users and surging data traffic, the demand for higher bandwidths is rising.
Moreover, the surging number of smartphone users and data centers across the world is propelling the demand for optical networking and communication solutions. As per the GSM Association, since 2018, the number of smartphone users has surged by 250 million to reach 3.8 billion in 2019!
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Another key factor driving the demand for optical networking and communication solutions is the development of the M2M and IoT technologies. With the extensive deployment of these technologies, a high network capacity has become important. The adoption of IoT requires high bandwidth to support multiple connections and reliable internet connectivity.
The rising number of connected devices and increasing adoption of data-intensive applications are boosting the requirement for fiber optic networks offering higher data transfer speeds. Moreover, the growing rate of data browsing and downloading is driving the market growth.
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