The global optical communication systems and networking market size was valued at USD 19.26 billion in 2021. The market is projected to grow from USD 20.39 billion in 2022 to USD 32.94 billion by 2029, exhibiting a CAGR of 7.09% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with optical communication systems and networking systems experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global optical communication systems and networking market share had exhibited a decline of 4.76% in 2020 as compared to 2019.
Global Military Electro-Optics Infrared (EO IR) Systems Market to Witness Huge Growth by 2029 with a
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These optical systems are used for various applications, including medical, defense, and data storage, and telecommunications, industrial and commercial devices. The high demand for these networking systems for military communication devices is increasing demand these systems. Moreover, optical communication system and networking are increasingly used in portable electronic devices for cellular signals and high-speed internet. As the demand for these portable devices rises, the global optical communication systems and the networking market are expected to witness significant CAGR during the forecast period.
The complex design of these optical networking solutions has led to a high initial cost of setup and maintenance, which hinders the use of optical communication and networking systems globally. The market for optical networking solutions is being held back by the intensive computations and maintenance necessary for optical communication and networking systems. The system and installation costs change with fiber modes for optical networking solutions. For instance, single-mode optical fiber is often used for long distances, while multimode optical fiber is commonly used for short ranges. T high cost is complexity in installation and high demand of optical solutions as nothing to date can match the bandwidth and speed fiber optics offers in communications and data movement. Thus the above-stated factors are anticipated to hinder the market growth.
Asia Pacific stood at revenue share of USD 6.91 billion in 2021. The Asia Pacific dominated the market in the base year and is anticipated to remain dominant throughout the forecast period. The presence of several OEMs in China, Japan, India, South Korea, and Australia are expected to surge the market growth during 2022-2029. In addition, the growing smart city projects with high speed internet requirements and developing telecommunication, aviation, defense, healthcare, and semiconductor industries in the mentioned countries to support the market growth during the forecast period.
The competitive landscape of optical communication systems and networking market depicts the domination of selected players such as Arista Networks, Ciena Corporation, and Cisco Systems, Inc. The constant investment in R&D activities, a large focus on product innovation, and long-term contracts with government and authorized bodies will support these companies to withstand their market position. For instance, In January 2022, ADTRAN and ADVA combined the two major companies to create a leading global, scaled provider of end-to-end fiber networking solutions for communications service providers, enterprise, and government customers. Moreover, companies mapped in this report are expanding their geographic reach in the Asia Pacific in forthcoming years.
The global cloud supply chain management market by solution, deployment type, vertical, and region is expected to reach USD 33.4 billion by 2029, expanding at a CAGR of 19.5% over the forecast period, according to a new report by Foresight Market Research. Growing e-commerce and rising adoption of cloud-based systems are major factors driving growth of the cloud supply chain management market globally.
The retail and wholesale segment accounted for highest revenue share in the global market in 2019 and is expected to witness highest growth rate during the forecast period, owing to rising demand for efficient inventory and warehouse management system coupled with logistic tracking capabilities.
For detailed understanding of market dynamics, the global marketis analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North American accounts for the major revenue share of 32.5 % in 2018, owing to growing adoption of advanced infrastructure management system coupled with shift of workload to cloud environment are major factors driving growth of the North America cloud supply chain management market. The market in Canada is expected to witness highest growth during the forecast period.
The market in Asia Pacific is expected to witness highest growth there by registering a CAGR of 21.6% over the forecast period. This growth can be attributed to increasing investment in IT infrastructure, increasing ecommerce sector in country coupled with rising focus on customer experience and mobility.
Military drone or unmanned combat aerial vehicle are used for surveillance, intelligence, reconnaissance, target acquisition and carries aircraft ordnance such as bombs and missiles for drone strikes. As per the market analysis global R&D and procurement expenditure on military drones is expected rise from USD 11.1 billion in 2020 to USD 14.3 billion by 2029. Moreover, the U.S. is expected to increase its R&D and procurement spending to USD 2.7 billion and USD 3.3 billion by 2029.
ION Geophysical Corporation (NYSE: IO) and Greensea Systems, Inc. today announced a joint marketing agreement to provide underwater navigation solutions for manned and unmanned underwater vehicle operators. This partnership will accelerate the adoption of ION's technologies into larger, less cyclic adjacent markets offshore and in the military while providing Greensea with options to integrate ION sensor technology into a growing number of navigation systems. Greensea and ION have already collaborated to integrate ION's optical magnetic heading sensor into Greensea's INSpect navigation system to dramatically improve subsea vehicle navigation accuracy in remote GPS-deprived environments.
Producers of unmanned systems in the U.S. have argued for years that they are handicapped on the global marketplace by restrictions that other drone exporters, most notably China and Israel, are not, and the Trump administration has made increased weapon sales abroad part of its plan for economic growth. 2ff7e9595c