(EMAILWIRE.COM, December 10, 2018 ) The global communications hardware market, one of the major segments of the information technology industry, is expected to grow to above $1000 billion by 2021 at a compound annual growth rate (CAGR) of nearly 11%.
The global economic growth is one of the major drivers of the communications hardware market. The global economy is expected to go through a continued period of steady growth rate during the forecast period. The US economy is expected to consistently show strong growth rate during the same period. The European market is expected to see growth return later in the period, between 2017 and 2018. Emerging markets such as India and China, are expected to witness higher levels of growth than the developed markets. This continued economic growth will increase the demand for telecommunications hardware. The level of economic development will also influence the quality of infrastructure which supports the growth of this industry.
However, a restraint on this market could be the reduction in free trade. Many developed and developing economies are imposing restrictions on free trade to boost their local economy. Brexit is likely to lead to more trade restrictions between the UK and other countries in Europe. The US administration is expected to adopt a more protectionist stance, and renegotiate many trade agreements, including NAFTA. These changes could set off a wider trade war reversing the recent trend towards greater global free trade. For example, according to a report by the International Monetary Fund in 2015, rise in trade barriers, could increase import prices by 10% and decrease exports by 15% in the next five years, thus affecting the growth of the communications hardware market which relies on the easy and cheap movement of goods between countries.
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The increasing globalization of communications hardware has created the need for standardization of products involved. Standardization of communications hardware would enable inter-operability between equipment and systems across companies and countries. The fast pace of innovation in the communications equipment market makes it necessary to revise standards at regular intervals, which is hard to do with so many differences. Lack of consensus among different countries on what constitutes an ideal standard thwarts attempts at standardization. The diverse specifications of products designed by different companies also make standardization tough. Despite all the above problems, attempts at standardization have continued and accelerated in recent years. For instance, G.600-G.699 standard was defined by ITU for transmission media and optical systems.
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