According to the latest report by IMARC Group, titled “Optical Wavelength Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global optical wavelength services market reached a value of US$ 3.84 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 6.58 Billion by 2027, exhibiting at a CAGR of 8.80% during 2022-2027.
Optical wavelength services are used to transmit high bandwidth channels into a single strand of fiber. They provide flexibility, enhanced security, network maintenance, cost-effectiveness, and real-time response. As a result, they are widely employed in the telecommunication industry for high-resolution video streaming, credit card processing, and data center interconnection.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The growing need for operating bandwidth-intensive applications represents one of the key factors primarily driving the employment of optical wavelength services in various end use industries. In addition to this, the escalating need for automation and data and file transfer in data center networking is acting as another growth-inducing factor. Furthermore, the increasing inclination of business and network service providers toward advanced multimedia services, such as voice over internet protocol (VoIP), internet of things (IoT), cloud computing, virtual reality (VR), and augmented reality (AR), is bolstering the market growth. Moreover, initiatives implemented by governments of numerous countries for encouraging the development of communication infrastructure are anticipated to stimulate the market growth.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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