The global market for structured cabling solutions is expected to grow at a compound annual growth rate of 10.4 per cent between today and 2022, with the market being driven by higher customer demand for networking solutions to meet growing Internet of Things (IoT) requirements.
This is according to research conducted by Market Research Future, which estimated that by the end of the forecast period, this sector will be worth $17.4 billion (£13.42 billion) a year. It noted that increasing demand from both large enterprises and small and medium-sized businesses will contribute to this significant growth.
The report highlighted the rise of the IoT as one of the biggest drivers of the structured cabling market, as organisations big and small look to add a wide range of sensors and other IoT devices to their networks.
According to figures from Gartner, for example, there will be some 8.4 billion connected "things" in use around the world by the end of this year - a 31 per cent increase from 2016.
These will include both industry-specific devices such as manufacturing field devices and real-time location devices for healthcare and cross-industry devices such as smart energy meters, physical security systems and HVAC solutions. All of these will need to be connected to enterprises' networks, which may well involve the need to overhaul cabling solutions.
Market Research Future added that demand for improving communications infrastructure and increasing levels of automation in both homes and enterprises as a result of IoT will also benefit the cabling sector.
The study also found that fibre optic cabling is continuing to increase its market share, with the popularity to this solution set to grow at a rapid pace throughout the forecast period.
"The major shift towards the Cat6 cabling from Cat5 and Cat5e will also fuel the market of structured cabling," it continued, noting that the priority for many enterprises at the current time will be to better integrate and support technology such data centre backups, IP video conferencing and security, all of which will also support the growth of the structured cabling market.
Market Research Future concluded: "The structured cabling market is changing year on year ... Various companies have started realising the need for faster and reliable [connectivity], which further helps to drive the market during the forecasted period. Government initiatives have also had the positive impact on the structured cabling industry."