Market Size of IT Connector Industry
|2019 - 2029
|Base Year For Estimation
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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IT Connector Market Analysis
The IT Connector Market is expected to register a CAGR of 6.3% over the forecast period. Factors, such as the need for high-speed connections, the automobile sector's expansion, and a significant increase in investment in underwater cables and military systems, are among the drivers expected to propel the IT connector market over the study period.
The market for IT connectors is booming due to the global digital transition. Reliable connectivity, high performance, and efficiency are the major factors boosting the market's growth. High-performance networks are essential for business, manufacturing, security, and media. The growing demand for media and entertainment and the increasing internet penetration across emerging economies significantly multiplied the number of television and internet subscribers and users of smartphones, PDAs, and tablets. These factors created an immense demand for connector adapters.
Growing demand for connectivity and internet access is positively driving the market's growth. The growing need for higher internet speed and better connectivity eventually requires robust and efficient cable connectivity, fulfilled by fiber optic technology. The connectors are helpful in the protection of optic fiber, which drives the market's growth positively. In 2022, the ITU predicted that 5.3 billion people, or 66% of the world's population, will be utilizing the internet. This marks a 24% growth from 2019, with an expected 1.1 billion individuals joining the internet throughout that time. The rising number of fixed broadband connections has enabled the growth of the market studied. According to ITU, fixed-broadband subscriptions increased by around 9% annually in the last five years. According to ITU, in 2021, fixed broadband subscriptions reached 17 active subscriptions per 100 inhabitants of the world population. This increase in broadband connections is expected to provide an opportunity for the growth of the market studied, as installing such connections requires connectors.
The outbreak of COVID-19 led China to announce a lockdown and practice social isolation in the initial months of 2020. This factor halted manufacturing and the production of various equipment and machinery for several weeks. The IT connector industry was uniquely positioned to aid directly in the fight against COVID-19. Connectivity products are crucial for manufacturing electronics, such as computers, peripherals, and business equipment. Electronics companies have been considered essential businesses in several regions. Amid severe constraints, they provided OEMs with the parts necessary to manufacture the products required for protecting and offering care for people affected by COVID-19, while taking precautions to protect their employees.