The global optical networking and communication market reached a value of $16.9 billion in 2019 and is expected to generate a revenue of $32.8 billion by 2030, progressing at a 6.2% CAGR during the forecast period (2020–2030). The key factor leading to the growth of the market are the emergence of IoT and machine-to-machine (M2M) technologies, requirement for high bandwidth, and increasing mobile data traffic. The market has, however, been affected negatively due to the coronavirus pandemic and is expected to recover in the coming years.

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When component is taken into consideration, the market is categorized into optical circulators, optical fibers, optical splitters, optical switches, optical amplifiers, and optical transceivers. Among these, the optical fibers category accounted for the major share of the market in 2019. The category is further divided into multimode and single-mode, between which, the single-mode division is predicted to register a considerable growth during the forecast period, since the demand for optical network component is increasing rapidly in the industry.

On the basis of end user, the optical networking and communication market is divided into industrial, telecommunication, commercial, cable/broadcasting, cloud & data centers, and government. Out of these, the telecommunication division is predicted to hold the largest share of the market in 2030, owing to the increasing penetration of smartphone and internet and rising utilization of social media. Moreover, the increasing focus on infrastructural development in developing economies is also predicted to lead to the growth of the division.

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The Asia-Pacific (APAC) region dominated the optical networking and communication market in 2019, as the region is witnessing a rise in broadband penetration and the evolution of broadband services depend highly on the deployment of optical networks. The advancements in the IoT field, presence of major players, and high adoption of wireless communication in countries including Philippines, Malaysia, India, and China are predicted to lead to the increasing requirement for fiber optic cables in APAC.