Communications & Networking Equipment

Switches, routers, optical, wireless and radio equipment.

Companies

With a moat

27%

Average quality

2 wide moat · 15 narrow moat · 46 no moat · Open in screener →

Updated 27 Sep 2026

Communications & Networking Equipment covers switches, routers, optical systems, wireless and radio equipment. MoatScope covers 63 companies here. Two have a wide moat, 15 a narrow moat and 46 none.

How the industry makes money

Vendors earn on equipment and then on software subscriptions, maintenance and upgrades across the installed base. Customers range from enterprises and cloud providers to telecom carriers and public-safety agencies.

Where the moats are

Switching costs appear in all 17 moat-rated companies: networks are built, configured and staffed around one vendor's gear, and replacing it risks outages. Intangible assets appear in 11.

Cisco: the dominant vendor of networking hardware and software, from routers and switches to wireless, security and observability.
Motorola Solutions: a commanding share of public-safety communications, where agencies rarely switch radio systems.

The narrow-moat group includes Arista Networks, Ciena, Lumentum, Ericsson, Ubiquiti, F5 and Fabrinet. Companies without a moat include Nokia. Arista, rated narrow, scores 81 on MoatScope's quality scale, higher than Cisco's 69.

What wears moats down

Carrier spending runs in cycles, large cloud providers design some of their own equipment, and each new networking standard reopens competition.

What to watch

Data-center networking spending.
Telecom carriers' capital budgets.
Optical upgrades and new standards.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Communications & Networking Equipment into 3 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Enterprise & data-center networking

Switches, routers, Wi-Fi, application delivery and network management.

Global market · $80.6B total revenue in 2025 · source: IDC Worldwide Quarterly Ethernet Switch &…. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Switches, routers and wireless LAN (IDC); Cisco is counted on networking products only.

#	Business	Market share	Revenue
1	CSCO · CISCO SYSTEMS, INC. US revenue	35.1%	$28.3B
2	Huawei (datacom: switches, routers, WLAN) Private · IDC quarterly Ethernet switch & router…	12.4%	$10.0B
3	ANET · Arista Networks, Inc.	11.2%	$9.0B
4	Accton Technology Listed outside the US (TWSE) · TechNews	9.9%	$8.0B
5	HPE · Hewlett Packard Enterprise Co Networking · filed under Computer Hardware & Storage	8.5%	$6.8B
6	FFIV · F5, INC.	3.8%	$3.1B
7	UI · Ubiquiti Inc.	3.2%	$2.6B
8	EXTR · EXTREME NETWORKS INC	1.4%	$1.1B
9	NTGR · NETGEAR, INC.	0.9%	$700M
10	DGII · DIGI INTERNATIONAL INC	0.5%	$430M
	All other companies	11.2%	$9.1B

Telecom, optical & wireless infrastructure

Radio networks, optical transport, optical components and broadband access equipment.

Global market · $110.8B total revenue in 2025 · source: TelecomTV estimate from Dell'Oro data. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Telecom equipment (Dell'Oro-based estimate) plus optical transceivers (LightCounting).

#	Business	Market share	Revenue
1	Huawei (carrier networks) Private · TelecomTV	26.2%	$29.0B
2	ERIC · ERICSSON LM TELEPHONE CO	20.3%	$22.5B
3	NOK · NOKIA CORP	19.4%	$21.5B
4	ZTE (Operator Network) Listed outside the US (SZSE) · ZTE press release	8.0%	$8.8B
5	Zhongji Innolight Listed outside the US (SZSE) · C114	4.8%	$5.4B
6	CIEN · CIENA CORP	4.3%	$4.8B
7	COHR · COHERENT CORP. Datacenter & Communications · filed under Electronic Components & Instruments	3.4%	$3.8B
8	Eoptolink Listed outside the US (SZSE) · 10jqka	3.1%	$3.5B
9	FN · Fabrinet	3.1%	$3.4B
10	VISN · Vistance Networks, Inc.	1.7%	$1.9B
	All other companies	0.8%	$920M

Public safety, IoT & tracking devices

Two-way radios, video security, telematics and connected-device hardware.

Global market · $51.7B total revenue in 2024 · source: Memoori · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. 2024 video surveillance plus land-mobile radio, a partial total.

#	Business	Market share	Revenue
1	MSI · Motorola Solutions, Inc.	22.6%	$11.7B
2	Hanwha Vision Hanwha group, Korea · Memoori	1.9%	$1.0B
3	AIOT · Powerfleet, Inc.	0.9%	$444M
4	ITRN · Ituran Location & Control Ltd.	0.7%	$359M
5	NSSC · NAPCO SECURITY TECHNOLOGIES, INC	0.4%	$182M
6	INSG · INSEEGO CORP.	0.3%	$166M
7	BKTI · BK Technologies Corp	0.2%	$86M
8	SILC · SILICOM LTD.	0.1%	$62M
9	REKR · Rekor Systems, Inc.	<0.1%	$48M
10	TRCK · Track Group, Inc.	<0.1%	$35M
	All other companies	72.8%	$37.6B

Companies

Company	Moat	Quality	Market
CSCO CISCO SYSTEMS, INC.	Wide	69	Enterprise & data-center networking	35.1%	$419.9B
ANET Arista Networks, Inc.	Narrow	81	Enterprise & data-center networking	11.2%	$230.7B
MSI Motorola Solutions, Inc.	Wide	69	Public safety, IoT & tracking devices	22.6%	$75.9B
LITE Lumentum Holdings Inc.	Narrow	40	Telecom, optical & wireless infrastructure	1.5%	$74.9B
NOK NOKIA CORP	None	37	Telecom, optical & wireless infrastructure	19.4%	$52.5B
CIEN CIENA CORP	Narrow	49	Telecom, optical & wireless infrastructure	4.3%	$48.8B
ERIC ERICSSON LM TELEPHONE CO	Narrow	57	Telecom, optical & wireless infrastructure	20.3%	$44.5B
UI Ubiquiti Inc.	Narrow	71	Enterprise & data-center networking	3.2%	$35.8B
FFIV F5, INC.	Narrow	67	Enterprise & data-center networking	3.8%	$25.5B
FN Fabrinet	Narrow	53	Telecom, optical & wireless infrastructure	3.1%	$18.9B
ONDS Ondas Inc.	None	25	Enterprise & data-center networking	<0.1%	$3.5B
EXTR EXTREME NETWORKS INC	Narrow	46	Enterprise & data-center networking	1.4%	$2.9B
DGII DIGI INTERNATIONAL INC	Narrow	56	Enterprise & data-center networking	0.5%	$2.8B
ATVK Ameritek Ventures, Inc.	None	10	Enterprise & data-center networking	<0.1%	$2.3B
VISN Vistance Networks, Inc.	None	31	Telecom, optical & wireless infrastructure	1.7%	$1.3B
ITRN Ituran Location & Control Ltd.	Narrow	78	Public safety, IoT & tracking devices	0.7%	$1.3B
NSSC NAPCO SECURITY TECHNOLOGIES, INC	Narrow	78	Public safety, IoT & tracking devices	0.4%	$1.3B
HLIT HARMONIC INC.	Narrow	46	Telecom, optical & wireless infrastructure	0.3%	$1.2B
GILT GILAT SATELLITE NETWORKS LTD	None	33	Telecom, optical & wireless infrastructure	0.4%	$950M
UMAC Unusual Machines, Inc.	None	21	Enterprise & data-center networking	<0.1%	$819M
NTGR NETGEAR, INC.	None	21	Enterprise & data-center networking	0.9%	$619M
ADTN ADTRAN Holdings, Inc.	Narrow	29	Telecom, optical & wireless infrastructure	1.0%	$524M
CLFD Clearfield, Inc.	None	41	Telecom, optical & wireless infrastructure	0.1%	$416M
ALLT Allot Ltd.	Narrow	41	Enterprise & data-center networking	0.1%	$367M
AIOT Powerfleet, Inc.	None	29	Public safety, IoT & tracking devices	0.9%	$342M
AUDC AUDIOCODES LTD	None	45	Telecom, optical & wireless infrastructure	0.2%	$290M
CRNT CERAGON NETWORKS LTD	None	29	Telecom, optical & wireless infrastructure	0.3%	$290M
TBCH Turtle Beach Corp	None	31	Enterprise & data-center networking	0.4%	$278M
LTRX LANTRONIX INC	None	32	Enterprise & data-center networking	0.2%	$269M
BKTI BK Technologies Corp	None	55	Public safety, IoT & tracking devices	0.2%	$256M
AVNW AVIAT NETWORKS, INC.	Narrow	43	Telecom, optical & wireless infrastructure	0.4%	$253M
SILC SILICOM LTD.	None	23	Public safety, IoT & tracking devices	0.1%	$250M
VUZI Vuzix Corp	None	12	Enterprise & data-center networking	<0.1%	$186M
OCC OPTICAL CABLE CORP	None	26	Enterprise & data-center networking	<0.1%	$115M
RSKIA GEORGE RISK INDUSTRIES, INC.	None	51	Enterprise & data-center networking	<0.1%	$102M
AMPG AmpliTech Group, Inc.	None	17	Enterprise & data-center networking	<0.1%	$71M
INSG INSEEGO CORP.	None	22	Public safety, IoT & tracking devices	0.3%	$69M
GNSS Genasys Inc.	None	12	Enterprise & data-center networking	<0.1%	$60M
MOB Mobilicom Ltd	None	28	Enterprise & data-center networking	<0.1%	$60M
SNT Senstar Technologies Corp	None	40	Enterprise & data-center networking	<0.1%	$60M
AIRG AIRGAIN INC	None	23	Enterprise & data-center networking	<0.1%	$52M
WATT Energous Corp	None	18	Enterprise & data-center networking	<0.1%	$49M
CMTL COMTECH TELECOMMUNICATIONS CORP /DE/	None	16	Telecom, optical & wireless infrastructure	0.5%	$41M
REKR Rekor Systems, Inc.	None	17	Public safety, IoT & tracking devices	<0.1%	$41M
FIEE FiEE, Inc.	None	44	Enterprise & data-center networking	<0.1%	$40M
NTIP NETWORK-1 TECHNOLOGIES, INC.	None	24	Enterprise & data-center networking	<0.1%	$35M
BOSC BOS BETTER ONLINE SOLUTIONS LTD	None	40	Enterprise & data-center networking	<0.1%	$30M
FKWL FRANKLIN WIRELESS CORP	None	20	Enterprise & data-center networking	<0.1%	$26M
KUST KUSTOM ENTERTAINMENT, INC.	None	12	Enterprise & data-center networking	<0.1%	$23M
UTSI UTSTARCOM HOLDINGS CORP.	None	16	Enterprise & data-center networking	<0.1%	$20M
TRCK Track Group, Inc.	None	28	Public safety, IoT & tracking devices	<0.1%	$19M
FOXX Foxx Development Holdings Inc.	None	5	Enterprise & data-center networking	<0.1%	$14M
PRKR PARKERVISION INC	None	28	Enterprise & data-center networking	—	$13M
WYGC Wenyuan Group Corp.	None	7	Enterprise & data-center networking	<0.1%	$10M
SONM DNA X, Inc.	None	8	Enterprise & data-center networking	<0.1%	$5M
CLRO CLEARONE INC	None	19	Enterprise & data-center networking	—	$5M
WLDS Wearable Devices Ltd.	None	21	Enterprise & data-center networking	<0.1%	$4M
IWAL iWallet Corp	None	18	Enterprise & data-center networking	—	$2M
ASNS ACTELIS NETWORKS INC	None	14	Telecom, optical & wireless infrastructure	<0.1%	$1M
CMBMF Cambium Networks Corp	None	12	Telecom, optical & wireless infrastructure	0.1%	$1M
PCLA PicoCELA Inc.	None	11	Enterprise & data-center networking	<0.1%	$1M
GTLL GLOBAL TECHNOLOGIES LTD	None	21	Enterprise & data-center networking	<0.1%	$1M
MTEK Maris Tech Ltd.	None	7	Enterprise & data-center networking	<0.1%	—

63 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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