Network Performance Monitoring Market size is set to reach USD 12 billion by 2032, according to a new research report by Global Market Insights Inc.
The widespread adoption of IoT, connected devices, and cloud computing services is accelerating the demand for network monitoring solutions. Increased network traffic and network outage incidents are pushing businesses to implement resilient network monitoring solutions. Furthermore, massive investments by telecom providers in increasing modulation in bandwidth and frequency, as well as the deployment of 5G technologies with robust network resilience, are likely to fuel the business revenue.
Rising need for network performance management to boost service segment growth
In terms of components, the network performance monitoring market from the service segment is poised to grow at more than 15% CAGR from 2023 to 2032 led by the increasing need to deploy and manage network performance monitoring solutions across enterprises. However, extensive efforts by service providers to deliver in-depth knowledge and instructions to use network monitoring solutions in accordance with business goals and to help improve overall network efficiency throughout the deployment process impact product adoption.
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Uninterrupted networking processes to support professional services segment growth
The service segment is further segmented into professional services and managed services. The professional services segment accounted for around 70% of the network performance monitoring market share in 2022 and is estimated to enhance steadily through 2032. The advantages of professional service providers' assistance and expertise aid in the integration of network monitoring solutions with enterprise network infrastructure. These services also enable businesses to manage and monitor network operations, ensuring smooth networking processing, which is forecast to contribute segment revenue.
Rising adoption of SaaS-based services to augment 100 Gbps segment expansion
The 100 Gbps segment is speculated to exhibit growth of over 20% from 2023 to 2032. The soaring adoption of SaaS-based services, as well as prominent initiatives by manufacturers to expand their customer base, is prompting cloud enterprises to leverage 100 Gbps network speed. Companies in the market are working together to develop network performance monitoring solutions that analyze 100Gbps network speed, which is slated to push segment growth.
Browse key industry insights spread across 290 pages with 441 market data tables and 34 figures & charts from the report, “Network Monitoring Market Size By Component (Monitoring Equipment [Network Monitoring Switch, Network Terminal Access Point (TAP)], Software Platform, Service [Professional Services, Managed Services]), By Enterprise Size (SMEs, Large Enterprises), By Network Speed (1 and 10 Gbps, 40Gbps, 100 Gbps, 400 Gbps), By Application (Government, IT & Telecom, BFSI, Healthcare, Energy & Utility, Retail, Industrial), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Escalating need for scalable network monitoring solutions to amplify SMEs segment revenues
The SMEs enterprises segment is projected to register gains at nearly 15% between 2023 and 2032. The growing reliance of SMEs on scalable and cost-efficient networking solutions that can be easily deployed over their network infrastructure is increasing the adoption of network monitoring solutions across SMEs, which is predicted to be a major factor contributing to network performance monitoring market growth.
Increasing penetration of IoT devices to impel product uptake for energy & utility applications
In terms of application, the energy & utility segment is set to attain about 10% growth rate through 2032 backed by the proliferating adoption of smart utilities and IoT devices, which is enabling companies to deploy network monitoring systems in utility settings. Moreover, devices like smart grid meters, drones, IoT sensors, and smart infrastructure are integrated to facilitate real-time monitoring, in-depth insights, and operational efficiency, increasing the need for network monitoring systems, which is anticipated to foster segment outlook.
Rising penetration of cloud services to complement Latin America industry growth
Latin America network performance monitoring market size to surpass USD 1 billion by 2032. This regional business expansion is attributed to the increasing use of cloud services by BFSI businesses and the proliferation of IoT technology across several LATAM countries. In order to digitize banking processes and transactions, businesses across the BFSI sector in Mexico and Argentina are implementing cloud-based solutions. Additionally, favorable government initiatives influencing the adoption of digitization are expected to speed up regional business growth.
Strategic partnerships to define the competitive landscape
Garland Technology, IBM Corporation (SevOne, Inc.), LiveAction, Inc., Viavi Solutions, Inc., IBM Corporation (SevOne, Inc.), Garland Technology, LLC, Riverbed Technology, Inc., Arista Networks, Inc., Juniper Networks, Inc., and SolarWinds Worldwide, LLC, among others, are some prominent enterprises engaged in the network performance monitoring market.
To cite an instance, In February 2022, Cisco, a global leader in IT and networking, collaborated with Rakuten, a retailing company, to develop and deliver the open RAN solution with the aim to create a fully virtualized cloud-native network. This collaboration also aided the company in delivering technological innovations across multiple industries.