Network Monitoring Market size is set to surpass USD 7 billion by 2027, according to a new research report by Global Market Insights Inc.
The increasing need for network performance monitoring equipment to minimize enterprises’ network downtime, reduce costs, and increase the overall productivity of the network is likely to support the industry growth. The prominent vendors are focusing on fully redundant network due to limitations in the architecture and lack of physical redundancy.
The exponential growth in the number of IoT and BYOD devices has put excessive strain on modern networks, creating a constant demand for efficient network monitoring tools. Additionally, a major portion of IoT devices are shipped with no built-in security features, making network monitoring the only viable solution for gauging network abnormalities and detecting malware attacks.
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Growing adoption of cloud computing software platforms to boost network performance monitoring market demand
Software platform segment is expected to witness over 10% CAGR through 2027 led by the rising demand to generate performance charts and log files that help in enhancing system capabilities, allowing users to modify system settings for optimum set-up. Multiple industries are rapidly adopting software platforms owing to the ability to quickly identify bandwidth issues and fix them at a faster rate. Also, network complexities and security concerns are also major factors behind the adoption of software platform.
Increasing adoption of network monitoring solutions and services across large enterprises
The large enterprise segment held more than 65% of the network monitoring market share in 2020 on account of the increasing digitalization, and technological advancements have propelled enterprise networks to be made up of several interconnected networks. This helps enterprises to leverage data-driven insights to monitor enterprise networks efficiently. Furthermore, the rapid increase in cyberattacks across various industry verticals has pressurized enterprises to adopt the network monitoring solutions and services to safeguard business operations.
Browse key industry insights spread across 275 pages with 434 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, 2021 – 2027”, in detail along with the table of contents:
Increasing benefits of the 400 Gbps network speed segment
The network monitoring market from 400 Gbps network speed segment is poised to register growth rate of about 35% through 2027. It delivers the power, efficiency, and density required for cutting-edge technologies such as 5G, Augmented Reality (AR), Virtual Reality (VR), and 4K video streaming. It also provides greater efficiency impelled by its larger pipes and easy to manage transmit bits at a lower power percentage.
Increasing adoption of BOYD devices across the retail sector
The retail application segment captured a market share of nearly 5% in 2020 driven by the growing trend of shopping through different social & mobile channels. Therefore, retailers are leveraging network monitoring & analytics tools to monitor suspicious activities to counter cyber-threat and data breach. Due to the COVID-19 pandemic, consumers shifted toward online retail platforms from traditional stores. The significant need for e-commerce platforms during the pandemic resulted in increasing suspicious activities and data breaches.
Growing network complexities by increase in data traffic across the North America
North America network monitoring market is anticipated to generate revenue of above USD 2 billion by 2027. The demand for continuous network monitoring from communication service providers is increasing owing to growing network complexities and security concerns. Thus, companies are focusing on developing real-time network monitoring solutions. The increasing popularity and demand for network monitoring software across enterprises are augmenting the regional market growth.
Leading players are focusing on acquisition to propel the market share
Some of the key network monitoring market players are Accedian Networks, Inc., Apcon, Inc., AppNeta, Inc., Arista Networks, Inc., Broadcom, Inc., Cisco Systems, Inc., Colasoft, ExtraHop Networks, Inc., Garland Technology, LLC, Gigamon, Inc., Keysight Technologies, Juniper Networks, Inc., LiveAction, Inc., Logic Monitor, Inc., ManageEngine, NETSCOUT Systems, Inc., Riverbed Technology, Inc., SevOne, Inc., SolarWinds Worldwide, LLC., and Viavi Solutions, Inc.
Companies are focusing on acquisition to address the growing market demand. For instance, in May 2020 Cisco Inc. acquired ThousandEyes, a network intelligence company. This acquisition helped the company to enhance its network performance and monitoring solutions & services into the cloud. It also helped its customers to provide an end-to-end view into the digital delivery of applications and services.