Global Network Analytics Market Is Expected To Reach USD 6,886 Million By 2028
Addressing network complexity arising from the introduction of new technologies such as 5G, IoT, and cloud; increase in data volume and changes in traffic patterns; and rise in SDN integration with existing network infrastructures are expected to be major factors driving the growth of the network analytics market.
The Network Analytics market is expected to develop at a Compound Annual Growth Rate (CAGR) of 20.5 percent from USD 1.4 billion in 2019 to USD 3.6 billion by 2024.
On-premises deployments are expected to have a bigger market share during the projected period.
The worldwide network analytics market is divided into on-premises and cloud deployment types based on deployment type. On-premises deployment of solutions refers to a system that is deployed on the individual’s or organization’s premises rather than at a remote location. On-premises solutions come with a one-time licence price and a yearly service agreement that includes a free upgrade. On-premises deployment is preferred by enterprises that can afford a high cost or have a high level of data criticality, as such deployments necessitate a large infrastructure and their own data centres. As a result, large businesses typically prefer on-premises deployment over cloud, but SMEs frequently face a choice between hosted and on-premises network analytics solutions. On-premises implementations necessitate a specialised IT personnel for maintenance and support, as well as a high-end IT and networking infrastructure, as well as superior system and data control. It also has a number of disadvantages, including as significant implementation costs, which may not be feasible for every firm to invest in. However, the rapid development of cloud computing solutions in the market is affecting the expansion of on-premises deployment models.
During the projection period, the professional services segment is expected to increase at a faster CAGR.
Professional services aid Communication Service Providers (CSPs) in evaluating network environments, assessing network analytics requirements, and seeking technical support and information from market professionals. Professional services provide a comprehensive set of precise procedures and insights for improving business elements and ensuring the company’s long-term viability. In the network analytics market, the facilities allow complete planning and implementation of strategies to construct sustainable network infrastructure. The solution providers’ system integration services help end-users quickly adopt and integrate network analytics solutions into their existing IT and network infrastructure systems. The need for enterprises to comply with various network and radiation standards throughout the world could drive up demand for these services in the market.
Designing, planning, updating, and technological consulting are examples of professional services. Deployment and integration services start with gathering customer needs before delivering, integrating, testing, and deploying solutions.
During the projection period, North America will account for the greatest market share.
During the projection period, North America is expected to have the greatest market size. Because of the large-scale implementation of network analytics tools by organisations and enterprises in the country, the United States has emerged as the largest market for network analytics. The fast expansion of the network analytics market in the US can be ascribed to the fast speed of infrastructure development in the US, as well as the high growth of Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), and cloud computing.
Because of the region’s quick adoption of developing technology, North America is the world’s most technologically sophisticated region. Furthermore, the United States and Canada are important contributors to the region’s technological growth. For example, US companies are substantially investing in network analytics to increase network efficiency and give better customer experiences by gathering insights from network traffic. Nearly 60% of the vendors active in the network analytics industry have their headquarters in the North American region. With more significant expenditures in network intelligence by cloud operators and CSPs, the region holds a considerable portion of the market. North America will continue to lead the market due to rising demand for high-speed networks, fierce competition among key networking industry players to provide better customer experiences, and higher cloud computing adoption rates than other regions. Network analytics solutions that use emerging technologies like IoT, AI, ML, cloud computing, data analytics, and deep learning have increased in popularity in the region.
Players in the Market
Cisco (US), Broadcom (US), IBM (US), HPE (US), Ericsson (Sweden), Huawei (China), SAS Institute (US), Nokia (Finland), Netscout (US), Accenture (Ireland), Sandvine (Canada), Ciena (US), TIBCO Software (US), Juniper Networks (US), SevOne (US), Nivid Technologies (US), Fortinet (US), Extreme Networks (US), Extreme Networks (US) (US). To expand in the network analytics market, these companies have used a variety of strategies. To increase their market position, the corporations are focusing on inorganic and organic growth tactics.Global Network Analytics Market Is Expected To Reach USD 6,886 Million By 2028