London, March 28, 2024 (GLOBE NEWSWIRE) -- Fairfield Market Research has published a new report on the global network monitoring market, providing a comprehensive analysis of current market trends, growth factors, challenges, and opportunities. The report forecasts the market to reach US$4.3 Bn by 2030, growing at a CAGR of 10.2% from 2022 to 2030.
Increasing network complexity and rising cyberattacks are the key drivers of market growth. Businesses are adopting network monitoring solutions to improve operational efficiency, data security, and customer satisfaction. Cloud-based network monitoring solutions are gaining traction due to their scalability and ease of access.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$2.1 Bn | |
| Estimated Market Size in 2030 | US$4.3 Bn | |
| CAGR | 10.8% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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The network monitoring market is driven by the increasing complexity of IT infrastructure and the growing number of cyberattacks. Businesses are increasingly reliant on their networks to operate efficiently and securely. Network monitoring solutions help businesses identify and troubleshoot network issues, ensuring optimal performance and data security.
The report provides a detailed analysis of the global network monitoring market, including market size, segmentation, growth trends, and forecasts. It identifies key drivers, restraints, and opportunities in the market. The report profiles key market players and their competitive strategies. The network monitoring market will grow steadily in the coming years, driven by the increasing adoption of cloud computing, IoT, and AI/ML technologies, says the report.
“The increasing complexity of networks and the rising number of cyberattacks are creating a significant demand for network monitoring solutions,” says the analyst at Fairfield Market Research. “Cloud-based solutions are gaining traction due to their scalability and ease of access. However, challenges include managing the complexity of networks and ensuring data privacy and security,” he adds further.
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Key Research Insights
- On-premise solutions have held a dominant market share over years due to factors like data privacy concerns, and the need for granular control over network infrastructure.
- Large enterprises with complex IT environments often favour on-premise solutions for their customisation capabilities and security.
- The cloud-based solutions segment is anticipated to register the fastest CAGR through 2030 due to its inherent advantages, i.e., scalability, flexibility, and ease of deployment.
- Combining the strengths of both on-premise and cloud-based solutions, hybrid deployments are gaining traction.
Insights into Segmentation Analysis
Large Enterprises Spearhead Adoption
With complex IT infrastructures and stringent security requirements, large enterprises are expected to remain the dominant segment in the network monitoring market. They have the budget to invest in advanced on-premise or hybrid solutions and often require customised features.
However, managing complex network monitoring environments internally can be resource-intensive.
SMEs are expected to witness significant growth due to the increasing adoption of cloud-based solutions that are cost-effective and easy to deploy.
Cloud-based solutions eliminate the need for upfront infrastructure investment and provide SMEs with access to advanced features that may have been cost-prohibitive in the past. However, SMEs may lack the internal IT expertise to fully utilise advanced network monitoring functionalities.
IT & Telecom Leading Industry Vertical
The IT & telecom industry has long been a major adopter of network monitoring solutions due to its reliance on high-performance and secure networks.
The increasing adoption of cloud computing and virtualisation technologies in this sector is further driving the demand for advanced network monitoring capabilities.
On the other hand, the healthcare & retail industries are experiencing a surge in digital transformation initiatives, leading to a growing need for robust network monitoring solutions to ensure data security, application performance, and patient/customer satisfaction.
Regulatory compliance requirements in healthcare and the rise of e-commerce in retail are also propelling the adoption of network monitoring solutions in these sectors.
Key Report Highlights
- The rise of cloud computing and the Internet of Things (IoT) is driving the demand for cloud-based network monitoring solutions.
- Artificial intelligence (AI) and machine learning (ML) are being integrated into network monitoring solutions to provide advanced analytics and automation capabilities.
- The growing focus on data security and compliance is creating new opportunities for network monitoring vendors.
Insights into Regional Analysis
North America Retains the Dominant Position
North America is expected to remain the dominant market throughout the forecast period.
The presence of a large number of leading technology companies, high IT adoption rates, and growing cybersecurity concerns are key drivers.
Early adoption of cloud computing and advanced technologies like AI/ML for network monitoring is also prevalent in North America.
However, market saturation and increasing competition from other regions may limit growth to a certain extent.
A Burgeoning Start-up Ecosystem Boosts Asian Markets
The Asia Pacific region is anticipated to be the fastest-growing market for network monitoring due to several factors.
Increasing government investments in IT infrastructure development, rapid digitalisation across industries, and growing awareness of cybersecurity threats are driving the adoption of network monitoring solutions.
The burgeoning start-up ecosystem and rising internet penetration in the region are also contributing to market growth.
However, a lack of skilled IT professionals and concerns around data privacy regulations in some countries can be growth inhibitors.
Key Market Companies in Network Monitoring Industry
- Cisco Systems, Inc.
- IBM Corporation
- Hewlett Packard Enterprise Development LP
- CA Technologies (Broadcom Inc.)
- SolarWinds Worldwide, LLC
- ManageEngine Technologies Pvt. Ltd. (Zoho Corporation Pvt. Ltd.)
- Paessler AG
- Progress Software Corporation
- Ipswitch, Inc. (SolarWinds Worldwide, LLC)
- Datadog, Inc.
Global Network Monitoring Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Type Coverage, By Bandwidth Coverage, By Technology Coverage, By End Use Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/network-monitoring-market
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