Global Network Monitor Market to Grow at a CAGR of 8.8%, during Forecast Period
Published | 28 September 2022
Global Network Monitor Market is flourishing owing to the increasing demand for cloud services, growth of web applications and multimedia content on the internet along with network monitoring benefits for small businesses.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Network Monitor Market was worth USD 2.31 billion in the year 2021. The market is projected to grow at a CAGR of 8.8%, earning revenues of around USD 4.09 billion by the end of 2028. The Global Network Monitor Market is booming owing to rising demand for cloud services, a surge in demand for strong network monitoring systems to swiftly handle downtime issues, and the need for continuous monitoring due to network complexity and security concerns. Also, the increased use of video services, online gaming, and TV-on-demand has resulted in a surge in demand for high-speed data in recent years. Consumers are deploying network monitoring tools to improve performance output and migrate toward smaller, multi-fiber, and more efficient connections. Furthermore, Global Network Monitor Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, processing large amounts of network performance data, in turn, may act as a huge restraining factor for market growth.
Growing Demand for Cloud Services
Cloud computing makes it possible for businesses to operate more quickly and efficiently in dynamic market environments. It makes the consumerization of technology simpler. It has created previously unimagined possibilities for producing incredibly captivating client experiences. Because of how cloud computing has changed people's and businesses' behavior, many different industries are now able to get beyond technological limitations. Enterprise investment strategies, digital business decision-making procedures, and vendor and technology selections are all heavily influenced by cloud developments. Big data, artificial intelligence (AI), and machine learning are recently emerging technologies that are driving the global cloud computing market forward. During the projected time, all of these factors are expected to contribute to the global network monitoring market's growth (2022-2028).
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Increased BYOD and IoT Penetration
BYOD is a trend in which employees are provided personal mobile devices as well as software to utilize for both personal and business purposes. The rising acceptance of BYOD by enterprises has resulted in a huge increase in mobile device prevalence. Because of the variety of services, applications, and capabilities available, large volumes of data are saved on, transmitted to, and from mobile devices. The majority of information stored on mobile devices is sensitive, such as credit card numbers, passwords, and usernames. As a result of the increased use of mobile devices, businesses are implementing effective monitoring and analytics solutions. This results in offering lucrative opportunities for the Global Network Monitoring Market during the forecast period (2022-2028).
Challenge: Exorbitant Costs related to Network Monitoring
Businesses must upgrade their networks to provide capacity and new capabilities as more corporate processes move online. Networks increasingly need to support various business services like telephony and video conferencing, which need more network bandwidth in addition to handling traditional IT applications. Multicasting protocols must also be added for multimedia applications, autoconfiguration protocols must be added for new endpoint devices, and IP virtualization features must be added for the deployment of new services to shared network infrastructure. Businesses cannot afford to effective network administration to save money because it is essential to their ability to succeed. Costs associated with network upgrades and maintenance are typically far lower than those associated with outages, data leakage, and other problems. Budget constraints might make it harder to maintain network security. Because of the complexity of today's networks, many firms are devoting substantial time and resources to network monitoring, leaving fewer resources for core business activities.
Segmental Coverage
Global Network Monitoring Market – By Bandwidth
Based on the bandwidth, the Global Network Monitoring Market is segmented into 1&10 Gbps, 40 Gbps, and 100 Gbps. Among these, the network monitoring equipment market for 40 Gbps bandwidth holds the largest share. Monitoring equipment with 40 Gbps bandwidth is being used in data centers and core network deployments. The burgeoning data center business, as well as the increased use of servers and virtualization technology, is pushing the demand for more bandwidth. These network monitoring devices are optimized and provide cost-effective switching solutions. This also considerably reduces the number of switches necessary on the same network. Moreover, during the projected period, the 100 Gbps sector is expected to have a sizable revenue portion of the network monitoring market. The rapidly increasing growth of the segment is due to an increase in data volumes generated through these networks. Almost every operation in every industry is becoming digitized these days, resulting in vast volumes of corporate, personal, and public data being collected. This element is contributing to the segment's rapid expansion. All these factors boost the growth of the Global Network Monitoring Market during the forecast period (2022-2028).
Impact of COVID-19 on Global Network Monitoring Market
The COVID-19 outbreak and spread have had an impact on the network monitoring business. The COVID-19 pandemic had an influence on multinational operations in a variety of industries and geographical areas. Because businesses faced limited supply or limited demand, which had serious consequences, the virus's negative effects spread more quickly in places where customers, manufacturers, or suppliers do business. This is due to labor shortages, reduced production, postponed purchases, supply-chain disruptions, and cross-border trade restrictions, which caused delays in raw material and component shipments.
Competitive Landscape
The leading market players in the Global Network Monitoring Market are Gigamon, Netscout, Ixia, Viavi, Apcon, Garland Technology, Juniper Networks, Inc., Cisco, Broadcom, Big Switch Networks, Zenoss, Network Critical, Corvil, Calient, Netgear, Motadata, Keysight Technologies, Riverbed Technology, SevOne, Accedian, Arista Networks, Inc., IBM, Pico Quantitative Trading LLC, and Other Prominent Players. The Global Network Monitoring Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Network Monitoring Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Network Monitoring Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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