Network Traffic Analytics Market Size to Reach $5.69 Billion by 2028
The global network traffic analytics market size is expected to reach $5.69 billion by 2028, growing at a CAGR of 9.7% from 2021 to 2028, according to a study conducted by Grand View Research.
Network Traffic Analysis (NTA) includes general network operations and management; recording, reviewing, and analyzing network traffic for performance and security; and identify anomalies.
Growing internet penetration, shifting consumer preference towards online platforms, continued adoption of the BYOD (Bring Your Own Device) trend and the resulting rise in cybercrime have triggered the need to effectively manage network traffic and complexity, thus driving the demand for advanced network management systems.
The state of the network traffic analysis market
- Software segment led the market in 2020 with over 60% revenue share as enterprises continued to adopt various network traffic analysis software to manage network traffic.
- The cloud segment is expected to grow over the forecast period owing to the benefits, such as cost reduction, agility, and convenience in accessing data, provided by cloud-based deployment and continued adoption work from home policy (WFH) by organizations
- The small and medium business segment is expected to grow at the highest CAGR from 2021 to 2028 owing to the growing awareness of network traffic analysis and its benefits among small and medium businesses.
- North America led the market in 2020 owing to early and aggressive adoption of latest and advanced technologies, such as IoT and cloud computing, which drove the demand for traffic analytics solutions regional market network
Cloud-based deployment is expected to gain traction over the forecast period as most organizations aggressively adopt home and remote working practices in the wake of the coronavirus outbreak. COVID-19[female[feminine pandemic.
Cloud-based deployment provides adequate agility as organizational data can be stored in the cloud and accessed in real time regardless of location for further analysis. However, cloud-based deployments also increase the volumes of data exchanged over data networks, which requires robust network traffic analysis solutions.
North America accounted for the largest share of global market revenue in 2020. The United States and Canada, which are considered to be the most developed economies in the North American continent, are also known for the aggressive adoption of latest and advanced technologies, such as the Internet. objects (IoT), artificial intelligence (AI) and cloud computing. A strong and well-developed IT infrastructure deployed in the region bodes well for aggressive adoption of network traffic analysis solutions.