Network Traffic Analytics Solutions Market Expected to Hit US Dollar

Network Traffic Analytics Solutions Market

The network traffic analytics solutions market was worth US$2.9 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.3% to reach US$8.5 billion by 2032.

The increase could be attributed to the growing need for proper network administration as network complexity increases. Rising internet penetration rates and hence increase in cyber crime are expected to contribute to the growth of the network traffic analysis solutions market. Continued cloud migration, IoT installations and 5G deployments bode well for the growth of the network traffic analytics solutions market.

The outbreak of the COVID-19 pandemic, along with the containment measures and limitations imposed in many parts of the world to halt the spread of the coronavirus, had a minor influence on network traffic monitoring.

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The outbreak, and efforts to contain it, have delayed global economic activity and compromised the efficiency of day-to-day business operations. However, the growth of the network traffic analysis solutions market is driven by growing awareness and demand for better visibility into network-connected devices. The demand for network traffic analysis solutions will be fueled by the growing demand for cloud-based services.

The volume of data transmitted over data networks shows no signs of slowing down as companies actively implement remote working and work-from-home practices in the aftermath of the outbreak as part of attempts to ensure the employee safety. This has increased the requirement for secure data transfer and efficient data traffic management, fueling the demand for network traffic analysis solutions. The huge increase in traffic on the data network requires a network traffic analysis solution. The United States had the largest share of revenue. The developed world is known for its early and aggressive adoption of advanced technologies such as IoT and cloud computing.

The increased usage of network traffic analysis solution for military and defense applications bodes well for the growth of the regional network traffic analysis solution market. Over the projection period, Asia-Pacific is expected to grow at the fastest CAGR. The proliferation of smartphones and laptops, as well as the ongoing construction of high-speed Internet networks, characterize the region. Several companies in the network traffic analysis solutions market such as China, India, and Australia are developing complex enterprise data networks. In response to the increasing frequency of cyberattacks on corporate networks, some Asia-Pacific countries are considering legislative measures focused on data protection.

KEY POINTS TO REMEMBER:

In the deployment type segment, the on-premises network traffic analysis solutions market is expected to flourish at the fastest CAGR of 14.6%.
With a CAGR of 11.6%, Banking, Financial Services and Insurance (BFSI) is expected to witness significant growth in the industry vertical of the Network Traffic Analytics Solutions market.
The market size for network traffic analysis solutions in the United States is expected to reach US$2.2 billion by 2032, growing at a CAGR of 12.3% during the research period.
UK is expected to reach a market size of US$681.2 million in Network Traffic Analytics Solutions by 2032 growing at a CAGR of 12.3% over the research period.
The Chinese network traffic analysis solutions market is expected to be worth US$1.6 billion by 2032, growing at a CAGR of 14.9% over the forecast period.
Japan is expected to have a network traffic analytics solution market size of US$ 479.6 million by 2032, growing at a CAGR of 13.8% during the research period.
By 2032, South Korea is expected to reach a market size of US$590.0 million in Network Traffic Analytics Solutions, growing at a CAGR of 13.6% during the research period.

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COMPETITIVE LANDSCAPE:

Due to the existence of established and local market players, the market for network traffic analysis solutions can be classified as extremely fragmented. In addition, all these network traffic analysis solutions market players cater to a small number of customers, which increases the competitiveness of the network traffic analysis solutions market.

To strengthen their market position, the Mark network traffic analysis solutions market and participants such as Awake Security Inc., Broadcom Corporation, Cloudflare, Inc., Core Security Technologies, NEC Corporation, NETSCOUT Systems, Inc. and SolarWinds, among others, is pursuing various growth strategies such as new product launches, mergers and acquisitions, and strategic partnerships.

Key segments:

By type of deployment:

Cloud
On the site

By type of user:

Small and medium enterprise (SME)
Big business

By industry vertical:

Bank, Financial Services and Insurance (BFSI)
Government
Health care
Energy and Utilities
Education
Telecom and IT
Manufacturing
Detail

By region:

North America
Europe
Asia Pacific
Middle East and Africa (MEA)
South America

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This press release was published on openPR.

Charles J. Kaplan