As per the findings of a revised market research report by Persistence Market Research, the global network performance monitoring market reached a valuation of close to US$ 2.4 Bn in 2020, and is anticipated to exhibit a CAGR of close to 12% over the next ten years.
Adoption of advanced technologies such as artificial intelligence (AI) and predictive analytics and machine learning (ML) network performance monitoring solutions/tools are expected to propel market growth over the coming years.
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Network performance monitoring is a process of managing a network for fault and performance using various tools and technologies as per business requirements. Thus, adoption of business operations through network management tools owing to reliable and affordable network management solutions to many organizations is propelling market expansion. Also, underlying opportunities in small- and medium-sized enterprises are expected for network performance monitoring solutions.
Key Takeaways from Market Study
- Professional services hold a market share of over 60%; however, demand for managed network services will witness a CAGR of 18.2%.
- Services are expected to register high growth throughout the forecast period, expanding at a CAGR of 15.5% through 2031.
- Germany holds 32% share of the Europe market, driven by high investments in advanced technologies and stringent government rules on end user verticals.
- The U.S. is a high potential market in North America, and is expected to account for more than 78% of the regional market by 2031, supported by rising investments in small/medium-scale enterprises and large enterprises.
- China dominates East Asia, and accounts for over 60% value share on the back of a vast consumer base.
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“Increasing reliance of SMEs and large enterprises on network performance monitoring platforms to reduce network complexity and minimize security threats is expected to drive market growth,” says a Persistence Market Research analyst.
Lack of Physical Redundancy or Budgets and Handling Massive Network Performance Data to Create Market Opportunities
Network equipment provider companies create a fully redundant network; however, sometimes it is not possible to create an end-to-end fully redundant network. Companies face limitations such as lack of network design, network equipment, protocols, backup, processing, physical redundancy, budgets, and subnet connections.
Network performance monitors (NPMs) help minimize a company’s downtime, reduce costs, and increases overall productivity of the network. Therefore, lack of physical redundancy or budgets are expected to restraint the growth of the network performance monitoring market over the coming years.
Network performance monitoring tools improves the experience for employees, customers, and users, which allows IT teams to understand what users are dealing with, and create detail plans to improve network performance and how to fix problems quickly. Network performance monitoring solutions use data collection with right network analysis, and fix downtime and performance issues, which is an arduous task to complete.
Handling massive network performance data needs robust network monitoring capabilities to ensure smooth operations, which is a challenging task to complete. Thus, the need for handling massive network performance data is expected to create an opportunity for network performance monitoring solution providers over the coming years.
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Persistence Market Research puts forward an unbiased analysis of the global market for network performance monitoring market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031.
To understand the opportunities in the market, it has been segmented on the basis of component [hardware (network packet brokers (NPBs) appliances, network terminal access points (TAPs), and network access control (NAC) appliances] and services [professional services (network consulting services, network integration services, and support & maintenance) and managed services]), enterprise size (small & mid-sized retailers and large retailers), end user (telecom service providers, cloud service providers, managed service providers, network service providers, governments, and enterprises), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and lucrative evaluate opportunities in the market.
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