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The SNS Insider report indicates that the Network Monitoring Technology Market Size was valued at USD 3.21 Billion in 2023, and is expected to reach USD 7.29 Billion by 2031 and grow at a CAGR of 10.8% over the forecast period 2024-2031.
Growing Demand
Network monitoring plays a crucial role in safeguarding and managing computer networks. It helps detect and prevent data loss, theft, and network performance issues. Continuous monitoring of large data volumes through network monitoring tools allows for filtering and anomaly detection. This technology is widely used in enterprises, cloud services, and communication industries.
The market is poised for significant growth in the coming years due to the escalating security threats across various sectors like healthcare, energy, utilities, and medical. Additionally, the burgeoning complexity of IT infrastructure is further driving the demand for network monitoring solutions. Organizations increasingly recognize the need to ensure network security and stability to protect sensitive data and maintain operational efficiency, fueling the network monitoring market’s expansion.
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Major The Key Players of Network Monitoring Technology Market
Viavi Solutions Inc, Juniper Networks, Inc., Datadog, Broadcom Inc., Kentik, Gigamon, Apcon, Cisco Systems, Inc., Garland Technology, NETSCOUT Systems, Inc
Segmentation Analysis
- By Offering
The software segment holds the largest market share due to the increasing adoption of network performance monitoring software to troubleshoot network issues. This software significantly reduces network problems and helps measure bandwidth, making it a preferred choice.
- By Enterprise Type
The SME segment is experiencing significant growth due to the surge in demand for network security and performance monitoring solutions within small and medium-sized companies. These tools effectively troubleshoot network issues across their IT infrastructure, leading to their widespread adoption.
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Key Market Segments
By Offering
- Equipment
- Network TAPs
- Data Monitoring Switches
- Software & Services
By Bandwidth
- 1 To 10 Gbps
- 40 Gbps
- 100 Gbps
By Technology
- Ethernet
- Fiber Optic
- InfiniBand
By End User
- Enterprises
- Telecommunications Industry
- Government Organizations
- Cloud Service Providers
Impact of Russia-Ukraine War & Economic Slowdown
Increased demand for network monitoring solutions to combat cyberattacks and disruptions. Shift towards cloud-based network monitoring solutions for enhanced flexibility and scalability. Development of new monitoring solutions specifically designed for war environments, with features like advanced threat detection and incident response. While the market is still evolving, estimates suggest a potential growth of 10% or more in 2023. The potential economic slowdown presents a challenge to the Network Monitoring Technology Market. Reduced IT spending by businesses could temporarily hamper the market growth. However, the long-term need for efficient network management and security is expected to sustain market momentum.
Key Regional Developments
North America region dominates the market with a 35% share, driven by cloud adoption, network security concerns, and the demand for real-time monitoring solutions. Recent trends include increasing adoption of cloud-based solutions, integration of AI and machine learning, and growing demand for security features.
Asia Pacific region holds a 25% share, fueled by rapid digitalization, rising security needs, and infrastructure investments. Recent trends include the adoption of 5G networks, AI and machine learning integration in network monitoring, and growing demand for cloud-based solutions.
Recent Developments
In January 2024: Nokia announced its partnership with NOS to provide its MantaRay network management solution, offering a unified and automated monitoring view.
In July 2023: ConnectWise introduced new network management capabilities based on the ConnectWise Asio
platform, partnering with Auvik to deliver seamless network visibility and real-time monitoring alerts to IT solution providers and their customers.
Future Growth of the Market
The network monitoring technology market is expected to continue its upward trajectory in the coming years, driven by the aforementioned factors. The growing adoption of cloud computing, the increasing complexity of IT infrastructure, and the rising awareness of cybersecurity threats will further propel market growth.
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Key Takeaways
- The network monitoring technology market is expected to reach USD 7.29 Billion by 2031, driven by the increasing need for network security and performance monitoring.
- The software segment dominates the market due to the increasing usage of network performance monitoring software.
- The SME segment is expected to witness significant growth due to the rising demand for network security and performance monitoring solutions in small and medium-sized companies.
- The cloud-based deployment mode is gaining traction due to its flexibility, scalability, and cost effectiveness.
- The report provides a detailed overview of the leading vendors, their product offerings, and competitive landscape.
- Analyze the potential for growth in different segments and regions to identify lucrative business opportunities.
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