According to a recent study from Global Market Insights, the network monitoring market is set to grow from its current market value of more than $2 billion to over $5 billion by 2026.
The network monitoring market is projected to record a considerable growth rate due to the rising demand for smooth operations among different sectors across the globe. Network performance monitoring is a routine process of monitoring, reporting, troubleshooting, and optimizing.
Network monitoring also empowers network administrators and managers to keep track of the quality of network service delivery and overall performance of the underlying network. Through network monitoring, one can anticipate potential interruptions or address network problems proactively. It further helps in maintaining a network that is free from congestion and keeps businesses up and running.
Monitoring solutions collect data from a variety of sources, like packets, SNMP, and flow data. Each of these gives a different perspective to provide an overall picture of the scenario in question. The network monitoring appliances might be utilized on-premises, in the cloud, or both for utmost visibility.
The network monitoring market is analyzed in terms of components, enterprise size, network speed, application, and regional landscapes.
With respect to components, the market is classified into monitoring equipment, software platform, and service. The monitoring equipment market is further divided into network monitoring switches and network test access point (TAP). Among these, the network monitoring switch segment is likely to witness a compound annual growth rate (CAGR) of over 10% due to growing demand for network monitoring hardware components.
The service component segment is categorized into professional and managed. Network monitoring market size from managed service component segment is estimated to register a CAGR of over 10% due to enterprises outsourcing network management functions.
Based on network speed, the network monitoring market is segmented into 1 and 10 Gbps, 40 Gbps, 100 Gbps, and 400 Gbps. Among these, the 40 Gbps segment held a market share of over 15% in 2019.
Applications include retail; IT and telecom; industrial; banking, financial services, and insurance (BFSI); health care; energy and utility; and government. Among these, the industrial application segment may record a CAGR of over 9% due to the rising adoption of IoT devices across manufacturing facilities.
From a regional frame of reference, the Middle East and Africa (MEA) may emerge as a vital revenue pocket for this industry, likely to witness a CAGR of over 12% due to the increasing development of smart city projects.