Network Analytics Market to Surpass USD 9.94 Billion by 2030, exhibiting a CAGR of 23.7%

Pune, India, Nov. 28, 2023 (GLOBE NEWSWIRE) — The global network analytics market size was valued at USD 1.87 billion in 2022 and is projected to reach USD 9.94 billion by 2030, exhibiting a CAGR of 23.7% during the forecast period. Fortune Business Insights™ provides this information in its research report, titled Network Analytics Market Forecast, 2023-2030.

Network analytics serves as a significant tool for overseeing and ensuring the security of data networks, enabling the detection and management of any undesirable activities. With the growing recognition of the importance of data-driven decision-making, organizations are increasingly adopting these solutions to optimize their networks, leading to market growth.

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Key Industry Development:

Oracle Corporation launched the “Network Analysis Suite”, which enhanced various network function data with machine learning and artificial intelligence. It primarily helped operators in making informed decisions and automating network stability further.

Key Takeaways

• Increased Adoption of Cloud Computing in Network Analytics by Major Companies to Boost the Market Growth
• Rising Need for Sophisticated Analytics Solutions for Enhanced Network Experience to Drive Market Growth
• Rising Awareness About Network Security and Reliability Propel the Adoption of Analytics in Data Centers
• Market Players Are Focusing on Various Strategies to Expand their Analytics Solutions Worldwide

Discover the Leading Players Featured in the Report:           

“Companies leading the Network Analytics Market are Nokia Corporation (Finland), Cisco Systems, Inc. (U.S.), VMware, Inc. (U.S.), Juniper Networks (U.S.), IBM Corporation (U.S.), Vehere, Inc. (U.S.), Plixer, LLC. (U.S.), Subex (India), Aruta Networks (U.S.), Cynet (U.S.)”

Report Scope & Segmentation

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Drivers and Restraints:

Progress of Internet of Things (IoT) in Analytics Solutions to Propel Market Growth

IoT devices generate vast amounts of data, serving as a rich source for network analytics. This data deluge is driven by the proliferation of IoT devices, creates a strong demand for network analytics tools and services. The sheer quantity of data generated by IoT devices creates a strong demand for these solutions. Organizations are seeking these solutions to extract valuable insights from this data to improve their operations.

However, organizations face challenges in securing staff with the specialized skills required for deploying and managing analytics solutions, which hinders their ability to fully leverage these tools.

Segmentation:

By Component

By Network Type

• Enterprise Network
• Cloud
• On-premise
• Hybrid
• Telecom Network

By End User

• Organizations, Enterprises, Businesses
• SMEs
• Large Enterprise
• Telecom Companies
• Data Centers

By Region

• North America
• South America
• Europe
• Middle East & Africa
• Asia Pacific

Regional Insights:

North American Market Captures the Key Share in the Market Owing to Government Initiatives and Digital Transformation Adoption

North American market secures the major network analytics market share. North America benefits from robust technology and infrastructure availability, which provides a strong foundation for the adoption and utilization of network analytics solutions.

The proliferation of IoT devices and the expansion of 5G networks in the Asia Pacific region are driving the need for network analytics solutions. These solutions are considered essential for managing these emerging technologies and supporting regional growth.

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Competitive Landscape:

Key Market Firms Forming Partnerships to Expand Globally

Prominent companies are taking a global expansion approach by introducing industry-specific solutions and forming strategic alliances with local partners to establish strong regional influence. Simultaneously, key market players are diversifying their product offerings to attract and retain their customer base. Substantial investments in research and development align closely with the growth trajectory of the market. These strategies play a pivotal role in sustaining and further elevating competitiveness in the ever-evolving market landscape.

FAQ’s

How big is the Network Analytics Market?

Network Analytics Market size was USD 1.87 billion in 2022.

How fast is the Network Analytics Market Growing?

The Network Analytics Market will exhibit a CAGR of 23.7% during the forecast period, 2023-2030.

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