According to a new market report published by Transparency Market Research, the global network traffic analysis solutions market was valued at US$ 1,527.6 Mn in 2017 and is expected to expand at a CAGR of 15.2% from 2018 to 2026, reaching US$ 5,339.7 Mn by the end of the forecast period. According to the report, North America was a significant contributor in terms of revenue to the network traffic analysis solutions market in 2017. This is primarily due tothe presence of a large number of network traffic analysis solutions vendors in the region. Most of the players focus on providing advanced solutions to organizations so as to gain a competitive edge in the market.
Rise in the Use of Smart Devices and Increase in IT Security Budgets are Driving the Global Network Traffic Analysis Solutions Market
Rise in the use of smart devices and increase in IT security budgets are major factors that are expected to fuel the network traffic analysis solutions market across the globe. In the modern age, almost all industries require computers and the Internet in order to execute their work. The work is mostly done through websites or web-based applications. Increase in the use of the Internet worldwide opens new doors for data breaches and attracts new cyber-attacks on end-users across various sectors. Therefore, to minimize/eliminate the chances of cyber-attacks, various organizations are compelled to increase their IT spending on advanced network security solutions. This, in turn, is expected to drive the network traffic analysis solutions market during the forecast period. Furthermore, proliferation of 5G technology is anticipated to create new opportunities for the growth of the network traffic analysis solutions market around the globe.
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Network Traffic Analysis Solutions Market: Scope of the Report
The global network traffic analysis solutions market has been segmented based on component, deployment, user, end-use industry, and geography. In terms of component, the market has been categorized into solutions and services. The solutions segment has been further divided into traffic behavior analysis, network troubleshooting, network security monitoring, network bandwidth monitoring, peering analysis, and others. The services segment has been further split into managed/outsourced services and professional services.The solutions segment is primarily driven by rise in demand for advanced networking solutions in order to streamline network operations and prevent data losses by network traffic. The traffic behavior analysis solutions and network security monitoring solutions sub-segments have contributed a significant proportion to the revenue of the overall network traffic analysis solutions market. Based on deployment, the market can be segmented into cloud and on-premise. The on-premise segment is expected to hold a major market share in terms of revenue, owing to the wide adoption of on-premise solutions across end-use industries. The cloud segment is anticipated to constitute a key market share and is likely to expand at a rapid pace in the near future. This is due to a rise in the adoption of cloud computing solutions.