Active Network Management Market Size & Share, by Component (Software, Services); Enterprise Size (Large Enterprises, SMEs); Verticals (Energy & Utility, Transportation, Government); Application (Grid Asset Monitoring, Real-Time Monitoring, Automation, Power) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Increased requirement for smart energy scheduling in smart cities initiatives - Smart city development is receiving significant investment from some North American, European, and Asian nations, such as Canada, the United States, the United Kingdom, Germany, the Netherlands, Spain, Sweden, India, China, and Japan. Energy management and power distribution monitoring are regarded as the two essential components of city planning that ensure a continuous and smooth supply of electricity throughout the city.
  
  In order to sustain a city's power distribution platform, active network management provides sophisticated analytics for network control, high grid stability, real-time power evaluation, and many other operational needs. Furthermore, a major driver of the global market's growth has been the integration of Internet of Things (IoT) devices into the infrastructure of smart cities. By 2050, it's predicted that 60% of people on Earth will reside in smart cities. Over 73% of all connected devices will have something to do with smart cities by 2021.
• Growing requirement for effective power management systems - Global demand for effective power distribution and real-time energy supply control is estimated to drive the growth of the active network management market. Furthermore, the active network management module processes a number of smart grid applications, including sensor communication, communication controls, real-time grid system monitoring, and substation automation.
  
  Active network monitoring is being adopted at a rapid rate by several industries, including oil and gas, mining, transportation, and government agencies, thanks to improved efficiency and precise grid control systems. Additionally, the improved demand response method that the active network management solution offers for power distribution in both rural and densely populated locations is projected to propel active network management market expansion throughout the research period.
• Government initiatives to boost market growth - Around the world, governments aimed to implement smart governance to tackle the issues of urban densification and insufficient provision of essential utilities, including water, sanitation, and electricity. In addition, the digital revolution has altered every significant industry and permeated almost every facet of urban life. As a result, during the past few months, the market has been steadily rising. Moreover, growing expenditures from solution providers are observed to support R&D efforts to create ANM solutions.

Challenges

• Negative impact of COVID-19 - Practically every business in the world has experienced a setback as a result of the COVID-19 epidemic. This can be attributed to significant interruptions in their individual supply chains and manufacturing processes as a result of numerous precautionary lockdowns and other restrictions put in place by governments across the globe.
  
  The global market for active network management is no different. Furthermore, as the outbreak has badly impacted the general economic status of most individuals, there has been a decline in consumer demand as people are now more focused on cutting non-essential expenses from their budgets. The revenue trajectory of the worldwide market is probably affected by the aforementioned variables.
• It is anticipated that emerging countries lack of robust IT infrastructure will restrict market expansion.
• It is projected that in the near future, the expansion of the active network management industry would be constrained by the high implementation costs of smart grid technologies.