Global Network Management Solutions Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global network management solutions market is estimated to garner a revenue of ~USD 10 billion by the end of 2031 by growing at a CAGR of ~9% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 6 billion in the year 2021. The growth of the market can be attributed primarily to the growing adoption of the internet of things (IoT) amongst businesses worldwide. Globally, the number of connected devices with IoT is increasing, which is resulting in a need amongst businesses for network management solutions, which is expected to drive the growth of the market in the coming years. For instance, the number of internet of things (IoT) connected devices globally is projected to reach close to 30 billion by 2030, up from about 8 billion in the year 2020.
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The increasing digitalization around the globe is responsible for the increase in systems, servers, processes, networks, and others worldwide. Networks are managed via a centralized network management solution, as it bridges the gaps between various devices, vendors, and environments. The solution is responsible for monitoring the state of the network and taking corrective measures to improve network performance, detect fault, and ensure security of the network. With the recent advancements in technology as well as increasing use of the internet, the demand for network management solutions is on the rise amongst businesses, products, and service providers, which in turn is expected to create massive revenue generation opportunities for the key players operating in the global network management solutions market during the forecast period. For instance, approximately 69%of the global population is expected to be actively using the internet in 2022.
Global Network Management Solutions Market: Growth Drivers and Challenges
Rising Demand for Network Security Solutions – The rise in the number of cyber-attacks on organizations has caused massive social and economic damage. As a result, companies have started to increase their security investments. For instance, in the year 2018, a mega breach was reported which involved ~1 million compromised records, costing for approximately USD 39 million.
Growing Trend of Bring Your Own Device (BYOD): It has been observed that, in 2022, more than 80% of companies have some kind of BYOD policy and ~75% of employees use their personal phones for work purposes, calling for strong network management solutions.
Increasing Cloud-based Storage – For instance, the total amount of data stored in the cloud globally is projected to reach ~50% by 2025, up from about 25% data stored in the cloud in the year 2015.
Upsurge in Data Generation – It is estimated that, in 2022, the amount of data produced every day is approximately 2 quintillion bytes.
- Concern of Increasing Data Breaches – it was found that, in 2018, the global average cost of stolen record, containing sensitive and confidential information, grew by more than 4.5% from 2017.
- Complexity in handling increasing traffic moving in various directions from devices
- Challenges to Abide by the Changing Regulatory Landscape
The global network management solutions market is segmented and analyzed for demand and supply by enterprise into large enterprise and SMEs. Amongst these segments, the large enterprise segment is anticipated to garner the largest revenue by the end of 2031, backed by the growing digital transformation of businesses along with the surge in the number of servers worldwide. For instance, in the year 2020, the total number of secure internet servers was estimated to be ~90 million across the globe.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Network Management Solutions Market Regional Synopsis
Regionally, the global network management solutions market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2031, backed by the presence of a strong information technology (IT) infrastructure in the region, along with a growing number of virtual private networks (VPNs) responsible for the adoption of network management solutions. It was found that, in the year 2020, more than 48 % of adults used a VPN in the United States.
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The global network management solutions market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global network management solutions market includes the following segments:
By Solution Offered
Top Featured Companies Dominating the Global Network Management Solutions Market
- Cisco Systems, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Accedian Networks Inc.
- BMC Software, Inc.
- Broadcom, Inc.
- ExtraHop Networks, Inc.
- Nokia Corporation
- IBM Corporation
- HelpSystems, LLC
- Micro Focus