In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
July 2020- Kentik announced the launch of Synthetic Monitoring Solution as an offering for autonomous testing for cloud and hybrid networks.
December 2020- Cloudflare’s privacy-first web analytics software was made available for everyone, that can be easily used without changing the system’s DNS settings.
The global network traffic analytics market is estimated to garner a substantial revenue and grow at a CAGR of ~14% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing number of system applications, and increasing demand for stability and improved administration of networks around the world. Along with these, rising data volume and changes in traffic patterns globally, and escalating integration of software-defining network infrastructure with existing networks are also expected to drive market growth in in the upcoming years. In 2019, more than 40 zettabytes of data were created, captured, copied and consumed globally, which increased up to 64 zettabytes in 2020. Furthermore, advent of new technologies, such as 5G technology, internet of things (IoT), and artificial intelligence is projected to offer ample growth opportunities to the market in the near future.
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The market is segmented by end user into BFSI, IT and telecom, government, energy and power, and retail, out of which, the BFSI segment is anticipated to hold the largest share in the global network traffic analytics market. This can be accounted to the growing utilization of banking and financial services through online portal, and rising trends of digitization in banks across emerging economies. Apart from these, increasing number of banking transactions are also predicted to drive the growth of the market segment in the coming years. Additionally, on the basis of deployment, the on-premise segment is assessed to grab the largest share during the forecast period owing to the high preference of several companies for on-premise deployment ascribing to the growing concerns regarding data security and privacy protection.
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.
On the basis of geographical analysis, the global network traffic analytics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing penetration of devices such as smartphones and laptops, and continued rollout of complex enterprise data networks in the region. As of May 2021, China has the largest number of smartphone users, accounting for about 912 million people, followed by India with approximately 439 million users. In addition, growing government initiatives in Asia to improve the infrastructure of cybersecurity in the region is also anticipated to boost the market growth in the coming years. Moreover, North America is expected to acquire the largest market share during the forecast period, which can be credited to the increasing adoption of network traffic analysis in the defense and military sector, and aggressive adoption of latest technologies in the region.
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The global network traffic analytics market is further classified on the basis of region as follows:
Our in-depth analysis of the global network traffic analytics market includes the following segments:
Ans: The major factors driving market growth are growing number of system applications, and rising data volume and changes in traffic patterns globally.
Ans: The market is anticipated to attain a CAGR of ~14% over the forecast period, i.e., 2022 – 2030.
Ans: High cost of network traffic analytics solutions is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the increasing penetration of devices such as smartphones and laptops, and continued rollout of complex enterprise data networks in the region.
Ans: The major players in the market are Cloudflare, Inc., Awake Security Inc., Broadcom Corporation, NEC Corporation, NETSCOUT Systems, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by component, deployment, end user, and by region.
Ans: The on-premise segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.