Network Traffic Analytics Market size is slated to cross USD 13.64 Billion by the end of 2035, witnessing around 13% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of network traffic analytics was over USD 3 Billion. Businesses' worries about network security have grown as a result of rising cloud traffic, necessitating the management of distributed denial-of-service (DDoS) assaults and the upkeep of quality of experience (QoE). The market for network traffic analytics is driven by the expansion of network infrastructure on a worldwide scale as a result of the rise in data centers and shared storage options. For instance, as of 2021, there were more than 7, 500 physical data centers.
Employees and other stakeholders started working remotely during the COVID-19 outbreak, which put more strain on an organization's cybersecurity risk management. The lack of lead time for strengthening and upgrading network capabilities is a key cause of stress brought on by work-from-home rules. According to the analytics, nearly 12.7% of full-time employees work remotely at the moment, demonstrating the quick normalization of remote work settings. At the same time, a sizeable 28.2% of workers have adapted to a mixed work arrangement across the globe. A startling 98% of employees said they would want to work remotely at least occasionally.
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~ 13% |
|
Base Year Market Size (2022) |
 ~ USD 3 Billion |
|
Forecast Year Market Size (2035) |
 ~ USD 13.64 Billion |
|
Regional Scope |
|
Growth Drivers
Challenges
Component (Software, Service)
The software segment in the network traffic analytics market is predicted to dominate with a revenue share of 60 % in the upcoming future. The need for network traffic analytics software is being driven by the rising requirement for improved network management systems to address network traffic complexity and escalating cybercrime. The segment in the market is expanding due to the urgent requirement to guarantee communication is transparent at both the device and system levels.
End-User (BFSI, IT & Telecom, Government, Energy & Power, Retail)
The BFSI segment is expected to hold 38% share of the global network traffic analytics market. There is a significant client base for the BFSI sector services, which is backed by the existence of a substantial networking framework and crucial data. Therefore, this sector frequently experiences data breaches and cyber-attacks. The likelihood of these cyberattacks and data breaches has increased due to people's increasing preference for online and mobile banking, which has prompted banks and other financial institutions to adopt network traffic monitoring techniques. According to research, the average annualized cost of data breaches for businesses providing financial services has climbed to USD 18.5 million around the world. Financial institutions prioritize employing network traffic monitoring tools in their operations, which drives the BFSI sector market since it has a substantial influence on a company's reputation.
Our in-depth analytics of the global market includes the following segments:
|
Component |
|
|
Deployment |
|
|
End - User |
|
North American Market Forecast
The North America region is expected to hold 35% share of the global network traffic analytics market during the forecast period. Due to the presence of two significant economies, including the USA and Canada, North America is the hub of many international technology businesses, hyperscale data centers, data center operators, and service providers. The deployment of enhanced network capabilities and the operation of crucial communication networks are what drive the need for NTAs across all related industries.
The presence of network traffic analytics market vendors in the area, which has increased the share of direct sales and the sales of the worldwide markets covered by this region, is another element supporting the region's dominance in the market under study. The Identity Theft Resource Center's analytics indicates that in the US in 2021, there were 1862 data breaches. This amount exceeded the previous record of 1506 breaches in 2017 and rose by 68% over the 1108 breaches in 2020. Numerous cybersecurity experts also believe that this figure will keep rising through 2023 and beyond, requiring local organizations to include network traffic analytics technologies in their operations.
APAC Market Statistics
Asia Pacific is anticipated to account for 25 % of the network traffic analytics market share during the projection period. The region is distinguished by the widespread use of laptops and cell phones as well as the ongoing development of high-speed data networks. As a result, several businesses in developing nations like China, India, and Australia are constructing more intricate enterprise data networks. In response to the rising frequency of cyberattacks on company networks, some governments in the Asia Pacific region are now developing regulatory reforms focused on data security. Over the course of the projection period, all of these variables are anticipated to fuel regional market expansion. A shortage of 2.1 million cyber security specialists was experienced in the Asia-Pacific area in 2022.
Author Credits: Abhishek Verma, Hetal Singh
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?