Global Overview of Network Management Solutions Market Trends and Opportunities, 2031
Increase in SDN across enterprises and the rise in demand for network security have boosted the growth of the global network management solutions market.
PORTLAND, PORTLAND, OR, UNITED STATE, March 4, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Network Management Solutions Market,” The network management solutions market size was valued at $7.1 billion in 2021, and is estimated to reach $18 billion by 2031, growing at a CAGR of 9.9% from 2022 to 2031.
Network management solution is used to equip, detect, supervise and sustain computer networks. Network management is crucial for configuration management and ensure regulatory standards of the network. Network management solution enables the solution to assure network changes are validated in a coordinated and controlled manner. Moreover, it also allows the solution to enlist the installed solution on nodes besides details such as versions and install dates. Furthermore, it also uses data collected from nodes to identify security risks associated with IT environment.
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Furthermore, surge of SDN across enterprises and increase in demand for network security is boosting global network management solution market growth. However, availability of free network management tools and low budget restrictions is hampering the network management solution market growth. On the contrary, rise in demand of network management solutions across SMEs and cloud-based NMS is expected to offer remunerative opportunities for expansion during the network management solutions market forecast.
Depending on industry vertical, BFSI segment is dominating the network management solutions industry and is expected to do so in the forecast period as, network management solution provide advantages such as reliable, highly secure connectivity has been in place, organizations and people have been way more comfortable in relying on the online financial services as well as their applications. However, Retail segment is anticipated to have the highest growth in the forecast period due to network management solutions clients can pay the bill without any interruptions, deploy and monitor your store’s network securely from anywhere and manage multiple branches and multiple networks with just one vendor which would provide the lucrative growth opportunities for the network management solutions market.
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Based on components, the solution segment accounted for the highest share in 2021, contributing to nearly two-thirds of the total share, and is expected to maintain its leadership status during the forecast period. However, the services segment is expected to manifest the highest CAGR of 11.1% from 2022 to 2031.
Based on deployment, the on-premise segment held the largest share in 2021, accounting for nearly three-fifths of the market, and is expected to maintain its dominance in terms of revenue by 2031. However, the cloud segment is estimated to witness the largest CAGR of 11.5% during the forecast period.
Based on enterprise size, the large enterprises segment dominated the market in 2021, accounting for more than two-thirds of the global network management solutions market, and is projected to maintain its leading position throughout the forecast period. However, the SMEs segment is estimated to showcase the highest CAGR of 11.5% during the forecast period.
Region-wise, North America dominated the network management solutions market share. The widespread deployment of management systems to monitor attacks on mission-critical communication networks are anticipated to provide lucrative growth opportunities for the network management solutions market in North America.
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Covid-19 Scenario:
• The Covid-19 outbreak severely impacted the market as several industries were exposed to vulnerability, especially those who were dependent on China for raw materials and finished goods.
• The prolonged lockdown disrupted the supply chain and affected the global economy due to the shutdown of manufacturing and production across the world.
Leading players of the global network management solutions market analyzed in the research include CA Technology, Cisco, Cubro Network Visibility, Ericsson, Huawei, IBM Corporation, Juniper Networks, Kaseya Co. Ltd., Live Action, Manage Engine, Micro Focus, NETSCOUT Systems, Nokia, Pasessler, Progress, and Zoho Corporation.
The report analyzes these key players in the global network management solutions market. These players have adopted various strategies such as new product launches, expansion, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
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