17 Jul Esq. Jon Cartu Writes – Network Analytics Market Growing at a CAGR 20.5% | Key…
Cisco (US), Broadcom (US), IBM (US), HPE (US), Ericsson (Sweden), Huawei (China), SAS Institute (US), Nokia (Finland), Netscout (US), Accenture (Ireland), Sandvine (Canada), Ciena (US), TIBCO Software (US), Juniper Networks (US), SevOne (US), Nivid Technologies (US), Fortinet (US), Extreme Networks (US), Innowireless (South Korea), Actix (UK)
Network Analytics Market by Component (Network Intelligence Solutions and Services), Application (Network Performance Management, Customer Analysis, and Quality Management), Deployment Type, Organization Size, End-User, and Region – Global Forecast to 2024
MarketsandMarkets projects the Network Analytics market to grow from USD 1.4 billion in 2019 to USD 3.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 20.5% during the forecast period. Major factors expected to drive the growth of the network analytics market include addressing of network complexity arising due to the advent of new technologies, such as 5G, IoT, and cloud; increase in data volume and changes in traffic patterns, and rise in SDN integration with existing network infrastructures.
Based on component, services segment to record a higher growth rate than the network intelligence solutions segment during the forecast period
Based on part, the services segment is expected to grow at a higher rate than the network intelligence solutions segment during the forecast period. The services segment has a significant influence on the network analytics market growth. The demand for services is increasing with the growing adoption of network analytics solutions by enterprises across major application areas. These services are essential for the successful operation of network analytics. The overall cost of the network analytics installation depends on the complexity of the application and the type of technology used.
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Among services, the professional services segment is expected to witness a higher growth rate than the managed services segment during the forecast period
Among services, the professional services segment is expected to witness a higher growth rate than the managed services segment during the forecast period. CSPs are assisted by professional services to evaluate network environment, assess requirements for network analytics, and seek technical support and knowledge from market professionals. Professional services offers a complete set of detailed procedures and insights for enhancing the business aspects and assure the continuity of the company. The complete planning and execution of strategies to implement sustainable network infrastructure is offered by the services in the network analytics market. The system integration services provided by the solution providers offer cohesive services to the end-users to efficiently implement and integrate network analytics solutions into their existing IT and network infrastructure systems. The demand for these services in the market could increase rapidly due to the need for organizations to comply with the different network and radiation regulations across the globe.
Key and emerging market players include Cisco (US), Broadcom (US), IBM (US), HPE (US), Ericsson (Sweden), Huawei (China), SAS Institute (US), Nokia (Finland), Netscout (US), Accenture (Ireland), Sandvine (Canada), Ciena (US), TIBCO Software (US), Juniper Networks (US), SevOne (US), Nivid Technologies (US), Fortinet (US), Extreme Networks (US), Innowireless (South Korea), Actix (UK) and NetVelocity (US). These players have adopted various strategies to grow in the network analytics market.
The global Internet protocol (IP) traffic is considered to be increase double in the nearer future. The subscriber’s base is also expected to increase due to increase in population and rising per capita income in the developing countries. But, the revenue growth for the service providers is slow down due to mature markets where increasing mobile data revenues could hardly offset the revenues for voice services. As this growing demand with shrinking revenue growth and profit margin is not sustainable in term, service providers are seeking to simplify the operations to reduce cost. Nowadays service providers are more focused on analyzing the network traffic to anticipate the customer demands in advance. Most of the large enterprises, as well as SMEs, are requiring VoIP and video conferencing for business purposes. Thus, the telecom operators and internet & cloud service providers are reeling under the pressure of intelligently managing network complexities which are created by converged services, with the help of network analytics solutions and services.
Cisco (US) is one of the leading vendors of designing, manufacturing, and selling networking equipment. The company earns the highest share of its revenue from hardware products, although it is focusing on enhancing its software portfolio for the past few years. The company has been consistently spending approximately 12% of its annual revenue on R&D activities to improve its product and service portfolio. Cisco’s plethora of networking products and services provides automation, analytics, and intelligence to the networks, which helps in predicting, analyzing, and mitigating risks and threats in the enterprise’s networks. The company is seen adopting inorganic growth strategies, such as mergers and acquisitions. In February 2019, Cisco completed the acquisition of Singularity Networks, a network infrastructure analytics company. This acquisition will help Cisco provide improved network performance, cost efficiency, more visibility, and less downtime to its clients. Also in February 2019, Cisco completed the acquisition of Luxtera, a privately held semiconductor company. This acquisition will enable Cisco to improve its network performance while lowering costs.
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IBM (US) is one of the key players in the network analytics market and provides a comprehensive range of solutions. The company is focused on product innovations and assigns a high budget for R&D. The company’s R&D expenditure consistent during last 3 years, it invested approximately 7% of its annual revenue in R&D. In addition to this, the company has a vast partner…