The overall network monitoring market is expected to reach from USD 1.67 billion in 2017 to USD 2.93 billion by 2023, at a CAGR of 9.9% during the forecast period. The base year considered for the study is 2017, and the market size forecast is given for the period from 2018 to 2023.
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Demand for continuous monitoring due to rise in network complexities and security concerns to drive network monitoring market to reach USD 2.93 billion by 2023
The increasing number of enterprises with strict reliability requirements drives the need for network performance monitoring equipment. Network architecture is growing in complexity and application delivery is becoming more time-sensitive. This demands the need for highly reliable, scalable network monitoring equipment. The need for robust network monitoring capabilities to ensure smooth operations of mission-critical network infrastructure and the need to quickly resolve downtime issues drive the growth of the network monitoring equipment market.
Network monitoring helps to minimize the company’s downtime, and thus reduces costs. It is also essential to increase the overall productivity of the network. The network equipment provider companies are trying to create a fully redundant network from end to end; however, in many cases, this is not possible. This may be because of the limitations in the architecture, lack of physical redundancy, or budgets that restrict a fully redundant approach.
Today’s information-driven organizations face the fundamental challenge of balancing the high availability of business-critical information and maintaining its integrity and security. Continuous monitoring is the process of constantly and persistently monitoring technological assets, vulnerabilities, configurations, and more importantly, the current network events to discover new assets that may be vulnerable, as well as detect anomalies or other suspicious activities.
North America to hold largest share of network monitoring market in from 2018 to 2023
The market in the US is expected to experience greater traction as a significant number of organizations are likely to opt for cloud services to save their upfront cost of building new data centers for business continuity. Also, the US is home to global cloud service providers as well as for companies such as Amazon Web Services (AWS) and Microsoft (US), which provide data center infrastructure. Moreover, the leading companies in the network monitoring market account more than half of the revenue and are based in the US.
Gigamon (US), NetScout Systems, (NetScout) (US), Ixia (US), VIAVI Solutions (Viavi) (US), APCON (US), and Garland Technology (US) are among the leading companies in the network monitoring market. Also, a few major companies, namely, Broadcom (Broadcom) (US), Juniper Networks (US), Big Switch Networks (US), Zenoss (US), Network Critical (UK), Corvil (Ireland), CALIENT Technologies (CALIENT) (US), Netgear (US), and Motadata (US) have also been profiled in the report.
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