Network Analytics Market Trends
The Business Research Company recently released a comprehensive report on the Global Network Analytics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The network analytics market size has grown exponentially in recent years. It will grow from $3.64 billion in 2023 to $4.49 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth in the historic period can be attributed to increasing network complexity, growing cybersecurity concern, demand for operational efficiency, and regulatory compliance requirement.
The network analytics market size is expected to see exponential growth in the next few years. It will grow to $10.49 billion in 2028 at a compound annual growth rate (CAGR) of 23.6%. The growth in the forecast period can be attributed to adoption of AI and machine learning, growth of edge computing, expansion of SD-wan and cloud adoption, and demand for predictive insight. Major trends in the forecast period include adoption of artificial intelligence and machine learning, emphasis on cloud-native solutions, focus on security analytics, convergence of network and application, and evolution of 5G networks.
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Market Drivers and Trends:
The increasing sophistication of cyber threats is expected to propel the growth of the network analytics market going forward. Cyber threats refer to malicious activities or attacks that target computer systems, networks, or digital devices to disrupt operations, steal sensitive information, or cause harm. Cyber threats are increasing due to technological advancements, more excellent connectivity, and the growing sophistication of cybercriminals. Network analytics is instrumental in reducing cyber threats by providing real-time monitoring, detection, and analysis of network traffic patterns. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australian-based government agency, there were around 76,000 reports of cyberattacks in 2022, a 13% rise from the previous year. Therefore, the increasing sophistication of cyber threats is driving the growth of the network analytics market.
Major companies operating in the network analytics market are focusing on developing innovative products, such as network analytics tools, to enhance network performance, security, and efficiency. Network analytics tools are software solutions designed to monitor, analyze, and optimize network performance, security, and traffic. For instance, in October 2021, LM Ericsson, a Sweden-based telecommunications company, launched a network analytics tool to enhance transport network performance by providing real-time visibility, data analysis, and intelligent automation for consumer and enterprise use cases. This tool combines analytics and automation capabilities to deliver real-time visibility, data analysis, and intelligent automation for consumer and enterprise use cases. It offers AI-driven intelligence, analytics, and automation capabilities. It is a cloud-native product that can quickly scale from small to large networks while endorsing standardization and openness for easy integration with third-party components.
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Major Key Players of the Market:
Dell Technologies, Huawei, Accentur*e PLC, IBM Corporation, Cisco Systems Inc., Broadcom, Hewlett Packard Enterprise Company, Actix, Ericsson Inc., Nokia Corporation, VMware Inc., Juniper Networks, Fortinet, Arista Networks, Akamai Technologies, Citrix Systems Inc., SAS Institute Inc., F5 Networks, Alcatel-Lucent Enterprise SA, Riverbed Technology, Extreme Networks, Tibco Software Inc., Netscout, Sandvine Corporation, Allot Communication, Nivid Technologies, Bradford Networks Inc.
Network Analytics Market 2024 Key Insights:
• The network analytics market size is expected to see exponential growth in the next few years. It will grow to $10.49 billion in 2028 at a compound annual growth rate (CAGR) of 23.6%.
• Increasing Sophistication Of Cyber Threats Driving Network Analytics Market Growth
• Innovative Network Analytics Tools Driving Performance And Security
• North America was the largest region in the network analytics market in 2023
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