According to Stratview Research, the network monitoring market size was valued at USD 2.32 billion in 2022 and it is expected to reach USD 3.53 billion by 2028, growing at a CAGR of 7.32% during the forecast period. The increasing demand for network monitoring solutions from a variety of end-users, such as enterprises, telecommunications service providers, government organizations, and cloud service providers, is driving the growth of the market.
Network monitoring is the process of collecting and analyzing data about a network to identify and troubleshoot problems. It helps to ensure the availability, performance, and security of the network. Network monitoring solutions can be used to monitor a variety of network metrics, such as bandwidth usage, latency, packet loss, and device health.
The increasing adoption of cloud computing is one of the key trends driving the growth of the network monitoring market. Cloud computing has led to the proliferation of devices and applications that are connected to the network, which has increased the complexity of network management. Network monitoring solutions can help businesses to manage their cloud-based networks and ensure the availability and performance of their applications.
Another key trend driving the growth of the market is the increasing demand for IoT devices. IoT devices are used to collect and transmit data from a variety of sources, such as sensors, actuators, and machines. This data can be used to monitor the performance of physical assets, such as machines and equipment, and to identify and troubleshoot problems. Network monitoring solutions can help businesses to manage their IoT networks and ensure the availability and security of their data.
The COVID-19 pandemic has also had a positive impact on the growth of the network monitoring market. The pandemic has led to an increase in remote work and online learning, which has put more strain on networks. Network monitoring solutions can help businesses to ensure the availability and performance of their networks during these times of increased demand.
Regional Analysis
the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East Africa. North America is expected to remain the largest market during the forecast period. This is due to the early adoption of network monitoring solutions in the region.
The key players in the global network monitoring market are Cisco Systems, IBM, Hewlett Packard Enterprise, SolarWinds, and Riverbed Technology. These companies are developing innovative network monitoring solutions to meet the growing demand from businesses.
The global network monitoring market is a competitive market. The key players are competing on the basis of features, pricing, and customer support. The market is expected to witness new product launches and partnerships during the forecast period.
Key takeaways:
- The global network monitoring market is expected to grow from USD 2.68 billion in 2022 to USD 4.57 billion by 2028, at a CAGR of 11.3%.
- The increasing demand for network monitoring solutions from a variety of end-users is driving the growth of the market.
- The increasing adoption of cloud computing and IoT devices is also driving the growth of the market.
- The key players in the market are Cisco Systems, IBM, Hewlett Packard Enterprise, SolarWinds, and Riverbed Technology.
- The market is expected to witness new product launches and partnerships during the forecast period.
