CHICAGO, Oct. 15, 2019 /PRNewswire/ -- According to a new market research report "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", published by MarketsandMarkets™, the Network Analytics Market is expected 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.
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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.
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 offer 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.
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North America to account for the largest market size during the forecast period
North America is expected to hold the largest market size during the forecast period. The US has emerged as the largest market for network analytics owing to the large-scale implementation of network analytics solutions by organizations and enterprises in the country and the presence of major vendors in North America. The high pace of development of infrastructure in the US, along with the high growth of Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML) and cloud computing has attributed to the fast growth of the Network Analytics Market in the US.
Key and emerging market players in the Network Analytics Market 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 Market.
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