CHICAGO, Nov. 21, 2019 /PRNewswire/ -- According to a new market research report "Network Telemetry Market by Component (Solution and Services), Organization Size, End User (Service Providers (Telecom Service Providers, Cloud Service Providers, and Managed Service Providers), Verticals), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Network Telemetry Market size is expected to grow from USD 140 million in 2019 to USD 704 million by 2024, at a Compound Annual Growth Rate (CAGR) of 38.1% during the forecast period.
Primary factors expected to drive the growth of the Network Telemetry Market are an increasing need for in-depth visibility into network security and Quality of Service (QoS), and growing network infrastructure. Exponential growth in the global Internet Protocol (IP) traffic and cloud traffic, and prominence of the Internet of Things (IoT) are further expected to offer vast market opportunities for network telemetry vendors in the next 5 years.
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Large enterprises to hold a larger market size during the forecast period
By organization size, Small and Medium-sized Enterprises (SMEs) are expected to grow at a higher growth rate during the forecast period. Network management in large enterprises enables them to solve their data and network management problems in a better manner. In today's Information Technology (IT) era, network management solutions and services should be customized and should adhere to the policies of large enterprises. These solutions and services should be self-adaptive and virtualized. Network telemetry solutions and services enable large enterprises to manage their day-to-day network-based business operations.
CSPs to record the highest CAGR during the forecast period
In the Network Telemetry Market by service provider, Cloud Service Providers (CSPs) are expected to register the highest CAGR during the forecast period. Trends in cloud computing are reaching new heights, with growing data consumption and increasing mobility. Consumers and enterprises opt for cloud services for backup and storage, and various other business processes, owing to increased security, mobility scalability, and elasticity, as well as cost efficiency. The cloud infrastructure plays a critical part in the business processes of organizations.
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North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global Network Telemetry Market during the forecast period. North America is a frontrunner in terms of technology adoption and digitization of society. Enterprises and service providers in this region are continuously changing their network infrastructure to cope with advanced technologies. The rapid changes in IT infrastructure, such as cloud and virtualization, have significantly increased the pressure on network administrators to manage the network infrastructure. This is expected to increase the demand for network telemetry solutions across verticals and service providers. Furthermore, technological advancements, such as 4G and 5G technologies, encourage telecom providers to adopt network telemetry solutions at every layer of the network.
Key and emerging Network Telemetry Market players include Cisco Systems (US), Juniper Networks (US), Arista Networks (US), Mellanox Technologies (US), Pluribus Networks (US), Barefoot Networks (US), Solarflare Communications (US), and VOLANSYS Technologies (US).
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