Sellbyville, DE -- (SBWire) -- 10/10/2018 --Network Traffic Analytics Market in solutions segment held around 71% CAGR of the market share in 2017. Due to an enormous rise in the network traffic, the companies face inadequacy in providing network-wide visibility. Hence, there is a rise in the installation of network traffic analytics solutions.
The network traffic monitoring leads the solution segment as it ensures the smooth functioning of the computer network by incorporating packet recapturing and network sniffing techniques and review every incoming and outgoing packet. The services segment is increasing at the fastest rate and is projected to grow at a CAGR of 24.4 percent over the forecast timeline.
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Network Traffic Analytics Market is projected to surpass USD 2,500 million by 2024. This market is growing rapidly due to the rising adoption of IoT, BYOD, and connected devices. These technologies are on the verge of transforming the business processes as they offer various benefits such as flexibility, growth, and employee satisfaction. However, with a rise in these technologies, there is also a massive growth in the amount of data generated in the enterprise networks.
The higher amount of IoT network traffic makes network management and capacity planning more difficult. These devices are also a target by malicious attackers, disrupting the entire organization infrastructure. Therefore, network traffic analytics solutions are largely being adopted by the enterprises to handle the traffic generated by millions of connected devices. They assist the enterprises by monitoring high volumes of data and easily incorporate newly deployed devices to curb the potential threats to the entire system.
The development of SaaS enabled network traffic analytics solutions has accelerated the network traffic analytics market growth. Due to the growing technological advancements and market consolidation, enterprises are offering SaaS enabled solutions to their customers. They offer multiple advantages such as enhanced scalability and administration, improved productivity, data storage convenience, and delivery of new services with optimum resilience and security. They also automatically update products empowering them to prevent the growing cyber-security threats. These devices are architected in a way to scale on demand without the requirement of any additional capital expenditure on appliance hardware. Therefore, the acceptance and growth of SaaS enabled network traffic analytics solutions are increasing rapidly.
Furthermore, there is a rapid emergence in the usage of social networking websites, creating huge amounts of data. The total number of internet users globally in 2018 is around 4 billion, out of which around 3.19 billion are the social networking website users. This huge adoption rate results in the generation of critical user personal information required to be saved securely for customer safety purposes. Hence, network traffic analytics solutions are adopted by these enterprises that offer continuous visibility into the network and prevent the malicious attackers from data theft. The governments worldwide have also set several rules and regulations for protecting the personal information of the users by going through excessive security assessments, driving the network traffic analytics market growth. However, the network traffic analyzer tools require huge initial investments due to the complete transformation of the existing infrastructure. Many SMEs are unable to bring about this transformation due to financial constraints, which act as major challenges to the development of network traffic analytics market.
The on-premise deployment model held around 85% of the market share in 2017. This deployment model offers a reliable platform for storing information as they would send critical customer information directly from their web apps and mobile phones to the network traffic analytics service providers. However, the adoption of a cloud platform is projected to grow at a CAGR of 32% by 2024 due to the rapid increase in the number of data centers, generating a huge volume of information. The cloud platform assists in storing and processing this vast data as they enable high-performance computing and data storage capabilities, driving their demand in the network traffic analytics market.
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The service providers dominate the end-use network traffic analytics market as they collect huge volumes of network data creating insights into customer experience, service performance, and behavior for data-driven decision making. Moreover, due to the emergence of new players, new business models and emerging technologies the service providers are investing funds to expand their business offerings into emerging markets and enhance profitability.
North America held around 52% of the market share in 2017 and is anticipated to remain the network traffic analytics market leader over the forecast timeframe. The major factors contributing to the growth of the region include the early adoption of the network traffic analytics solutions along with the presence of the leading industry players including Cisco, IBM, and Microsoft. The companies operating in this region are also entering into strategic partnerships to expand their businesses offerings. For instance, in February 2018, Barefoot Networks, a firm based in the U.S. is delivering network monitoring systems partnered with Netsia to enable service providers to get complete network visibility. As the service providers are using the new 5G networks, this partnership will assist them in delivering and running the services seamlessly.
Some of the major vendors operating in the network traffic analytics market are Microsoft, Cisco, IBM, Nokia Networks, Juniper Networks, Symantec, Flowmon, Bradford Networks, Allot Communication, Palo Alto Networks, Ascom Holdings, SolarWinds, Accenture, Kentik, Genie Networks, Huawei, Plixer, and Zenoss.
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Network Traffic Analytics Market to Observe 20% CAGR to 2024: Cisco, IBM, Microsoft, Nokia, Juniper and 15 Other Companies Profile
Network traffic analytics market is driven by the rapid increase in data traffic arising due to growing trends of cloud computing, AI, IoT, and increased access to the internet worldwide.