The Network Monitoring market has also demonstrated strong growth, increasing from $2.68 billion in 2023 to $2.91 billion in 2024, reflecting a CAGR of 8.4%. Factors contributing to this growth include the complexity of network environments, rising cybersecurity concerns, and the need for performance optimization. The market is projected to reach $4.21 billion by 2028, with a CAGR of 9.7%. Key growth drivers include cloud-based network deployments, the importance of application performance monitoring (APM), AI and ML integration, and an emphasis on network automation. Key trends include hybrid and multi-cloud network monitoring solutions and collaboration with network security solutions.
Major Driver In The Network Monitoring Market
The rising popularity of Software as a Service (SaaS)-based network monitoring solutions is anticipated to fuel the growth of the network monitoring market. SaaS facilitates software distribution via cloud providers, allowing users to access programs online without the need for local installations. SaaS network monitoring solutions offer enhanced visibility, awareness, and issue resolution capabilities, empowering users with real-time data access. According to BetterCloud's 2021 State of SaaSOps Report, organizations averaged 110 apps in use in 2021, a significant increase from 80 apps the previous year, signaling a 38% rise. The adoption of SaaS applications has grown over seven times since 2017 and nearly 14 times since 2015, underscoring the increasing reliance on SaaS-based solutions for network monitoring needs. Consequently, the rising popularity of SaaS-based network monitoring solutions is driving demand within the network monitoring market. The market size of network monitoring witnessed substantial growth in 2023, with expectations for continued expansion in 2024 and 2028.
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Network Monitoring Market Competitive Landscape
International Business Machines Corporation, Broadcom Inc., Keysight Technologies Inc., Juniper Networks Inc., Arista Networks Inc., Splunk Inc., VIAVI Solutions Inc., Cisco Systems Inc., Datadog Inc., ManageEngine Inc., Riverbed Technology Inc., Netgear Inc., Netscout Systems Inc., SolarWinds Inc., Dynatrace LLC, Gigamon Inc., ExtraHop Networks Inc., SevOne Inc., LogicMonitor Inc., Paessler AG, Kentik Inc., AppNeta Inc., Accedian Networks Inc., Calient Technologies LLC, Garland Technology Inc., Plixer International Inc., Big Switch Networks Inc., Nagios Enterprises LLC, Motadata Inc., Apcon Technologies Inc.
Key Network Monitoring Market Trend
Technological advancements have emerged as a key trend gaining popularity in the network monitoring market going forward. Major companies operating in the network monitoring market are focused on developing new technological solutions to strengthen their position in the market. For instance, in July 2021, Netscout, a US-based provider of cybersecurity, service assurance, and business analytics solutions, launched nGeniusONE, a smart edge network monitoring platform for end-user insights. With complete visibility into infrastructure, dependencies, and applications, nGeniusONE provides a platform for monitoring and service assurance. Network traffic data may be continuously monitored and analyzed with the help of the instrument, which makes use of adaptive service intelligence technology. The new approach blends artificial transaction testing with smart data analytics to provide end-user support and visibility. Any network or application, regardless of the user's location, can receive this information from Netscout.
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Network Monitoring Market Segmentation
The network monitoring market covered in this report is segmented –
1) By Offering: Equipment, Network TAPs, Data Monitoring Switches, Solutions and Services
2) By Bandwidth: 1 and 10 Gbps, 40 Gbps, 100 Gbps
3) By Enterprise Size: Large Enterprise, SMEs
4) By Applications: IT and Telecom, BFSI, Healthcare, Energy and Utilities, Government, Retail, Industrial, Other Applications
By Geography:The regions covered in the network monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the network monitoring market in 2023.
The Network Monitoring Global Market Report 2024 furnishes information about the global network monitoring market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
