Network Traffic Analyzer market size projected to grow from USD 1.9 billion in 2019 to USD 3.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.6%
Northbrook, IL -- (SBWIRE) -- 09/17/2021 -- According to a new market research report "Network Traffic Analyzer Market by Component (Solutions and Professional Services), Deployment Mode (Physical, Virtual, and Cloud), End users (Service Providers and Enterprises), Enterprise Size, and Region - Global Forecast to 2024" published by MarketsandMarkets™, the network traffic analyzer market size expected to grow from USD 1.9 billion in 2019 to USD 3.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period.
Ongoing 5G deployments, increasing number of Internet of Things (IoT)-driven applications, and ever increasing demand to monitor networking infrastructures are the major drivers of this market.
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By service provider, the managed service providers segment to grow at the highest CAGR during the forecast period
Managed Service Providers (MSPs) offer various types of Information Technology (IT) services that include managed security services, managed network services, managed communication and collaboration services, managed data center services, managed mobility services, managed IT infrastructure services, and managed information services. Managed services reduce the load on the IT staff within an organization by remotely managing the IT needs, thus enabling organizations to focus more on business enhancement.
By service, the training and support segment to grow at the highest CAGR during the forecast period
Training and support services keep the network running and operational with the utmost efficiency. Training services and support standards help take the full advantage of the capabilities provided by solution providers. To increase operational efficiency with a lower cost, companies use support services. These services help with software support, which can be offered from remote spots using web conferencing, phones, onsite help, and ticketing frameworks, in order to comply with the company's network policy.
North America to lead the market during the forecast period
Based on regions, North America is expected to lead the network traffic analyzer market during the forecast period. North America consists of developed countries with well-established infrastructures, data center operators, and Cloud Service Providers (CSPs), which generate a huge demand for network traffic analyzer solutions in the region. Countries that contribute the most to the market in North America include the US and Canada as they have stable economies, which enable investments in new network technologies, such as 5G, Internet of Things (IoT), and cloud management of networks. North America, being the most developed region, houses large verticals that are capable of investing in reliable and advanced IT infrastructures for growing data traffic, thereby opening new opportunities for the adoption of network traffic analyzer solutions.
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Major network traffic analyzer vendors providing a host of solutions and services include SolarWinds (US), Netscout (US), Broadcom (US), Nokia (Finland), Opmantek (US), Progress (US), Kentik (US), Colasoft (China), ManageEngine (US), NEC (Japan), NetVizura (Serbia), Plixer (US), MixMode (US), Opsview (UK), Inmon (US), Nagios (US), Corelight (US), Awake (US), Ideadata (Germany), Qosmos (France), Dynatrace (US), Sandvine (Canada), Extrahop (US), LiveAction (US) and LogRhythm (US). The study includes an in-depth competitive analysis of these key players, along with their company profiles, recent developments, and key growth strategies.
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