Network Traffic Analytics Market Trends & Forecast 2024 By Major Industry Vendors: Accenture, Cisco, Flowmon Networks, Huawei, IBM, Juniper Networks, Microsoft Corporation, Nokia, Palo Alto Networks, SolarWinds, Symantec, Zenoss

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.

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The fastest growing segment in the network traffic analytics market comprises cloud service providers. These service providers are highly prone to cyber-attacks due to the rise in the malware attacks including ransomware, banking malware, and scareware. Moreover, around 400,000 new malware attacks that target public clouds and SaaS providers and damage the critical data daily have been recognized. Hence, it is necessary for the cloud service providers to monitor network traffic, data movement, and application activity at all stages of the cloud environment, boosting the network traffic analytics market growth.

The IT & telecom enterprises are anticipated to dominate the network traffic analytics market by 2024. The increased worldwide adoption rate of the internet with an enhanced usage of social networking platform and the rise in smartphone penetration rate are the major factors driving the network traffic analytics market demand. Telecommunication companies are investing millions of dollars and entering into strategic partnerships to boost their network traffic management platform, enhancing their service offerings and gaining a competitive edge in the market.

The network security solution is growing at the fastest rate with a CAGR of 24.1% over the forecast timeline. Due to the rising advent of digitalization and the adoption of technologies, such as IoT and cloud computing, the amount of data generated grew tremendously. This growth in big data requires effective monitoring and storage as they fall prey to various malicious attacks. Therefore, network security solutions are used to detect and block malicious attacks throughout the network. The governments worldwide are investing funds and implementing rules and regulations to enhance the cybersecurity offerings of their country.

World Network Traffic Analytics Market is set to grow from its current market value of $780 million to more than $2500 million by 2024, growing at a CAGR of 20%.

Industry Growth drivers –
• Advancement in network infrastructure
• Rise in the amount of DDoS attacks
• Growth in the adoption of IoT and BYOD and connected devices
• Exponential rise in the cloud traffic worldwide
• Increasing demand for IT budget in security sector
• Development and growth of SaaS-enabled network traffic analytics solutions

The consulting services in the network traffic analytics market are growing at the fastest rate as they assist in managing cybersecurity throughout the product’s lifecycle by building a vigorous security strategy, identifying & evaluating threats, finding the network infrastructure vulnerabilities, and strengthening the security architecture. Furthermore, various companies operating in the network traffic analytics market are launching new consulting services to expand their service offerings and gain a share in the competitive 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 market.

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The European network traffic analytics market held around 26% of the industry share in 2017. The region has the presence of some of the leading telecom companies in the world, such as Vodafone, SoftBank Group, and Telefonica S.A., fueling the market demand. Furthermore, the General Data Protection Regulation (GDPR) implemented by the government in May 2018 has laid down effective data privacy and security guidelines. This will prevent the companies from sharing the customer personal data without their consent and boosting the network traffic analytics market growth.

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.

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New product launches, and partnerships are the main strategies adopted by the companies operating in the network traffic analytics market. The prominent vendors functioning in the market include Accenture, Allot Communication, Ascom Holdings, Bradford Networks, Cisco, Flowmon, Genie Networks, Huawei, IBM, Juniper Networks, Kentik, Microsoft Corporation, Netmon, Inc., Netreo, Inc., Nokia Networks, Palo Alto Networks, Plixer, SolarWinds, Symantec, and Zenoss.

Market share calculation in this report is not done based on companies covered in it. The calculation of Network Traffic Analytics Market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

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