Network Traffic Analytics Market: is Exepnding Rapidly. Contributing Top Notable Players: Huawei, Genie Networks, Cisco Systems, Microsoft, IBM, Symantec, SolarWinds, Nokia Corporation
Rise in the number of connected smart devices and increasing IT security budgets are expected to be major drivers of the Network Traffic Analytics market. To minimize/eliminate the chances of cyber-attacks, various organizations are compelled to increase their IT spending on advanced network security solutions. The market is also expected to receive a boost from advancements in the field of cyber security and rise in the number of smart city projects. Furthermore, migration toward cloud computing is expected to drive the market in the next few years.
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Cloud-based solutions require managed services, which is directly eliminating in-house IT support. In addition, growth of micro, small, and medium enterprises (MSMEs) is a key factor that is expected to fuel the Network Traffic Analytics market in the coming years. Unlike large enterprises, SMEs do not have in-house IT capabilities and are thus dependent on service providers for their security, communications, and IT requirements. However, the market is expected to be hindered by concerns over data security due to vulnerable networks with infrequent security updates. Moreover, the market is expected to face restraints as the bring your own device (BYOD) movement is gaining momentum.
With more new countries/regions set to announce their 5G plans, the industry is expected to witness tremendous growth in the 5G market as well as in the total amount of data generated.
The global Network Traffic Analytics market is expected to be driven by the North America region. North America is estimated to constitute a major market share during the forecast period, with the U.S. contributing most to the region’s revenue. North America is expected to hold about one third of the global market share in terms of revenue.
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Presence of major industry players in the region and high adoption of network traffic analysis software across many verticals are expected to drive the market in the region. The presence of necessary Internet and communication infrastructure is also expected to bolster market growth. North America is also helped by the rapidly expanding cyber security industry owing to increased cyber-attacks.The region is projected to be followed by Europe and Asia Pacific in terms of market share.
Major players operating in the Network Traffic Analytics market include Huawei, Genie Networks, Cisco Systems, Microsoft, IBM, Symantec, SolarWinds, Nokia Corporation
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