Network Management Market Trends, Challenges & Strategies, Growth Forecast to 2032 | At a CAGR of 10.6%

According to a new report published by Allied Market Research, titled, "Network Management Market, by Component (Hardware, Software, Service), by Deployment Mode (On-premise, Cloud), by Network Type (LAN, MAN, WAN), by Organization Size (Large Enterprises, Small and Medium-sized Enterprises), by Industry Vertical (BFSI, Manufacturing, Retail, Healthcare, IT and Telecom, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032"

The network management market was valued at $9.5 billion in 2022, and is estimated to reach $25.3 billion by 2032, growing at a CAGR of 10.6% from 2023 to 2032.

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Network management is the procedure of administering, managing and working a data network using a network management system. Current network management systems use software and hardware to constantly collect and analyses data and push out configuration changes for increase in performance, reliability, and security. It involves configuring monitoring and possibly reconfiguring components in a network with the goal of providing optimal performance, minimum downtime, proper security, accountability, and flexibility. An effective network management program can identify and respond to cyber threats before they spread and impact user experience. Network management ensures best practice standards and compliance with regulatory requirements. Better network security enhances network privacy and provides users reassurance that they can use their devices freely. For instance, in June 2023, Nokia Corporation launched the Pandion Multiband Remote Radio Heads and Shikra outdoor and indoor small cells, 5G-Advanced baseband control card Ponente, new baseband capacity card Levante and Lodos, as well as intelligent network management and optimization solutions range "MantaRay". This development is expected to help telecom operators to meet their sustainability goals.

On the basis of component, the global network management market share was dominated by the hardware segment in 2022 and is expected to maintain its dominance in the upcoming years. Network hardware helps to establish an effective mode of communication, thereby improving business standards. It also promotes multiprocessing and enables sharing of resources, information, and software with ease. However, the service segment is expected to witness the highest growth during the forecast period. As service segment help to deploy and integrate distinct solutions in an enterprise ecosystem is expected to provide lucrative opportunities for the market growth. Furthermore, services play a vital role in the network management market, as they focus on meeting client requirements, including reduced cost and enhanced software performance.

By region, North America dominated the market share in 2022 for the network management industry. North America is home to numerous technology giants, contributing to the development and production of cutting-edge network management, and security solutions. In addition, factors such as the growth of remote work and the surge in online services have fueled the demand for reliable, high-performance network management industry in the region. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. Factors such as rapid proliferation of 4G, 5G in developing countries of Asia-Pacific, increase in subscriber base, favorable government policies and regulations, and demand for higher networking security solution are expected to boost the growth of the region at a considerable pace.

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The COVID-19 pandemic has profoundly impacted the network management industry, triggering a seismic shift in the way organizations approach connectivity and IT infrastructure. The demand for robust and secure networks skyrocketed, forcing network management professionals to rapidly adapt to the challenges of supporting a decentralized workforce with an unprecedented surge in remote work. The need for scalable solutions, increased bandwidth, and enhanced security measures became paramount.

In addition, the pandemic accelerated digital transformation initiatives, prompting organizations to invest in cloud-based services and advanced networking technologies. However, economic uncertainties led to budget constraints for some, prompting a strategic reassessment of network management priorities. Cybersecurity concerns surged as threat actors exploited the chaos, necessitating heightened vigilance and proactive defense strategies. Despite the challenges, the pandemic served as a catalyst for innovation, driving the adoption of AI and automation in network management. Professionals face the ongoing task of balancing resilience, flexibility, and security in the networks that underpin the modern workplace as the industry continues to evolve in the wake of COVID-19.

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Key Findings of the Study

By component, the hardware segment accounted for the largest network management market share in 2022.
By deployment mode, the on-premise segment accounted for the largest network management market share in 2022.
Based on network type, the LAN segment accounted for the largest network management market share in 2022.
Based on organization size, the large enterprise segment accounted for the largest network management market share in 2022.
Depending on industry vertical, the BFSI sector accounted for the largest network management market share in 2022.
Region wise, North America generated the highest revenue in 2022.

The key players that operate in the network management market analysis are Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, juniper Networks, Inc., SolarWinds Corporation, Broadcom Inc., Huawei Technologies Co., Ltd., Hewlett Packard Enterprise, BMC Software, Inc., and Nokia Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the network management industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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