Network Management Solutions Market Research
Increased demand for efficient network operations, rising complexity, and cybersecurity threats drive growth in Network Management Solutions market.
PORTLAND, OREGON, UNITED STATES, September 12, 2023/EINPresswire.com/ — The Network Management Solutions Market was assessed at $7.1 billion in 2021, and by 2031, it is anticipated to have grown to $18 billion, with a CAGR of 9.9%.
Computer networks need to be outfitted, detected, monitored, and maintained. Network administration is essential for maintaining regulatory standards for the network and managing configurations. Network changes can be validated in a coordinated and regulated manner with the help of a network management system. Along with information like versions and install dates, it also enables the solution to list the installed solution on nodes. Additionally, it makes use of node data to discover security threats related to the IT infrastructure.
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Furthermore, surge of SDN across enterprises and increase in demand for network security is boosting global network management solution market growth. However, availability of free network management tools and low budget restrictions is hampering the network management solution market growth. On the contrary, rise in demand of network management solutions across SMEs and cloud-based NMS is expected to offer remunerative opportunities for expansion during the network management solutions market forecast.
Automation is becoming a cornerstone of network management solutions. With the rise of AI and machine learning, organizations are increasingly adopting automated tools to monitor, analyze, and optimize their networks. This trend not only enhances network efficiency but also reduces the burden on IT teams, enabling them to focus on more strategic tasks.
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Depending on industry vertical, BFSI segment is dominating the network management solutions industry and is expected to do so in the forecast period as, network management solution provide advantages such as reliable, highly secure connectivity has been in place, organizations and people have been way more comfortable in relying on the online financial services as well as their applications. However, Retail segment is anticipated to have the highest growth in the forecast period due to network management solutions clients can pay the bill without any interruptions, deploy and monitor your store’s network securely from anywhere and manage multiple branches and multiple networks with just one vendor which would provide the lucrative growth opportunities for the network management solutions market.
As cyber threats become more sophisticated and prevalent, security has taken center stage in network management. Solutions now integrate robust security features, including threat detection, vulnerability assessments, and real-time response mechanisms. Network administrators are prioritizing security to safeguard their digital assets and sensitive data. The adoption of cloud-based network management solutions continues to grow. Cloud platforms offer scalability, flexibility, and ease of management, making them an attractive option for organizations of all sizes. This trend aligns with the broader shift toward cloud computing and remote work, enabling efficient network management from anywhere.
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The market share for network management solutions was dominated by North America. The market for network management solutions in North America is expected to have robust expansion due to the extensive deployment of management systems to monitor attacks on mission-critical communication networks.
This report gives an in-depth profile of some key market players in network management solutions industry CA Technology, Cisco, Cubro Network Visibility, Ericsson, Huawei, IBM Corporation, Juniper Networks, Kaseya Co. Ltd., Live Action, Manage Engine, Micro Focus, NETSCOUT Systems, Nokia, Pasessler, Progress, and Zoho Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel growth of the market globally.
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