Network Performance Monitoring Market Expected to Reach $4.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Network Performance Monitoring Market," The Network Performance Monitoring Market Size was at $2.1 billion in 2021, and is estimated to reach $4.2 billion by 2031, growing at a CAGR of 7.1% from 2022 to 2031.

The process of precisely determining traffic patterns, network usage, and other performance indicators is known as network performance monitoring. Good network monitoring solutions provide both quantitative data and graphical aggregate representations of the network's condition. Users benefit from having a clearer understanding of the events taking place so they can identify areas where modifications may be required.

According to network performance monitoring market research, the network performance monitoring platforms and network terminal access points (TAPs) segments collectively accounted for around 60% market share in 2021, with the former constituting around 33% share. The network access control (NAC) Appliances and network packet brokers (NPBs) appliances segments are expected to witness considerable CAGRs of 8% and 7%, respectively, during the forecast period.

The current estimation of 2031 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has high impact on the growth of the network performance monitoring market, as an increasing number of commercial wireless connectivity networks, growing adoption of a cloud computing solution, and surging adoption of automation and machine learning systems (ML) provide lucrative opportunities for the growth of the network performance monitoring market. Therefore, during the forecast period, the need to manage costs in post-COVID-19 environments will undoubtedly be a significant growth driver for the use of network performance monitoring across various verticals.

Numerous workers are now working from home for the first time as a result of the rising COVID-19 instances throughout the globe. The risk to network security has escalated due to this distant workforce. Businesses require the appropriate solutions to support network infrastructure flexibility and protection for remote working. Before making any more network improvements, network performance monitoring assist firms in identifying their network risks and weaknesses. As a result, during the pandemic, network performance monitoring has risen in popularity. popular. Consequently, COVID-19 has a significant impact on the market for network performance monitoring.

Region-wise, Asia-Pacific held a significant global network performance monitoring market share, due to the region’s expanding 5G and wireless connectivity penetration, China currently dominates the regional market for North America. The main drivers of the growth of the network performance monitoring market in Asia-Pacific are the rapid advancements in the network as a service (NaaS) technology and the rise in awareness for personalized network design and planning. Moreover, rapid urbanization and an increase in ICT to enhance the network infrastructure and streamline technological network performance management are the primary factors that drive the growth of the network performance monitoring industry in Asia-Pacific, North America, and Europe.

KEY FINDINGS OF THE STUDY

• By component, in 2021, the hardware segment was the highest revenue contributor to the market, with $1,600 million. However, the services segment is estimated to reach $950  million by 2031, at a significant CAGR, during the forecast period.
• By hardware, the network performance monitoring platforms segment was the highest revenue contributor to the market in 2021. However, the network terminal access points (TAPs) segment is estimated to grow with an impressive CAGR, during the forecast period.
• By software, in 2021, the professional services segment was the highest revenue contributor to the market, with $340 million. However, managed services segments are estimated to grow with an impressive CAGR of 5%, during the forecast period.
• By enterprise size, the large enterprise segment was the highest revenue contributor to the market in 2021. However, the SME segment is estimated to grow with an impressive CAGR, as per Network Performance Monitoring Market Analysis.
• By end use, the cloud service providers segment was the highest revenue contributor to the market, with $700 million in 2021. However, other segments are estimated to reach $1,000 million by 2031, at a significant CAGR, during the Network Performance Monitoring Market Forecast.
• Region-wise, the network performance monitoring market growth was dominated by Asia-Pacific. However, North America and Europe are expected to witness a significant growth rate during the forecasted period.

Key players profiled in the report include Broadcom, Inc., Cisco Systems, Inc., Juniper Networks, Inc., Keysight Technologies, Inc., LogicMonitor Inc., Microsoft Corporation, Nagios Enterprises, LLC, Paessler AG, Profitap HQ B.V., and SolarWinds Worldwide, LLC. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the network performance monitoring industry.