Artificial Intelligence
Network Management Market to Reach $25.3 Billion, by 2032 at 10.6% CAGR: Allied Market Research
Rise in digitalization and increase in adoption of advanced technologies such as IoT across the globe positively impact the growth of the market.
NEW CASTLE, Del., Dec. 14, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Network Management Market by Component (Hardware, Software, and Service), by Deployment Mode (On-Premise, and Cloud), by Network Type (LAN, MAN, and WAN), and by Organization Size (Large Enterprises, and Small & Medium-Sized Enterprises), by Industry Vertical (BFSI, Manufacturing, Retail, Healthcare, IT & Telecom, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the network management industry generated $9.5 billion in 2022 and is projected to reach $25.3 billion by 2032, witnessing a CAGR of 10.6% from 2023 to 2032.
Prime determinants of growth
Rise in digitalization and increase in adoption of advanced technologies such as IoT across the globe positively impact the growth of the market. In addition, the increase in adoption of network management solution across businesses to enhance operation & productivity is anticipated to propel the growth of the market in future. Furthermore, an increase in investments by top players and a rise in demand for enhanced security solutions are expected to provide lucrative growth opportunities for market expansion during the forecast period. Moreover, the increase in adoption of emerging technologies such as 5G & edge computing and growth in demand for SD-WAN technology are anticipated to provide lucrative growth opportunities for the market in the upcoming years. However, network infrastructure complexity, security threats and costs budget are anticipated to hamper the market growth.
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Report coverage & details:
Report Coverage
Details
Forecast Period
2023–2032
Base Year
2022
Market Size in 2022
$9.5 Billion
Market Size in 2032
$25.3 Billion
CAGR
10.6 %
Page No
285
Segments Covered
Component, deployment mode, network type, organization size, Industry vertical and region
Drivers
Rise in digitalization and increase in adoption of advanced technologies such as IoT across the globe
The increase in adoption of network management solution across businesses to enhance operation & productivity
Rise in demand for enhanced security solutions
Opportunities
The increase in adoption of emerging technologies such as 5G & edge computing
Growth in demand for SD-WAN technology
Restraints
Network infrastructure complexity
Security threats and costs budget
Covid-19 Scenario
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.Buy this Complete Report (285 Pages PDF with Insights, Charts, Tables, and Figures) at:
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The hardware segment to maintain its leadership status throughout the forecast period
Based on component, the hardware segment held the highest market share in 2022, accounting for less than half of the network management market revenue, and is estimated to maintain its leadership status throughout the forecast period. Network hardware helps to establish an effective mode of communication, thereby improving business standards. However, the service segment is expected to portray the largest CAGR of 12.8% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. As service segment help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.
The on-premise segment to maintain its leadership status throughout the forecast period
Based on deployment mode, the on-premise segment held the highest market share in 2022, accounting for nearly three-fifths of the network management market revenue, and is estimated to maintain its leadership status throughout the forecast period. Increase in the need to secure and reliable data within the organization has fueled the market growth for on-premise-based solutions. However, the cloud segment is expected to portray the largest CAGR of 11.9% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The cloud-based deployment model does not involve capital cost and requires low maintenance cost, which is majority preferred by small & medium enterprises, thereby driving the growth of the cloud-based solutions.
The LAN segment to maintain its lead position during the forecast period
Based on network type, the LAN segment accounted for the largest share in 2022, contributing for nearly half of the network management market revenue. LAN management tools help reduce the cost of supporting those heterogeneous environments by providing the means for IT administrators to diagnose and resolve problems with PCs and servers running on a broad range of operating systems. However, the WAN segment is expected to portray the largest CAGR of 13.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. WAN technology innovations help organizations access information in a secure, fast, and reliable way. In addition, WAN is also important for business productivity and continuity.
The large enterprises segment to maintain its lead position during the forecast period
Based on organization size, the large enterprises segment accounted for the largest share in 2022, accounting for two-thirds of the network management market revenue. The rise of digitalization among the large enterprises is expected to propel the growth of the market in upcoming years. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 12.7% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, owing to increase in number of SMEs in developing IT infrastructures in Asia-Pacific including China, Japan, and India.
The BFSI segment to maintain its leadership status throughout the forecast period
Based on industry vertical, the BFSI held the highest market share in 2022, accounting of nearly one-fourth of the network management market revenue, and is estimated to maintain its leadership status throughout the forecast period. Network management along with advanced application has become an ideal option for many banks to stay up-to-speed with the financial digital transformation of the industry. However, the retail sector is projected to manifest the highest CAGR of 14.5% from 2023 to 2032. Network management plays a pivotal role in the retail and e-commerce industry, offering a multitude of benefits that enhance operational efficiency, customer experience, and security.
North America region to maintain its dominance by 2032
Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the network management market revenue. Factors such as the growth of remote work and the surge in online services have fueled the demand for reliable, high-performance network management in the region. However, Asia-Pacific is expected to witness the fastest CAGR of 13.8% from 2023 to 2032, and is likely to enhance the market growth during the forecast period. Rapid proliferation of 4G, 5G in developing countries of Asia-Pacific, increase in subscriber base, favorable government policies and regulations, and demand for security are expected to boost the growth of the region at a considerable pace.
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Leading Market Players: –
Cisco Systems, Inc.IBM CorporationMicrosoft CorporationJuniper Networks, Inc.SolarWinds CorporationBroadcom Inc.Huawei Technologies Co., Ltd.Hewlett Packard Enterprise (HPE)BMC Software, Inc.Nokia Corporation The report provides a detailed analysis of these key players in the network management market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Artificial Intelligence
Complyport’s new AI tool – ViCA.Chat – set to revolutionise compliance support services
LONDON, June 14, 2024 /PRNewswire/ — ViCA.Chat, the Virtual Compliance Assistant powered by AI technology, is set to transform regulatory compliance consulting. Developed by ComplyMAP Group’s AI engineers and Complyport’s compliance consulting teams, ViCA redefines compliance support services and propels governance, risk and compliance consulting into a new era of innovation.
Offering real-time assistance across a vast array of UK and EU regulatory frameworks, ViCA delivers unparalleled efficiency, detail and precision in disentangling and dealing with complicated regulatory frameworks.
The key differentiator of ViCA is its specialised and purposely constructed unique databases that leverage Complyport’s 22 years of regulatory expertise, combined with tailored AI training tools, enabling ViCA to operate as an experienced compliance consultant. A dedicated human support team continuously improves and updates ViCA’s knowledge and responses through a feedback loop process and quality assurance sessions. This powerful symbiosis of AI and human expertise sets ViCA apart and ensures businesses have the latest regulatory information instantaneously and seamlessly.
As a result, ViCA’s specialised regulatory database goes beyond readily available online resources which feature into traditional AI tools. ViCA offers exclusive insights, proprietary regulatory interpretations, historical data, bespoke and purposely structured compliance documentation and templates. With advanced scraping capabilities, ViCA also extracts relevant data from selected websites and publicly available information, ensuring an up-to-date and comprehensive understanding of compliance requirements across industries.
From agile fintech startups to established law firms, financial institutions, regulatory bodies, insurance providers, as well as compliance consultants, ViCA seamlessly adapts to unique compliance needs. Its user-friendly interface ensures navigating and analysing regulatory data is swift and intuitive, streamlining the compliance workflow.
“ViCA is a game-changer in how regulatory compliance advice will be provided in the future”, commented Luis Parra, Managing Director of ViCA. “With ViCA, compliance insights become available to all. No longer are regulated firms and responsible people overly dependent on advisors and compliance consultants. Through ViCA, the financial system will not only meet but exceed regulatory standards. Moreover, the level of information made available to the public will benefit society as a whole, in its interactions with the financial services sector.”
Among ViCA’s revolutionary features is its cost-effective model, allowing businesses to significantly reduce reliance on traditional spending with external consultants and advisors.
Visit ViCA.Chat to experience the future of compliance support.
Contact:
Name: Luis ParraTitle: Managing DirectorCompany: Vica.ChatTelephone: +44 20 7399 4980 Email: [email protected]
About ViCA.Chat:
ViCA.Chat is a revolutionary Virtual Compliance Assistant powered by cutting-edge AI technology, designed to demystify the complexities of regulatory compliance. Utilising Complyport’s 22 years of regulatory expertise, ViCA offers real-time assistance and guidance across a wide range of regulatory frameworks, setting a new standard for efficiency and precision in compliance support. From fintech start-ups to established law firms, financial services institutions, regulators, regulatory firms, compliance consultants and insurance firms, ViCA caters to the diverse needs of professionals across all levels in the broader UK financial services sector.
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Artificial Intelligence
LoRa and LoRaWAN IoT Market worth $32.7 billion by 2029- Exclusive Report by MarketsandMarkets™
CHICAGO, June 14, 2024 /PRNewswire/ — The LoRa and LoRaWAN IoT Market is expected to reach USD 32.7 billion by 2029 from USD 8.0 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 32.4 % during 2024–2029, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “LoRa and LoRaWAN IoT Market”
320 – Tables 58 – Figures294 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
Offering, Network Deployment, Application, End User, and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
List of Companies in LoRa and LoRaWAN IoT
The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
The LoRaWAN ecosystem influences development of tools, software libraries, and cloud-based platforms that streamline the creation, deployment, and management of IoT solutions. Continuously evolving, this ecosystem boasts a burgeoning array of vendors providing LoRa-compliant devices, gateways, and network management solutions. This vibrant competition within the ecosystem propels innovation while driving down costs for end-users. Moreover, the development of interoperable solutions fosters seamless integration and deployment of LoRaWAN networks, simplifying the implementation process for businesses and organizations. As the ecosystem continues to expand and mature, it empowers developers, system integrators, and IoT enthusiasts to unleash their creativity, accelerate time-to-market, and unlock the full potential of LoRaWAN technology in diverse applications and industries.
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Based on network deployment, the public network segment to hold the largest market size during the forecast period.
The robust security features integrated into public LoRaWAN networks play a significant role in driving the growth and adoption of LoRaWAN technology in the market. End-to-end encryption ensures that data transmitted between devices and gateways is protected from unauthorized access or interception, safeguarding sensitive information such as sensor readings, location data, and command messages. Message integrity checks verify the integrity of data packets, detecting any tampering or alteration during transmission and ensuring data authenticity and reliability. Additionally, mutual authentication mechanisms establish trust between devices and gateways, verifying the identity of both parties before allowing communication to occur. These security measures provide organizations and end-users with confidence in the integrity and confidentiality of their data, mitigating concerns related to data privacy, cybersecurity threats, and regulatory compliance. As a result, implementing robust security features in public LoRaWAN networks enhances trust and credibility in the technology, driving increased adoption and market growth as organizations seek reliable and secure connectivity solutions for their IoT deployments.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
IoT service providers are pivotal in driving adoption by developing vertical-specific solutions finely tuned to the distinct needs of industries like agriculture, healthcare, logistics, and smart cities. In agriculture, for instance, IoT services offer solutions for precision farming, crop monitoring, and livestock management, enabling farmers to optimize irrigation, monitor soil health, and enhance yields. Similarly, IoT services facilitate remote patient monitoring, asset tracking, and inventory management in healthcare, improving patient care, reducing costs, and ensuring compliance with regulatory standards such as HIPAA. In logistics, IoT services provide real-time tracking of shipments, fleet management, and predictive maintenance, enhancing supply chain visibility, efficiency, and reliability. For smart cities, IoT services offer solutions for traffic management, waste management, energy optimization, and public safety, transforming urban infrastructure and enhancing the quality of life for residents. By addressing industry-specific challenges, compliance requirements, and use cases, vertical-specific IoT solutions deliver tangible business value, driving adoption and fueling the growth of the IoT services market across diverse sectors.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
In the Asia Pacific region, where agriculture serves as a cornerstone of many economies, adopting IoT technologies, particularly LoRa and LoRaWAN, is revolutionizing traditional farming practices. LoRaWAN’s long-range connectivity and low-power consumption make it well-suited for deployment in rural agricultural settings, where access to reliable connectivity may be limited. Through LoRa-based IoT solutions, farmers can implement precision agriculture techniques to address pressing challenges such as water scarcity, soil degradation, and unpredictable weather patterns. LoRa-enabled sensors facilitate real-time monitoring of soil moisture levels, temperature, and humidity, allowing farmers to optimize irrigation schedules and conserve water resources. Remote sensing technologies powered by LoRaWAN enable farmers to gather actionable insights on crop health, pest infestations, and nutrient deficiencies, facilitating timely interventions and improving overall crop management practices. Furthermore, LoRa-based crop analytics platforms provide farmers with data-driven decision support tools, helping them optimize planting strategies, improve yield forecasting, and mitigate the impact of climate change on agricultural productivity. By harnessing the power of LoRa and LoRaWAN IoT solutions, farmers in the Asia Pacific region can increase yields, conserve resources, and enhance resilience to environmental challenges, driving the adoption and growth of the LoRaWAN IoT market in the agricultural sector.
Top Key Companies in LoRa and LoRaWAN IoT Market:
The major vendors covered in the LoRa and LoRaWAN IoT Market are The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT Market.
Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
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Artificial Intelligence
Scoring a Seat at UEFA EURO 2024™ with Top-Performing AI-Powered TOSHIBA TV Lineup
HONG KONG, June 14, 2024 /PRNewswire/ — Football fans are in for a treat as they gear up for UEFA EURO 2024™ with Toshiba TV’s top-performing Gaming TV Z670. As the OFFICIAL TV OF UEFA EURO 2024™, Toshiba TVs present immersive viewing of the football game by their AI-powered TV lineup. To celebrate the brilliant moments it can bring, Toshiba TV are gifting USD100 Amazon Gift Card via their social platform! By simply like, follow and comment on @ToshibaTVGlobal, fans can boost their chances of scoring this prize.
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