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:
https://www.alliedmarketresearch.com/network-management-market/purchase-options
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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