The network traffic analysis solution market was worth US$ 2.9 billion in 2022 and is expected to grow at an 11.3% CAGR to US$ 8.5 billion by 2032.
The rise could be attributed to the growing need for proper network administration as network complexity rises. The rising rates of internet penetration, and thus the rise in cybercrime, are expected to contribute to the growth of the network traffic analysis solution market. Continued cloud migration, IoT deployments, and 5G rollouts are all positive indicators for network traffic analysis solution market growth.
The emergence of the COVID-19 pandemic, as well as the associated lockdowns and restrictions imposed in many parts of the world to halt the spread of the coronavirus, has had only a minor impact on network traffic monitoring.
The outbreak, as well as the efforts to contain it, have slowed global economic activity and hampered the efficiency of routine corporate operations. However, the network traffic analysis solution market is growing due to increased awareness and demand for greater visibility into network-connected devices. Rising demand for cloud-based services will drive demand for network traffic analysis solutions.
The network traffic analysis solution market may be classified as extremely fragmented due to the presence of both established and local market participants. Furthermore, because all of these network traffic analysis solution market participants serve a small number of clients, network traffic analysis solution market competitiveness is increased.
To strengthen their market position, mark network traffic analysis solution market et participants such as Awake Security Inc., Broadcom Corporation, Cloudflare, Inc., Core Security Technologies, NEC Corporation, NETSCOUT Systems, Inc., and SolarWinds, among others, are pursuing various growth strategies such as new product launches, mergers and acquisitions, and strategic partnerships.