Network Analytics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Network Analytics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The network analytics market is expected to register a CAGR of 20.12% over the forecast period, owing to the increasing need for autonomous and self-managing networks.

Key Highlights

• Global IP traffic is expected to increase exponentially in the coming years as network communications are becoming an essential component of multiple business models for present-day communication companies.
• Hence, it is necessary to improve network reliability and eliminate disruptions. Increasing adoption of network analytics by cloud service providers that are facing challenges in maintaining service level agreement (SLA) standards and coping with the top-class quality service and quality of experience (QoE) parameters is expected to boost the adoption rate of network analytics.
• With the growing adoption of IoT and the emergence of Industry 4.0, the number of interconnected entities is expected to grow steeply, leading to the generation of extensive amounts of network data.
• Additionally, network analytics may become more important and broadly deployed as network security has become more critical on a priority basis across any organization.
• The COVID-19 pandemic created a substantial socio-economic predicament, resulting in the temporary collapse and closure of thousands of businesses worldwide. Businesses have been compelled to make substantial changes to their operations, such as downsizing and product and service diversification. To address these changes quickly, companies must adopt or capitalize on their business intelligence strategies through agile risk management, AI systems, and data analytics to help make informed decisions and enhance business operations.

Key Market TrendsCommunication Service Providers Segment is Expected to Witness a Significant Growth

• The telecom industry is leading the market in terms of the adoption rate of network analytics. Growth in the mobile industry has been dramatic and may continue to rise despite some reports of a slowdown.
• The advent of the 5G network, coupled with the increasing penetration of smartphones, promises to lead to an enormous wave of data traffic. The signs of 5G that demand more speed, greater efficiency, and less latency may be essential to support connected things in the future.
• Telecom organizations depend on terabytes of data generated and stored in silos and scattered across the business ecosystem. However, telecom companies need an advanced analytics-driven data solution for simpler and faster processing of only relevant data, which may help them achieve timely and accurate insights.
• Telecom operators that want to be innovative and maximize their revenue potential must have the right solution at the right place and time to control the volume, variety, and velocity of data coming into their organization and leverage actionable insights from that data.
• For telcos, next-generation data analytics are already providing measurable advantages. Primary operators are utilizing the geographic capabilities of contemporary analytics to locate the best sites for 5G small cells, decide which field technician approach will best meet capacity expansion at each cell site, and optimize network coverage across shifting maps. In the future, operators may utilize next-generation analytics to automate network deployments, provide end-to-end network visibility, and enable network self-corrections. Networks may also recognize and support any capacity expansions required, thus enhancing internal operations and consumer experiences.

North America is Expected to Lead the Market

• The region is expected to occupy the largest market share at a moderate rate due to the early adoption of network analytics by the leading players in the region.
• Due to the widespread adoption of network analytics tools by businesses and organizations in United States, the country has become the largest market for this technology. The rapid expansion of the network analytics market in United States can be ascribed to the rapid infrastructure development in the country, as well as the high growth of the Internet of Things (IoT), artificial intelligence (AI), machine learning (ML), and cloud computing.
• The availability of technology and infrastructure increased cyber-malware attacks on the networks in the region, as well as higher technology adoption rates, are expected to contribute to the growth of the market in the region. The region also has the world’s leading telecom companies, like AT&T and Verizon, which are employing network analytics extensively.
• North America, especially United States, is noticing a rise in the number of cloud-based analytics start-ups focused on network analytics. This trend is expected to help maintain the region’s dominance in the coming years.
• Due to the swift adoption of new technology by regional businesses, North America has become the most technologically advanced region globally. United States and Canada are also essential contributors to technical advancement in this region. For instance, US businesses are substantially investing in network analytics to increase network efficiency and deliver better customer service by learning from network traffic.

Competitive Landscape

The network analytics market is neither a highly competitive market nor has a limited number of players present in the market.

• June 2022 - With the wide availability of the 9.7 version, Pico, a leading provider of mission-critical technology, software, data, and analytic services for the financial markets industry, continued to develop its market-leading Corvil Analytics platform. The number of incidents handled by operations teams is rising due to the ongoing increase in client network estates, as well as the volume of trading and market data. With innovative visualizations and straightforward workflows, Corvil Analytics 9.7 makes it easier to control the network, trade, and market data performance.
• June 2022 - In order to automate its network with more network visibility and service assurance, digital service provider Zain Kuwait invested in technology from Accedian and Cisco, as well as other performance analytics and end-user experience solutions providers.

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• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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