Network Probe Market worth $908 million by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 24, 2022 /PRNewswire/ -- The global Network Probe Market size is expected to grow from USD 549 million in 2022 to USD 908 million by 2027, at a CAGR of 10.6% during the forecast period, according to a new report by MarketsandMarkets™. Enterprises are interested in network probe solutions and services as they provide wide range of benefits, including reduced CAPEX and OPEX, improved workforce productivity, and enhanced security.
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By end users, enterprises are expected to register the fastest growth rate during the forecast period.
The Enterprises use network probes for bandwidth monitoring, application monitoring, IP traffic management, and real-time visibility to make decisions that add value to their businesses. Enterprises are increasingly investing in new and latest technologies, such as AI, ML, analytics, edge computing, and hybrid and multi-cloud technology. The demand for subscription-based SD-WAN and WLAN services has increased over the last few years as the subscription-based model manages the entire IT network infrastructure, thereby enabling enterprises to focus on core business objectives.
By end users, BFSI is estimated to account for the largest market share in 2022
BFSI is a highly regulated industry vulnerable to malicious attacks and fraudulent activities. These companies face distinctive challenges, including economic risks such as loss of financial data and customer information for internal and external transactions in case of network failure. These networks are exposed to threats because of network tampering or cyber-attacks, which may lead to network failure or financial instability. To overcome the distinctive challenges, 24×7 network connectivity and flawless network availability are crucial, which can be done by continually monitoring and analyzing the required network. Therefore, discrepancies in the BFSI sector can be controlled by real-time network visibility, which can be enabled by employing network probe solutions.
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Asia Pacific is likely to emerge as fastest-growing market during the forecast period
Asia Pacific is projected to be the fastest-growing market for network probe solutions due to the adoption of new technologies, rising investments in digital transformaion, and growing GDP in the Asia Pacific countries. Developed economies, such as China, Japan, India, and South Korea, which are the most technologically advanced, are the highest contributors to the Network Probe Market in the region. The region also constitutes major economies, such as Singapore, and Australia. The growing security attacks such as malware, virus, and DoS on enterprise networks contribute to market growth. This has led to enterprise customers' rapid adoption of network monitoring solutions in fast-growing countries such as China, Japan, and Australia. Japan and China are technologically advanced countries in the region and undisputed leaders in the Network Probe Market. However, the growth of the APAC market is fragmented, and several local players have been making contributions to this market, thereby resulting in the highly competitive ecosystem of the APAC Network Probe Market.
The major vendors covered in the Network Probe Market include SolarWinds (US), NETSCOUT (US), Broadcom (US), IBM (US), Cisco (US), Nokia (Finland), NEC (Japan), AppNeta (US), Catchpoint (US), Accedian (Canada), Paessler (Germany), ManageEngine (US), Progress (US), Nagios (US), Dynatrace (US), HelpSystems (US), Riverbed (US), ExtraHop (US), Micro Focus (UK), Cubro (Austria), Plixer (US), Kentik (US), ObjectPlanet (Norway), Flowmon (Czech Republic), Qosmos (France), Radcom (Israel), Firstwave (Australia), and 3Columns (Australia).
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