Network Traffic Analytics Market in network security solution is growing at the fastest rate over the forecast timeline. Due to the rising advent of digitalization and the adoption of technologies, such as IoT and cloud computing, the amount of data generated grew tremendously. This growth in big data requires effective monitoring and storage as they fall prey to various malicious attacks. Therefore, network security solutions are used to detect and block malicious attacks throughout the network. The governments worldwide are investing funds and implementing rules and regulations to enhance the cybersecurity offerings of their country.
Real-time data analysis has proven to be vital in ensuring fast detection and investigation capabilities of a company’s network handling system. The network traffic analytics market, boasting a valuation of over USD 780 million worldwide in 2017, has evolved accordingly to provide solutions for conducting analytics on real-time network information. Essentially, the breakdown of network traffic helps to establish a normal working pattern of an organization’s functioning, allowing easier recognition of components that seem out of the ordinary, like connection of any unregistered device or unusual traffic spike.
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Companies in the BFSI sector need to guarantee a reliable, safe and consistent service to retain customers, making them uniquely positioned among other industry domains. A network breach or downtime can result in distrust among the customers regarding the security of their savings, investments and private information. The network traffic analytics market comprises of solution providers that offer centralized monitoring systems to track, analyze and resolve network issues on not only physical but also virtual platforms. This is also necessary as many businesses in the BFSI sector have a number of units dispersed throughout a region, requiring efficient system for collating network data from all the locations and display it on an integrated dashboard.
The solutions segment dominates the network traffic analytics market and held around 71% of the market share in 2017. Due to an enormous rise in the network traffic, the companies face inadequacy in providing network-wide visibility. Hence, there is a rise in the installation of network traffic analytics solutions. The network traffic monitoring leads the solution segment as it ensures the smooth functioning of the computer network by incorporating packet recapturing and network sniffing techniques and review every incoming and outgoing packet. The services segment is increasing at the fastest rate and is projected to grow at a CAGR of 24.4 percent over the forecast timeline. These services assist customers to ensure that their products run efficiently, remain available, and take advantage of the application software and up-to-date systems.
North America held around 52% of the market share in 2017 and is anticipated to remain the network traffic analytics market leader over the forecast timeframe. The major factors contributing to the growth of the region include the early adoption of the network traffic analytics solutions along with the presence of the leading industry players including Cisco, IBM, and Microsoft. The companies operating in this region are also entering into strategic partnerships to expand their businesses offerings. For instance, in February 2018, Barefoot Networks, a firm based in the U.S. is delivering network monitoring systems partnered with Netsia to enable service providers to get complete network visibility. As the service providers are using the new 5G networks, this partnership will assist them in delivering and running the services seamlessly.
Speaking along the same line, in UK, high-speed network recording, traffic analytics hosting and playback specialist, Endace and renowned network and security operations service provider, Gigamon, have signed on a technology partnership recently. Through this strategic collaboration, they are planning to enhance visibility into network traffic for NetOps, DevOps, and SecOps teams. In line with the futuristic approach to improve network traffic visibility, both the companies will combine their analytics and security delivery platforms that would investigate security threats and resolve application & network performance issues. The development of high performance hosting for performance analytics and network security will have a positive influence on the service based network traffic analytics industry. Reportedly, with increasing popularity, the service based network traffic analytics market will grow at an annual growth rate of nearly 24.4% over 2018-2024.
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