New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Network Management System Global Market Report 2023" - https://www.reportlinker.com/p06443930/?utm_source=GNW
, Broadcom CA Technologies, Kentik, Viavi Solutions, Kaseya, Zoho Corporation, Oracle Corporation, Hewlett-Packard Development, and Alcatel-Lucent.
The global network management system market grew from $10.02 billion in 2022 to $10.97 billion in 2023 at a compound annual growth rate (CAGR) of 9.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The network management system market is expected to grow to $15.5 billion in 2027 at a CAGR of 9.0%.
The network management system (NMS) market includes revenues earned by entities by providing network performance and monitoring, cloud monitoring, virtual monitoring, SDN monitoring, network configuration, log and event management, IP address management, VOIP monitoring, consulting services, integration and deployment services, training, support, and maintenance services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
A network management system (NMS) refers to a set of applications that allow network engineers to manage a network’s independent components inside a bigger network management framework and performs several key functions.A network management system manages entire business operations using a central computer.
The network management system is used by organizations to manage every aspect of the office such as device monitoring and management, and performance analysis. It provides intelligent notifications and alerts which save time and money and helps in increasing productivity.
North America was the largest region in the network management system market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the network management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of components in network management system are platform, solution, services.Platform in network management systems market refers to a system for connecting frontline organizational processes with backend information systems.
The various types of organizations include large enterprises, small and medium enterprises.The different deployment modes include on-Premises and cloud.
It is employed in banking, financial services, and insurance, information technology and telecom, healthcare, media and communication, retail, and other end users.
Increasing demand for cloud-based services is significantly contributing to the growth of the network management system market going forward.Cloud refers to servers that are provided over the Internet and the software and databases that run on those servers.
The network operators can get new network management services dynamically using cloud solutions rather than installing new hardware. For instance, according to the 2022 State of the Cloud Report by Flexera, a US-based software company which surveyed 753 technical professionals, revealed that overall small to midsized businesses (SMBs) cloud spend had grown substantially to 53% reaching $1.2 million spend annually in 2022, which was up from 38% in 2021 . Therefore, the increasing demand for cloud-based services is driving the growth of the network management system market.
Technological advancement is a key trend gaining popularity in the network management system market.Major companies operating in the network management system sector is focused on introducing new technologies to lead the market.
For instance, in July 2021, IBM, a US-based technology company launched the IBM Cloud pack, a hybrid cloud AI-powered automation software to manage networks.This helps to enable zero-touch operations at lower costs, and faster delivery of innovative services.
It helps the network engineers to create and automate network lifecycle models, view live network performance in real-time, and automate service design and testing. The software integrates artificial intelligence for IT Operations (AIOps), advanced analytics, and machine learning to help communications service providers in finding hidden patterns in networking data to optimize network operations without major human intervention.
In April 2021, IBM, a US-based technology company acquired Turbonomic for an undisclosed amount. With this acquisition, IBM will have AI-powered automation capabilities that will provide assurance for target application response times even during peak demand. Turbonomic is a US-based network management company that provides tools to manage application performance specifically for resource management
The countries covered in the network management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The network management system market research report is one of a series of new reports that provides network management system market statistics, including network management system industry global market size, regional shares, competitors with a network management system market share, detailed network management system market segments, market trends and opportunities, and any further data you may need to thrive in the network management system industry. This network management system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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