The network monitoring market is slated to record notable growth through 2027 primarily owing to prevalent remote working trend during COVID-19 across the globe.
Following the COVID-19 outbreak, businesses needed to adopt novel ways to optimize network monitoring in order to protect their infrastructures against security threats. As a result, burgeoning importance of network monitoring systems has bolstered business growth during the pandemic.
The network monitoring market has been segregated with respect to component, network speed, enterprise size, application, and region. In terms of component, the market has further been segmented into software platform, monitoring equipment, and service. Under monitoring equipment, the market has been categorized into network TAP and network monitoring switch.
In 2020, the network monitoring switch segment dominated the market with over 80% revenue share and is estimated to see robust growth through 2027 due to growing demand for network performance monitoring and infrastructure management. The network TAP segment is expected to grow at a CAGR of approximately 15% over the assessment timeframe on account of rising number of endpoint devices.
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Under service, the network monitoring market has been divided into managed and professional. In 2020, the professional segment contributed to a market share of nearly 70% and is slated to grow at a robust pace over 2021-2027. Soaring demand for assistance to deploy and manage network monitoring solutions across enterprise network is set to fuel segmental adoption in the forthcoming years.
By network speed, the market has been bifurcated into 40 Gbps, 1 and 10 Gbps, 400 Gbps, and 100 Gbps. The 40 Gbps segment is anticipated to register solid growth at about 10% CAGR through the analysis period. Prevalent adoption of virtual services across enterprises is foreseen to propel segmental demand.
On the application spectrum, the network monitoring market has been classified into IT & telecom, BFSI, government, healthcare, retail, energy & utility, industrial, and others. The government segment is projected to expand at a CAGR of over 15% through the study timespan owing to soaring need for monitoring IT infrastructure, environment sensors, and security surveillance systems.
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In 2020, the IT & telecom segment held above 20% share in the network monitoring market and is poised to exhibit strong growth through 2027. Prominent need for network capacity optimization and reducing network complexities among telecom service providers is primed to support product uptake in the IT & telecom sector.
The energy & utility segment is speculated to progress at around 10% CAGR through the estimated period to gain a sizable revenue by the end of 2027 due to growing IoT penetration across the utility sector. The industrial segment is likely to showcase considerable expansion at a CAGR of more than 15% over the stipulated timeline impelled by the advent of Industry 4.0 across the manufacturing sector.
In the regional landscape, the Latin America network monitoring industry is poised to record about 15% CAGR through the forecast period. The proliferating cloud data center network across LATAM is calculated to positively influence regional market outlook.
Meanwhile, the Middle East & Africa network monitoring market contributed to approximately 10% of the overall industry revenue in 2020 and is expected to see substantial growth over 2021-2027. Mounting number of smart city projects in MEA is likely to promote regional market development in the future.