The network traffic analytics market is anticipated to record a substantial growth rate over the coming years owing to the promotion of advanced networking solutions and adoption of advanced technologies. Network traffic analysis is defined as the process of intercepting, recording and analyzing network traffic communication patterns for detecting as well as responding to security threats.
Network traffic analytics market is bifurcated in terms of component, deployment model, end-use, and regional landscape.
Based on component, the network traffic analytics market is classified into solutions and services. The solution segment is further classified into network capacity planning, network security, network performance, network visibility, and network traffic monitoring. Among these, network performance segment is likely to witness a CAGR of 18% over the forecast timeframe owing to its ability to ensure smooth functioning of the computer network.
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Network security segment is slated to grow at a CAGR of more than 21% through the forecast time period since they are used to detect and block malicious attacks throughout the network. In 2019, network capacity planning segment represented a market share of 12% because it helps organizations understand the underlying network capabilities.
The services segment is further classified into managed service, training & support services, consulting services, and integration and deployment services. Among these, the integration and deployment services segment will witness a CAGR of 17.6% over the projected time period as the services help manage cybersecurity throughout the product's lifecycle.
In 2019, consulting services segment registered a market share of over 12% due to the increasing growth in cloud services and technological advancement. Training & support services segment is anticipated to grow at a CAGR of more than 22% through the forthcoming timeframe as they help evaluate threats and find the network infrastructure vulnerabilities.
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In terms of end-use, the overall network traffic analytics market is segmented into service provider and enterprises. The service provider end-use segment is further categorized into managed service provider, internet service provider, telecom service provider, and cloud service provider. Internet service provider segment is expected to grow at a CAGR of more than 15% over the forthcoming timeframe owing to investments made by ISPs in big data analytics. In 2019, managed service provider held a market share of more than 45% due to the increasing demand for managed IT services caused by digitization.
The enterprises segment is further categorized into energy & utilities, retail, education, healthcare, IT & telecom, and BFSI. In 2019, the BFSI segment held a market share of 30% as BFSI enterprises spend huge amounts of funds to defend their networks from data breaches and hacks. Healthcare segment will witness a CAGR of 19% over the estimated time period since healthcare IT teams requires efficient ways to address security threats and performance slowdowns occurring in the network.
Education segment is slated to grow at a CAGR of more than 17% through the forthcoming timeframe due to increasing traffic load on educational networks. In 2019, the retail segment held a market share of 15% owing to increasing use of ecommerce network analytics for optimized marketing and merchandizing. Energy & utilities segment is anticipated to grow at a CAGR of 15% over the forecast time period due to increasing use of smart grids and meters to receive enhanced data about distribution network.
From a regional frame of reference, LAMEA network traffic analytics market is likely to witness a CAGR of 18% through the analysis timeframe due to increasing adoption of SaaS and promotion of advanced networking solutions.