Global Network Traffic Analytics Market Forecast 2019-2028
The global network traffic analytics market is projected to register growth at a CAGR of 22.68%, during the forecast period, 2019-2028. The factors estimated to drive the market growth are the considerable rise in ransomware attacks, the growing need for real-time network data analysis, and several government regulations in terms of network security.
The network traffic analysis offers in-depth insight and analysis into the type of network data or packets that flow through a network. Its mechanism involves network monitoring or network bandwidth monitoring software. The process is used in understanding the network utilization for tracking download or upload speed, along with identifying suspicious packets within the network. The main agenda of the whole process is threat identification in real time.
One of the huge concerns of governments and private sectors across the world is cybersecurity. This is because the thriving information technology and e-commerce sectors have resulted in increased cyber-crimes, incurring huge losses. At the same time, the ongoing digitization in financial, healthcare, and other industries has led to more data breaches. The cost of data breaches has increased considerably, given the rising popularity of digital platforms. Such factors have prompted the formulation of various regulations. Several initiatives have been undertaken to tackle the issue of data breaches. For instance, the three essential federal cybersecurity regulations in the US include the Homeland Security Act, Health Insurance Portability and Accountability Act (HIPAA), and Gramm-Leach-Bliley Act. The healthcare organizations and federal agencies are obligated to protect their information and systems under these regulations.
The global network traffic analytics market is geographically segregated into Europe, Asia Pacific, North America, and the rest of the world. The region of North America is projected to garner the largest revenue share during the forecast period, while the Asia Pacific region is set to register the highest CAGR. The North America growth prospects are credited to the rising frequency of cyber-attacks in the region, and the rich presence of key innovators in the region.
The market encompasses several regional and global players, striving for their space in the fairly-contested competitive environment. The market has high barriers when it comes to the entry of new players. Cisco Systems Inc, Broadcom Inc (Symantec), Genie Networks Ltd, Flowmon Networks AS, Allot Ltd, are among the leading companies in the market.
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