Network Management Systems Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.4% during the forecast period, to reach USD 14.6 billion by 2027 from USD 9.3 billion in 2022, according to a new report by MarketsandMarkets™.
Growing demands for of digital transformation across verticals and the increasing adoption of advanced technologies, such as IoT, mobility, and cloud. China, Japan, Australia, and India are the key contributors in terms of the adoption of NMS tools in their network infrastructure. The adoption of virtualization and SDN technology is currently in its nascent phase and is projected to grow exponentially during the forecast period.
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As per verticals, the government segment to grow at highest CAGR during the forecast period
The network management system market is segmented on verticals into BFSI, IT & telecom, government, manufacturing, healthcare, retail, transportation & logistics, and others (education and hospitality). As per verticals, the government vertical is expected to grow at the highest CAGR during the forecast period. This vertical is one of the major revenue contributors to the NMS market and is expected to be a promising vertical in the future as well. Since businesses are changing, the network infrastructure continues to be a significant backbone, linking users to the necessary IT resources and enabling immediate distribution of information. The change in the government network infrastructure is driving the growth of the NMS market.
On-premises segment to grow at the highest CAGR during the forecast period
As per deployment mode, On-premises Segment to grow at the highest CAGR for the network management system market during the forecast period. The network management system market by deployment mode is segmented into cloud and on-premises. The on-premises solutions are seen to be in greater demand, due to their wide range of functionalities, such as high-end security, easy deployment, and complete access to network solutions. With advancements in technology, enterprises and service providers are seen to prefer cloud-based network management solutions, as they offer various benefits, such as a pay-per-use model, flexibility, speed inaccessibility, and low installation and maintenance costs.
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Some of the major Network Management System Market vendors are Cisco (US), IBM (US), Broadcom CA Technologies (US), Micro Focus (UK), Juniper Networks (US), Nokia (Finland), Ericsson (Sweden), ManageEngine, a Division of Zoho Corporation (US), Huawei (China), LiveAction (US), NETSCOUT (US), Progress (Ipswitch) (US), Paessler (Germany), Cubro Network Visibility (Austria), Kentik (US), VIAVI Solutions (US), Kaseya (US), Extreme Networks (US), eG Innovations (US), Colasoft (China), SolarWinds (US), ExtraHop Networks (US), Riverbed (US), Accedian (Canada), BMC Software (US), HelpSystems (US), and AppNeta (US)
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Content Source: https://www.globenewswire.com/news-release/2022/07/28/2488054/0/en/Network-Management-System-Market-Worth-14-6-Billion-By-2027-Exclusive-Report-by-MarketsandMarkets.html
