Network Management Solutions Market Size

Network Management Solutions Market size was over USD 8.23 billion in 2023 and is anticipated to reach USD 27.1 billion by 2036, witnessing around 9.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of network management solutions is assessed at USD 8.86 billion. The growth of the market can be attributed primarily to the growing adoption of the internet of things (IoT) amongst businesses worldwide. Globally, the number of connected devices with IoT is increasing, which is resulting in a need amongst businesses for network management solutions, which is expected to drive the growth of the market in the coming years. For instance, the number of internet of things (IoT) connected devices globally is projected to reach close to 30 billion by 2030, up from about 8 billion in the year 2020.

The increasing digitalization around the globe is responsible for the increase in systems, servers, processes, networks, and others worldwide. Networks are managed via a centralized network management solution, as it bridges the gaps between various devices, vendors, and environments. The solution is responsible for monitoring the state of the network and taking corrective measures to improve network performance, detect fault, and ensure security of the network. With the recent advancements in technology as well as increasing use of the internet, the demand for network management solutions is on the rise amongst businesses, products, and service providers, which in turn is expected to create massive revenue generation opportunities for the key players operating in the global network management solutions market during the forecast period. For instance, approximately 69%of the global population is expected to be actively using the internet in 2022.