According to new market research report “Network Management System (NMS) market is segmented by component (solutions and services), deployment type, end-user (verticals and service providers), organization size, and region. – Global Forecast to 2023″, published by MarketsandMarkets forecasts the global NMS market to grow from USD 6.17 billion in 2018 to USD 10.20 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.20% during the forecast period.
The network management tool helps network administrators examine and optimize network infrastructure, network capacity planning, and identify and detect network security threats. The NMS market is gaining traction in the global market, as it offers several benefits to businesses, such as reducing operational expenses, improving security, and streamlining the network process. NMS solutions address the needs and expectations of network admin, as per their changing needs of the network infrastructure.
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Among component, the services segment is expected to grow at a higher CAGR during the forecast period.
The overall services segment has a major influence on the NMS market. These services help in reducing the costs, lowering the operational costs, increasing the overall revenue, and improving the performance. With the help of these services, organizations can track, evaluate, and analyze the requirement of the business, so that they can make effective business decisions.
Among verticals, the healthcare vertical is expected to be the fastest-growing vertical in the market.
Previously, healthcare stakeholders were reluctant to adopt the digital technology in their core business due to stringent government regulations. However, with the advent in technology and government regulations, businesses are implementing the network management solution to safeguard their networks. Currently, healthcare is the biggest untapped industry for the NMS solution providers specifically in the developing countries.
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APAC is believed to be witnessing a steady growth in terms of adoption of NMS solutions and expected to grow at the highest rate during the forecast period.
China, Japan, and India are expected to account for the major market share in the regional market, due to the high investments in the network infrastructure. The widespread proliferation of broadband connectivity, the penetration of advanced technologies across organizations, the presence of massive network infrastructure, and the increased cyber-attacks on enterprise networks are said to be the major factors that drive enterprises in this region to implement NMS solutions.