Market Trends of Network Bandwidth Management Software Industry
The Telecommunication and IT Segment to Witness Significant Growth
- In today's world, digitization is revolutionizing how businesses operate. Digitalization means the digitization of information and the digitalization of data transmission and communication processes. The proliferation of cross-functional communication and data transfers is increasing with the emergence of agile and DevOps trends in IT. The low latency of the network compromises the process's effectiveness.
- In almost all sectors, from telecoms to information and communication technologies, the increase in Internet usage has penetrated its use. As per ITU, as of 2023, internet penetration in Europe was the highest worldwide, growing around 91% in the latest measured year. Due to this, the customers are becoming interested in the shift to OTT and IPTV.
- Also, telecommunications companies have partnered with OTT operators to gain market share. Therefore, these companies must manage their network bandwidth to cope with the smooth performance requirements of network bandwidth management software.
- Network bandwidth management software enables IT administrators to track and control the bandwidth of the enterprise network. Network delay is the root cause of many problems companies encounter when using the Internet. This software provides a service to reduce the delay during transmission and assign specifications.
- Corporate data breaches are frequent, and cybercriminals have effectively targeted many government and large-scale business networks. When credentials have been stolen or lost, companies will focus on securing the identification and access of their staff to avoid data exposure and other security breaches.
- With the real-time analysis of bandwidth usage and delays caused by the applications enabled by the increase in market share, the implementation of network bandwidth management software is gaining traction.
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Asia-Pacific to Witness Major Growth
- Asia-Pacific's growth is expected to be the fastest, unlike the Rest of the World. In particular, the increasing number of small and medium-sized enterprises shifting their activities to a more extensive network is driving growth in this region. However, there are difficulties associated with managing networks.
- Moreover, this region is becoming an attractive market for numerous companies due to the cost advantage of growing economies and because several organizations have adopted today's state-of-the-art network management systems to increase their demand for unified network management.
- More regional organizations are taking advantage of cloud solutions to operate their business activities, which is likely to drive market growth due to the increasing demand for expertise in managing complex networks.
- In this region, a huge demand for network bandwidth management software arises due to the growing adoption of Internet of Things networks and other privately operated commercial networks, particularly in the financial services sector. Asia-Pacific relies heavily on cash for several transactions, notably in the retail sector, unlike most advanced economies worldwide. In order to meet the region's cash needs, ATMs and high-frequency networks that allow services to operate on a cycle basis should be constantly expanded.
- The demand for network bandwidth management software in this region is anticipated to increase during the forecast period due to the increased use of mobile devices, especially in countries such as India, China, and Indonesia.
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