Market Trends of Network Bandwidth Management Software Industry
This section covers the major market trends shaping the Network Bandwidth Management Software Market according to our research experts:
Telecommunication and IT Segment to Witness Significant Growth
- Digitization is revolutionizing business operations in today's world. It is not only digitalizing information but also digitalizing data transfer and digitizing communication process. The rising trend of Agile and DevOps workflow in the IT industries are increasing the cross-functional communication and data transfer. The latency in the network hampers the effectiveness of the process.
- The growing internet usage has penetrated its usage in almost all the industries, including telecommunication and IT. The trend towards OTT and IPTV are gaining customer interest. Also, telecommunication companies are partnering with OTT players for gaining the market share. Hence, these companies have to manage their network bandwidth for its seamless performance demanding the network bandwidth management software solutions.
- According to Limelight Networks, India, Philipines, Singapore, and the United States spends more than eight hours each weak for video streaming. Whereas, globally, consumers watch 6.75 and 8.03 average hours of online video and broadcast video online, respectively.
- The real-time analysis of the bandwidth usage and delays by the applications enabled with the implementation of the network bandwidth management software is gaining traction for its market growth.
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Asia-Pacific to Grow Signficantly
- The Asia-Pacific region is expected to witness the fastest growth among all other regions in the market. The growth in this region is primarily driven by a large number of SME’s scaling their business to more extensive networks and in turn facing complexity in network management.
- The region has also become a lucrative market for many businesses owing to the cost advantages in growing economies and hence has been attracting many organizations which are deploying state of the art network management systems thus inflating the demand for unified network management.
- More and more organizations in this region are adopting cloud solutions for their business operations, and as the cloud penetration in the region increases, the need for the expertise to manage the complex network will increase which is also likely to drive the market in the region.
- The increasing deployment of IoT networks and other commercial private networks in the region, especially in the BFSI sector, is creating a huge demand for network bandwidth management software. Unlike many modern economies in the world, Asia-Pacific depends highly on cash for many transactions, especially in the retail sector. To meet with the cash need of the region, continuous expansion of ATM machines and high-speed networks that enable the services to run in cycles.
- With growing consumption of mobile devices in the region, especially in countries, like India, China, and Indonesia, the demand for network bandwidth management software is expected to grow in the region over the forecast period.
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