Network Management Market Size, Share, Growth Analysis, By Organization Size(Large Enterprize and Small & Medium-Sized Enterprises), By Industrial Vertical(BFSI, Manufacturing, Retail, Healthcare), By Component(Hardware, Software and Service), By Region - Industry Forecast 2024-2031

Global Network Management Market size was valued at USD 9.50 billion in 2022 poised to grow from USD 10.51 billion in 2023 to USD 23.52 billion by 2031, growing at a CAGR of 10.6% in the forecast period (2024-2031).

The network management systems market is being driven by the expansion of in-depth visibility into network security. For example, IBM Corporation introduced IBM Hybrid Cloud Mesh in May 2023. This SaaS solution is intended to help businesses manage their hybrid multicloud architecture. Furthermore, it is projected that the growing use of network management solutions by enterprises to improve operations and efficiency will fuel the market's expansion in the coming years. Applications, instruments, and procedures used in network infrastructure provisioning, operation, maintenance, administration, and security make up network management. The overall responsibility of network management has made sure that users may access network resources promptly, effectively, and efficiently.

Moreover, throughout the projected period, high-profile investments and a surge in the need for improved security solutions are anticipated to offer profitable potential prospects for market advancement. Furthermore, prosperous growth prospects for the market are expected in the next years due to the growing demand for SD-WAN technology and the increased usage of future technologies like 5G and edge computing. However, it is projected that budgetary constraints, security risks, and the complexity of network infrastructure will impede the growth of the network management industry. Businesses have witnessed a variety of developments in operations, industrial automation, and corporate processes over time. As more companies depend on internet access for cloud and business-critical apps, network management technology has become essential.