Network Management System (NMS) Market Worth $11.0 Billion by 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, Oct. 8, 2019 /PRNewswire/ -- According to a new market research report "Network Management System (NMS) Market by Component (Platform, Solutions, and Services), Deployment Type (Cloud and On-premises), End-Users (Verticals and Service Providers), Organization Size, and Region - Global Forecast to 2024", published by MarketsandMarkets, the global Network Management System Market size is expected to grow from USD 7.0 billion in 2019 to USD 11.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period.

The primary factor expected to drive the growth of the NMS market is the increasing need for in-depth visibility into network security and Quality of Service (QoS), and growing network infrastructure. Exponential growth in the global Internet Protocol (IP) traffic and cloud traffic, and prominence of the Internet of Things (IoT) are expected to offer vast market opportunities for NMS vendors in the next 5 years.

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Network performance and monitoring segment to record the highest growth rate during the forecast period

Under the solution segment, network performance and monitoring segment is expected to grow at the highest growth rate during the forecast period. Organizations of any size, such as SMEs and large enterprises, are investing heavily in network performance and monitoring solutions to ensure zero network outage and streamline network operations. Network performance and monitoring solutions offer a range of features, such as network performance, network traffic monitoring, bandwidth monitoring, network troubleshooting, health monitoring, network discovery, network mapping, network capacity planning, fault management, Class-Based Quality of Service (CBQoS), Network-Based Application Recognition (NBAR), NBRA2, alarms, real-time monitoring, traffic shaping, flow analysis, network visualization, intelligent alerting, in-depth network performance, and intelligent mapping.