CHICAGO, April 12, 2019 /PRNewswire/ -- According to a new market research report "Active Network Management Marketby Component (Software and Services), Service (Professional and Managed Services), Organization Size (SMEs and Large Enterprises), Application Area (Power, Energy & Utilities), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global Active Network Management Market expected to grow from USD 682 million in 2018 to USD 1,411 million by 2023, at a Compound Annual Growth Rate (CAGR) of 15.6% during 2018–2023.
Major driving factors for the Active Network Management Market are growth in adoption of IoT/connected devices across the energy and utilities ecosystem, rising number of smart city projects leading to the adoption of smart energy distribution strategies, and increasing demand for uninterruptible transmission of electricity among end users. The Active Network Management Market is growing rapidly because of growth in renewable energy (solar and wind power) commercialization.
The energy and utilities segment to grow at a higher CAGR from 2018 to 2023
Energy and utility businesses are witnessing numerous technology revolutions to meet the changing trends of energy consumption. A majority of the energy and utilities players in the ecosystem are focusing on energy costs and environmental concerns as a key part of their strategy. The complexity of networks in industrial systems is the biggest challenge to critical infrastructures, particularly in the energy and utilities sector. This sector comprises water utilities, oil and gas distribution networks, and electric power transmission, and is largely dependent on the IT and telecommunications infrastructure for improving the efficiency and reliability of the utilities. With the adoption of smart grid technologies, the energy and utilities sector can address challenges such as providing grid resiliency and reliable power to the consumers. The energy and utilities segment is expected to register growth at a higher CAGR in the Active Network Management Market during 2018–2023
Increasing adoption of ANM services to drive the Active Network Management Market during 2018–2023
The Active Network Management Market is segmented by services into professional and managed services. Out of these, the managed services segment is expected to grow at a higher CAGR from 2018 to 2023, as there is an increase in the number of customers demanding for managed services across the globe, subsequently demand for solution to helps monitor and control the operations of all network components, such as smaller energy generators, renewable generation, and storage devices. The software segment is estimated to have a larger market size in 2018, due to the increased adoption of advanced power management solutions across the globe. As the demand for additional solutions and systems continues to increase due to the technological advancements in the Active Network Management Market, the need for well-designed, efficient, and reliable services becomes increasingly vital.
North America to dominate the Active Network Management Market during the forecast period
North America is estimated to hold the highest share of the Active Network Management Market by region in 2018, as the region is a mature and well-established market with healthy risk appetite and inclination toward technological innovations, thereby presenting a plethora of opportunities for financial technology vendors and service providers. The Active Network Management Market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2018 and 2023. Primary forces driving the growth include increasing technology adoption, significant opportunities across the power and utilities sector, and increasing number of smart city projects in major APAC countries, especially India and China.
Major technology vendors in the Active Network Management Market include General Electric (US), ABB (Switzerland), Siemens (Germany), Schneider Electric SE (France), Itron (US), Landis+Gyr (Switzerland), Cisco (US), IBM (US), Oracle (US), Indra Sistemas (Spain), Chemtrols (India), Camlin (Ireland), Smarter Grid Solutions (UK), ZIV (France), and Argand Solutions (UK).
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