According to the new market research report "Network Management System (NMS) Market by Component (Solutions (Standalone and Bundled), and Services), Deployment Type (Cloud and On-premises), End-Users (Verticals and Service Providers), Organization Size, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global NMS Market size is expected to grow from USD 6.17 billion in 2018 to USD 10.20 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period.
The major growth drivers for the market include in-depth visibility into network security, the need of maintaining Quality of Experience (QoE) and Quality of Service (QoS), the global growth of network infrastructure, and the better optimization of business operations..
SMEs segment is expected to show the highest growth rate during the forecast period
In the Network Management System (NMS) Market by organization size, the SMEs segment is expected to show the highest growth rate during the forecast period. Nowadays, SMEs are focusing more on NMS solutions to streamline their network infrastructure and enhance their business functions. They are also facing several challenges related to network management, due to the increasing complexity of network infrastructure and the growing network traffic.
Browsein-depth TOC on"Network Management System (NMS) Market"
Healthcare vertical is expected to show the highest CAGR during the forecast period
In the NMS Market by vertical, the healthcare vertical is expected to grow at the highest CAGR during the forecast period. The connectivity to the internet has also become a must, as mobility is an essential part of efficient and accurate care delivery. The NMS system offers uninterrupted connectivity to healthcare specialists, thus improving their service delivery efficiency. Moreover, certain regulatory norms, such as Health Insurance Portability and Accountability Act (HIPAA), are also responsible for the increasing deployment of NMS solutions in the healthcare vertical. These regulations require the healthcare providers to protect the confidential patient information, which is one of the major benefits of using NMS solutions.
North America is expected to hold the largest market size duringthe forecast period
North America is expected to hold the largest market size in the global NMS Market. The region is the mature market comprising the US and Canada. These countries dominate the global Network Management System (NMS) Market with the developed economies, empowering them to strongly invest in Research and Development (R&D) activities for the development of new technologies.
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