Forecast: AI, IoT and 5G Will Drive Network Analytics Market in Next 4 Years
- By Richard Seeley
Spending on network analytics, including AI based products, is predicted to more than double from $1.4 Billion this year to $3.6 billion by 2024, according to a new forecast recently released by Dublin, Ireland-based Research and Markets.
The rising use of 5G, IoT, and cloud are factors expected to create a larger market for network analytics, according to the report, "Network Analytics Market Global Forecast to 2024."
As an example of how 5G will impact the market, Research and Markets quotes Ericsson, the Swedish networking and telecommunications company, which projects that by 2023, the introduction of 5G would increase the mobile data traffic in India by five times. It also noted that an Intel study projects that IoT will be connected to 200 billion devices by 2020.
The report finds that the complexity of IoT is causing companies to move from traditional network products to AI-powered network analytics solutions that can keep up with the exploding IoT deployments and other new cloud-based technologies.
Besides input from Ericsson and Intel, the report includes research on major global providers of network analytics products including Cisco, IBM, Broadcom, Nokia, Juniper Networks, Huawei, and SAS Institute.
More information on the report is available here.