Active Network Management Market Expected to Reach $1,173 Million by 2023
According to a new report published by Allied Market Research, titled, Active Network Management Market by Type, Application, and Industry: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global active network management market was valued at $451 million in 2016, and is projected to reach $1,173 million by 2023, growing at a CAGR of 14.9% from 2017 to 2023.
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The energy & utility market in the industry segment has witnessed high demand in the global active network management market in 2016 due to increase in number of power distribution systems and sub-station based networking. In addition, reduced cost on power distribution and optimized networking solutions are expected to fuel the market growth in the near future. Moreover, the transportation industry has witnessed increased adoption of active network management across various regions, owing to strong demand for high voltage grid connection in active network management.
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North America active network management market was the largest in the world in 2016, owing to the growth in demand for automation solutions and increase in adoption of active network management. Global players are focused on innovating smart solution in energy distribution to strengthen their product offering. For instance, in February 2017, Oracle Corporation launched an enhanced version of network management platform to optimize operations of grid networks. This strategic move is expected to expand the companys presence in active network management market. In addition, industry participants have focused on improving their active network management to ensure competence and effectiveness of the active network management solution across other emerging markets such as Latin America, the Middle East, and Africa.
The increase in demand for smart energy management solution and surge in ICT expenditure are anticipated to augment the market penetration. The prominent markets, such as North America, Europe, and Asia-Pacific, provide growth opportunities to the global active network management market. Moreover, growth in adoption of real-time monitoring of grids is anticipated to fuel the active network management market growth in the near future.
North America was the highest revenue contributor in 2016, accounting for around 36.7% share of the overall market. In addition, Asia-Pacific is projected to grow at the highest CAGR of 17.8% during the forecast period, driven by growth in investment on electric generation for various industry verticals such as energy & utility, transportation, government, construction, and others.
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The key players profiled in the study are ABB Ltd, Chemtrols Industries Pt. Ltd., Cisco Systems, Inc., General Electric, IBM Corporation, Kelvatek Ltd., Oracle Corporation, Schneider Electric SE, Siemens AG, and Smarter Grid Solution. All these players are involved in the competitive strategies, such as geographical expansion, mergers & acquisitions, product portfolio expansion, and partnership to augment the active network management market growth.
Key Findings of the Active Network Management Market:
- The automation application accounted for the highest share of the global market in 2016, growing at a CAGR of 13.8% from 2017 to 2023.
- North America generated the highest revenue in 2016, valued at $166 million.
- The service segment dominated the global active network management market, in terms of growth, during the forecast period.
- The U.S. dominated the global market in 2016. In addition, Canada, China, India, Japan, and the other emerging markets are anticipated to provide significant opportunities for major players.
The key players profiled in the report are ABB Ltd, Chemtrols Industries Pt. Ltd., Cisco Systems, Inc., General Electric, IBM Corporation, Kelvatek Ltd., Oracle Corporation, Schneider Electric SE, Siemens AG, and Smarter Grid Solution. The report discusses the key strategies adopted by the companies along with the detailed analysis of the current trends, upcoming opportunities, and restraints in the global active network management market along with detailed information about their impacts.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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on Tuesday October 09 2018, 12:10 PM EST.
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