The global network packet broker market is expected to grow at a CAGR of over 7% during the forecast period. Rising inclination towards cloud-based services by small and medium enterprises contribute to the growth of the global network packet broker industry. Rising adoption of the cloud platform is attributed to the faster deployment of new capabilities to drive innovative business solutions. Enterprises across the globe are adopting the cloud-based platform for storing data as large storage space is required by the commercial data generated by small & medium-sized enterprises and large enterprises. Further, with the increasing amount of data generated through IoT, many enterprises have shifted their data to the cloud storage by choosing service providers.
There are various factors that can influence the adoption of cloud-based services by SMEs such as organization competitiveness and management strategies. The SMEs are adopting cloud services to enhance flexibility and scalability of their business performance, and to lower the cost of operations. The flexibility and economies of scale, liability, and data confidentiality are significant complications in the SMEs’ business.
The SMEs require the right organizational cloud infrastructure to provide essential functionalities for supporting their business processes. The organizational cloud infrastructure allows SMEs to secure, process, store and manage information. SMEs can improve their performance in strategic areas such as customer service, productivity and cost reduction by aligning their organizational ICT infrastructure with cloud-based services. Thus, the increasing adoption of these cloud-based services encourages the demand for network security tools that further propel the growth of the network packet broker market.
Rising concerns related to data security and privacy among enterprises propels the growth of the network packet broker industry. Data security and privacy have a significant role in enterprises that aids in preventing unauthorized access to computers, websites, and databases. The network packet broker provides data management and security for enterprise data. In addition, the network packet broker is a flexible and cost-effective method that enables to access and manage data, it offers the ideal balance of security and flexibility to maintain the safety of records while supporting healthcare professionals to better perform their operations.
The rise in social media content coupled with the increasing internet traffic further contributes to the growth of the network packet broker market. Further, the proliferation of IoT and increasing bandwidth-requirement, high-quality content, has led the service providers increasingly to have a data center of their own. The explosion of data through smartphones, social networking sites, eCommerce companies, and government-initiated projects, have also played an imperative role in the increasing demand for data centers, which offers a substantial prospect to the network packet broker market players.