Report : North America Active Network Management Market Forecast to 2031 - Regional Analysis - by Component (Software and Services), Industry (Energy and Utilities, Transportation, Oil and Gas, Manufacturing, and Others), Application (Grid Asset Management, Real-Time Monitoring, and Automation), and Organization Size (Small and Medium Enterprises and Large Enterprises)
At 16.5% CAGR, North America Active Network Management Market is Projected to be Worth US$ 1,714.89 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the North America active network management market was valued at US$ 506.64 million in 2023 and is expected to reach US$ 1,714.89 million by 2031, registering a CAGR of 16.5% from 2023 to 2031. Increasing need for efficient power management solutions and surging number of smart city initiatives are among the critical factors attributed to the North America active network management market expansion.
Active network management harnesses advanced technologies and intelligent algorithms to optimize power distribution, enabling businesses to achieve significant improvements in efficiency. As businesses strive to minimize energy waste, reduce costs, and enhance sustainability, the concept of active network management has emerged as a vital tool. Furthermore, the rise in energy costs and environmental concerns have prompted organizations to prioritize energy efficiency.
Active network management enables businesses to monitor and control power distribution networks in real time actively. This proactive approach allows for the identification of inefficiencies, such as overloading or underutilization of power resources, and the implementation of immediate corrective actions. By optimizing power distribution, active network management helps reduce energy waste, resulting in substantial cost savings and environmental benefits. Further, the implementation of the US Inflation Reduction Act is one of the few noteworthy initiatives in the business landscape. These initiatives are expected to offer benefits to regions as well as country in reduction of energy wastage.
On the contrary, high deployment cost hampers the growth North America active network management market.
Based on component, the North America active network management market is bifurcated into software and services. The software segment held 66.2% share of the North America active network management market in 2023, amassing US$ 335.43 million. It is projected to garner US$ 1,163.58 million by 2031 to expand at 16.8% CAGR during 2023-2031.
In terms of industry, the North America active network management market is segmented into energy & utilities, transportation, oil & gas, manufacturing, and others. The energy & utilities segment held 32.5% share of the North America active network management market in 2023, amassing US$ 164.68 million. It is estimated to garner US$ 608.72 million by 2031 to expand at 17.8% CAGR during 2023-2031.
By application, the North America active network management market is segmented into grid asset management, real-time monitoring, and automation. The grid asset management segment held 40.9% share of North America active network management market in 2023, amassing US$ 207.12 million. It is predicted to garner US$ 652.02 million by 2031 to expand at 15.4% CAGR during 2023-2031.
In terms of organization size, the North America active network management market is bifurcated into small & medium enterprises and large enterprises. The large enterprises segment held 62.5% share of the North America active network management market in 2023, amassing US$ 316.70 million. It is estimated to garner US$ 1,046.72 million by 2031 to expand at 16.1% CAGR during 2023-2031.
Based on country, the North America active network management market is categorized into the US, Canada, and Mexico. The US held 85.2% share of North America active network management market in 2023, amassing US$ 431.63 million. It is projected to garner US$ 1,481.89 million by 2031 to expand at 16.7% CAGR during 2023-2031.
Key players operating in the North America active network management market are ABB Ltd, Cisco Systems Inc, International Business Machines Corp, Oracle Corp, Siemens AG, GE Grid Solutions, Camlin Group, and Smarter Grid Solutions.
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