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Recently, a network-based mobility management protocol called Proxy Mobile IPv6 (PMIPv6) is being actively standardized by the IETF NETLMM working group, and is starting to attract considerable attention among the telecommunication and Internet communities. Unlike the various existing protocols for IP mobility management such as Mobile IPv6 (MIPv6), which are host-based approaches, a network-based approach such as PMIPv6 has salient features and is expected to expedite the real deployment of IP mobility management. In this article, starting by showing the validity of a network-based approach, we present qualitative and quantitative analyses of the representative host-based and network-based mobility management approaches (i.e., MIPv6 and PMIPv6), which highlight the main desirable features and key strengths of PMIPv6. Furthermore, a comprehensive comparison among the various existing well-known mobility support protocols is investigated. Although the development of PMIPv6 is at an early stage yet, it is strongly expected that PMIPv6 will be a promising candidate solution for realizing the next-generation all-IP mobile networks.