Artificial Intelligence
The market for Monitoring tools is estimated to grow from USD 24.5 billion in 2023 to USD 63.7 billion by 2028, at a CAGR of 21.1%
New York, Aug. 07, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Monitoring Tools Market by Offering, Type, Vertical and Region – Global Forecast to 2028” – https://www.reportlinker.com/p06482922/?utm_source=GNW
These tools ensure smooth operations, optimize performance, enhance security, and improve customer experiences. As technology advances and monitoring tools become more accessible, their adoption is expected to continue growing, facilitating proactive IT management and reliable service delivery in various industries.
The BFSI vertical is projected to be the largest market during the forecast period
The BFSI (Banking, Financial Services, and Insurance) vertical plays a crucial role in the global economy, and effective monitoring of its operations is of utmost importance.The BFSI Monitoring Tools market encompasses a range of solutions specifically designed to meet the unique requirements and challenges faced by the industry.
These tools enable organizations operating in the BFSI sector to monitor their systems, applications, networks, and infrastructure in real-time, ensuring smooth operations and proactive issue resolution.One of the key drivers behind the growth of the BFSI Monitoring Tools market is the increasing complexity of banking and financial processes.
With the advent of digital transformation, BFSI institutions are adopting advanced technologies such as cloud computing, big data analytics, artificial intelligence, and machine learning.These technologies bring efficiency and innovation but also introduce new vulnerabilities and risks.
Monitoring tools provide continuous visibility into critical systems and processes, allowing organizations to detect and respond to any anomalies or security breaches promptly.
Among type, Infrastructure Monitoring Tools segment is registered to grow at the highest CAGR during the forecast period
Infrastructure monitoring tools are driving the growth of the monitoring tools market as businesses grapple with the increasing complexity of IT infrastructure.These tools provide real-time visibility into networks, servers, and infrastructure components, enabling proactive issue detection and resolution.
By setting up thresholds and alerts, organizations can detect potential issues before they impact operations, minimizing downtime and optimizing performance.Infrastructure monitoring tools also assist in capacity planning and resource optimization, helping businesses make informed decisions about resource allocation and scaling.
Their scalability and adaptability make them well-suited for modern IT environments, including cloud-based resources and distributed systems. Furthermore, these tools integrate with other monitoring domains such as security, end-user experience, and application performance monitoring, providing a holistic view of the IT environment and enhancing troubleshooting capabilities.
Among offering, software segment is anticipated to account for the largest market size during the forecast period
The market for monitoring tool software is experiencing significant growth driven by several key factors.Businesses are adopting these tools to address the increasing complexity of their IT infrastructure, enabling them to track performance, availability, and security across systems, networks, applications, and cloud services.
Real-time visibility is crucial, and monitoring tools provide organizations with timely metrics, alerts, and notifications to promptly address any issues or performance degradation.Advanced analytics and AI capabilities offered by monitoring tools allow businesses to derive actionable insights from large amounts of monitoring data, automating troubleshooting and prediction of potential issues.
The rise of DevOps and agile practices has further fueled the demand for monitoring tools that align with continuous integration, continuous delivery, and rapid deployment processes. Cloud computing and microservices architectures require specialized monitoring solutions to track the performance and health of dynamic and scalable environments.
North America to account for the largest market size during the forecast period
North America is estimated to account for the largest share of the Monitoring tools market.The global market for Monitoring tools is dominated by North America.
Organizations in North America are adopting new monitoring tools, both proprietary and open source, to keep up with the complexity of IT infrastructure.Infrastructure monitoring solutions are being implemented to improve operational efficiency and reduce downtime, providing system-wide insights into the health, performance, and potential issues of the infrastructure.
The media monitoring tools market is also predicted to be led by North America.Network monitoring is a critical IT process that tracks network components and endpoints and provides faults, performance, and traffic monitoring.
Network monitoring tools help IT admins reduce the meantime to repair (MTTR) to solve real-time network performance issues with instant alerting and data in the form of tables, charts, graphs, dashboards, and reports. North American businesses rely on networks, making network monitoring tools essential for maintaining optimal network operations. Overall, North America is actively adopting monitoring tools to optimize performance, enhance security, and leverage emerging technologies for improved efficiency and productivity.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the Monitoring tools market.
• By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%
• By Designation: C-Level Executives: 35%, Directors: 25%, and Others: 40%
• By Region: North America: 40%, Europe: 20%, APAC: 30%, MEA: 5%, Latin America: 5%
Major vendors offering Monitoring tools solutions and services across the globe are Microsoft (US), Google (US), AWS (US), IBM (US), Cisco (US), Dynatrace (US), Splunk (US), Solarwinds (US), Netscout (US), New Relic (US), Logic Monitor (US), Paessler AG (Germany), Netreo (US), ManageEngine (US), Idera (US), Sematext (US), Datadog (US), Icinga (Germany), Nagios (US), Zabbix (Latvia), Sentry (US), UptimeRobot (Malta), Atera (Israel), Better Stack (Czech Republic), Sumo Logic (US), Checkmk (Germany), Exporise (US), ITRS (UK), Riverbed Technology (US), Nlyte Software (US).
Research Coverage
The market study covers Monitoring tools across segments.It aims at estimating the market size and the growth potential across different segments, such as offering, application, vertical, and region.
It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market for Monitoring tools and its subsegments.It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies.
It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (Rising demand for real-time monitoring and analytics, Increasing emphasis on security and compliance, Growing adoption of cloud-based monitoring solutions, Escalating complexity in the IT infrastructure and network ecosystem), restraints (High implementation and maintenance costs, Lack of skilled professionals to effectively utilize monitoring tools, Integration challenges with existing systems and applications), opportunities (Expansion of digital transformation initiatives across industries, Emerging markets and untapped potential in developing regions, Increasing adoption of Internet of Things (IoT) devices and the need for monitoring their performance), and challenges (Managing the volume and velocity of data, Ensuring compatibility and interoperability with diverse IT environments , Addressing the scalability and flexibility requirements of large-scale monitoring deployments) influencing the growth of the Monitoring tools market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the Monitoring tools market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the Monitoring tools market across varied regions
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in Monitoring tools market strategies; the report also helps stakeholders understand the pulse of the Monitoring tools market and provides them with information on key market drivers, restraints, challenges, and opportunities
• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players such as IBM (US), Google (US), AWS(US), Microsoft (US), Cisco (US), among others in the Monitoring tools market.
Read the full report: https://www.reportlinker.com/p06482922/?utm_source=GNW
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