Advancements in artificial intelligence and machine learning and growing demand for unified monitoring solutions offer remunerative opportunities for the expansion of the global monitoring tools market.
NEW CASTLE, Del., Sept. 16, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Monitoring Tools Market by Component (Software and Services), Deployment (Cloud and On-Premises), Type (Infrastructure Monitoring Tools, Application Performance Monitoring Tools, Security Monitoring Tools and End-user Experience Monitoring Tools), and Vertical (BFSI, Retail & E-commerce, Healthcare, IT & Telecom, Media & Entertainment, Manufacturing and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the monitoring tools market was valued at $26.5 billion in 2023, and is estimated to reach $140.4 billion by 2032, growing at a CAGR of 20.1% from 2024 to 2032.
Prime determinants of growth
The global monitoring tools market is experiencing growth due to rising demand for proactive monitoring, increased focus on cybersecurity and regulatory compliance requirements. However, high implementation costs hinder market growth to some extent. Moreover,
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2032 |
Base Year | 2023 |
Market Size in 2023 | $26.5 Billion |
Market Size in 2032 | $140.4 Billion |
CAGR | 20.1 % |
No. of Pages in Report | 200 |
Segments Covered | Component, Deployment, Type, Vertical and Region. |
Drivers | Rising Demand for Proactive Monitoring |
Increased Focus on Cybersecurity | |
Regulatory Compliance Requirement | |
Opportunities | Advancements in Artificial Intelligence and Machine Learning |
Growing Demand for Unified Monitoring Solutions | |
Restraint | High Implementation Costs |
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Segment Highlights
The services segment held the highest market share in 2023
By component, the services segment is projected to attain the fastest growing segment from 2023 to 2032, owing to increase in demand for expert support, customization, and managed services to optimize monitoring tool deployment and usage, which is driving the segment growth.
The cloud segment held the highest market share in 2023
By deployment, the cloud segment is projected to attain the fastest growing segment from 2023 to 2032, owing to the surge in adoption of cloud computing, and the need for scalable and flexible monitoring solutions. The benefits of cloud-based deployment such as ease of access and reduced infrastructure costs are driving the segment growth.
The infrastructure monitoring tools segment held the highest market share in 2023
By type, the infrastructure monitoring tools segment is projected to attain the fastest growing segment from 2023 to 2032, owing to the rising complexity of IT environments and the need for optimized performance and reliability, which is driving the segment growth.
The BFSI segment held the highest market share in 2023
By vertical, the BFSI segment are projected to attain the fastest growing segment from 2023 to 2032, owing to the increase in regulatory compliance requirements, the need for robust cybersecurity measures, and the demand for real-time monitoring to ensure operational efficiency and security, which is driving the segment growth.
North America led the market share in 2023
North America led the market share in 2023, owing to the advanced technological infrastructure, high adoption of cloud services, and significant investment in cybersecurity. In addition, the presence of major market players and the increase in demand for sophisticated monitoring solutions across various industries contribute to North America's dominance in the monitoring tools market.
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Major Industry Players: -
- Amazon Web Services, Inc.
- Cisco Systems, Inc.
- Dynatrace, Inc.
- Google LLC
- IBM Corporation
- Microsoft
- NETSCOUT Systems, Inc.
- New Relic, Inc.
- Riverbed Technology LLC
- Splunk Inc
The report provides a detailed analysis of these key players in the global monitoring tools market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, acquisition and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In February 2023, Tech Mahindra, a provider of digital transformation, consulting, and business re-engineering services and solutions, announced the launch of SANDSTORM. This groundbreaking remote real-time network monitoring and smart device assurance service is designed for telcos and enterprises. SANDSTORM enables service providers to remotely measure customer experiences across various devices, including smartphones, tablets, VR headsets, smart TVs, and connected cars.
- In August 2021, Netscout Systems, Inc. launched NETSCOUT Smart Edge Monitoring, which is providing IT teams with comprehensive visibility and insights to ensure optimal end-user experiences across any network or application, regardless of employees' work locations.
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