Pune, India, July 25, 2019 (GLOBE NEWSWIRE) -- Market Overview
The global synthetic monitoring market is expected to exhibit a robust 17.7% CAGR over the forecast period from 2018 to 2023, according to a new research report from Market Research Future (MRFR). The global synthetic monitoring market is mainly driven by the growing use of mobile and web applications by end-use sectors that have not been traditional end users of these applications.
Synthetic monitoring is a process by which companies test their virtual applications without any actual traffic. This type of monitoring is done by simulating various user pathway scenarios without involving any actual users. This is what gives the process its name “synthetic”. Behavioral scripts describing particular user behaviors are used to test out various aspects of the application before its public release. Due to the absence of human test subjects, synthetic monitoring presents significant benefits in terms of testing time, accuracy, and efficiency. Synthetic monitoring can be done 24/7 without any problems in terms of tester reliability or device runtime. The one drawback of synthetic monitoring is that it does not cover every part of the application, as the scripts for behavioral simulation are written in advance and are thus mainly used for monitoring the most popular behavioral pathways on the application.
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Competitive Leaderboard:
Leading players in the global synthetic monitoring market include Intel Corporation, Dell Technologies Inc., Microsoft Corporation, Riverbed Technology, New Relic Inc., Splunk Inc., BMC Software, AppDynamics, Broadcom Inc., HP, and IBM.
Growth Drivers and Bottlenecks
The growing use of mobile applications by BFSI and government sectors is likely to be a major driver for the global synthetic monitoring market over the forecast period. The BFSI sector has taken major steps in the last few years towards reaching out to customers through virtual and digital means, leading to the development of several banking applications that can provide a comprehensive banking experience to the customers at the touch of a button. This has become a major step for the BFSI sector in developed and developing regions alike, as the establishment of a widespread, strong wireless telecommunications network has become a major agenda for governments all over the world, enabling easy availability of banking apps to customers.
The government sector has also made rapid progress in terms of using mobile and web applications in order to reach out to users in the last few years and likely to remain a leading consumer in the global synthetic monitoring market over the forecast period. Mobile applications developed in the government sector tend to relate to important operations that are essential to the upkeep of law and order in the country, making the use of effective quality checks vital to the success of the program. This has driven the demand for synthetic monitoring from the government sector, which is likely to remain a major driver for the global synthetic monitoring market over the forecast period.
Segmentation:
The segmental analysis of the global Synthetic Monitoring Market is conducted on the basis of services, monitoring type, deployment, application, and vertical.
By services, the synthetic monitoring market has been segmented into managed services, consulting services, implementation services, and training and support service. Consulting services account for the largest share in the global synthetic monitoring market and are likely to account for a valuation of more than USD 770 million by 2023.
By monitoring type, the market has been segmented into web application monitoring, mobile application monitoring, API monitoring, and Software as a Service (SaaS) application monitoring. API monitoring holds the largest share in the global synthetic monitoring market of almost 30% and is likely to progress rapidly at a CAGR of 20.6% over the forecast period, reaching a valuation of USD 900 million.
By deployment, the synthetic monitoring market has been segmented into on-cloud and on-premise. On-premise deployment is likely to remain popular in the global synthetic monitoring market over the forecast period.
By application, the synthetic monitoring market has been segmented into competitive benchmarking, service-level agreements monitoring (SLA monitoring), application testing, and content delivery network (CDN) testing. SLA monitoring holds the largest share in the global synthetic monitoring market and is likely to account for more than 30% of the global market by 2023. The application testing segment is also expected to exhibit a strong CAGR over the forecast period.
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By vertical, the market has been segmented into BFSI, government, IT & telecommunication, healthcare, retail, automotive, and others. The BFSI sector is likely to remain the leading end user in the global synthetic monitoring market, rising to a valuation of more than USD 700 million by the end of 2023.
Regional Analysis:
North America dominates the global synthetic monitoring market, followed by Europe. The development of synthetic monitoring programs has been dominated by North American and European companies, leading to the comparative dominance of these two regions in the global synthetic monitoring market. The growing demand for effective mobile applications in these regions is likely to enable these two regions to dominate the global synthetic monitoring market over the forecast period.
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