Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Chaos Engineering Tools Market by Component (Tools and Services), Application, Deployment Mode (Public Cloud and Private Cloud), End User, Vertical (IT & ITeS, BFSI, Telecommunications, and Media & Entertainment) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The chaos engineering tools market size is expected to grow from USD 1.9 billion in 2023 to USD 2.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 8.8%
The market study covers the chaos engineering tools market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component, application, deployment mode, end-user, 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.
With the growing reliance on digital services, there is a heightened demand for highly reliable systems. Chaos engineering helps organizations meet these reliability demands by identifying and mitigating weaknesses, which is expected to fuel the demand for chaos engineering tools across organizations.
Some of the major vendors offering chaos engineering tools across the globe include Microsoft (US), AWS (US), OpenText (Canada), Virtusa (US), Tricentis (US), Harness (US), Nagarro (Germany), PagerDuty (US), Cavission Systems (US), Gremlin (US), Steadybit (Germany), Reliably (UK), Speedscale (US), Verica (US), WireMock (US), Apica (Sweden), ChaosSearch (US), RapidSpike (UK), and DevCycle (Canada).
As per component, the solution segment holds the largest market share during the forecast period.
Monitoring and observability tools offer real-time visibility into the performance and behavior of complex, distributed software systems. Monitoring tools track key metrics, such as response times, error rates, and resource utilization, while observability tools dive deeper, providing insights into the inner workings of applications and infrastructure.
In chaos engineering, they capture data during controlled experiments, helping teams understand how systems react to simulated failures and challenges. This data-driven approach enables organizations to detect anomalies, analyze performance trends, and troubleshoot issues effectively, ultimately contributing to optimizing system resilience, reliability, and overall performance.
As per vertical, the BFSI vertical is to hold the second-largest market share in 2023.
The Banking, Financial Services, and Insurance (BFSI) vertical is rapidly embracing chaos engineering tools due to the critical nature of its operations and the increasing risks associated with digital services. In a world where digital banking, online trading, and insurance claims processing are the norm, any system outage or security breach can have far-reaching consequences.
Furthermore, with the stringent regulations governing the BFSI sector, such as GDPR in Europe and HIPAA in the US, chaos engineering tools help these organizations ensure compliance and data security while avoiding costly penalties. These tools empower the BFSI sector to conduct controlled experiments and simulations that reveal potential points of failure, enabling them to fine-tune their systems for uninterrupted, secure, and efficient financial and insurance services while avoiding costly downtime. "As per region,
Europe is projected to witness the second-largest market share during the forecast period.
The robust ICT framework in Europe is poised to significantly enhance system resilience and reliability across the continent. For instance, the General Data Protection Regulation (GDPR) has played a pivotal role in safeguarding individuals' data, with over 281,000 GDPR cases reported in Europe by 2021, illustrating the commitment to data security.
Moreover, the EU's cybersecurity directives and measures, including the Network and Information Systems (NIS) Directive, mandate stringent security protocols, bolstering the resilience of critical infrastructure. Further, integrating advanced technologies, such as AI and ML, into observability tools enables European enterprises to predict and prevent potential system failures.
This seamless integration of advanced technologies represents the central importance of chaos engineering in strengthening system resilience and maintaining uninterrupted service availability within the European market.
The report provides insights on the following pointers:
- Analysis of key drivers (need for observability tools for managing distributed systems, need for resilience and reliability in DevOps, growing adoption of cloud-native applications), restraints (privacy and security concerns, complexity, and lack of expertise required for conducting experiments), opportunities (integration with monitoring and observability tools, growing adoption of hybrid and multi-cloud environments), and challenges (risk of outages, requirement of robust monitoring systems) influencing th growth of the chaos engineering tools market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the chaos engineering tools market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the chaos engineering tools market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the chaos engineering tools market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 199 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $1.9 Billion |
| Forecasted Market Value (USD) by 2028 | $2.9 Billion |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
Company Profiles
- Apica
- AWS
- Cavission Systems
- Chaossearch
- Devcycle
- Gremlin
- Harness
- Microsoft
- Nagarro
- Opentext (Micro Focus)
- Pagerduty
- Rapidspike
- Reliably(Chaosiq)
- Speedscale
- Steadybit
- Tricentis
- Verica
- Virtusa
- Wiremock
For more information about this report visit https://www.researchandmarkets.com/r/g47o8k
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