NEWARK, Del, Dec. 29, 2022 (GLOBE NEWSWIRE) -- The adoption of observability platform is expected to register at a CAGR of 8.2% over the forecast period. The observability platform market size is anticipated to rise from US$ 2,173.7 Mn in 2022 to US$ 5,553.2 Mn by 2032.
The observability platform market is expected to grow at an astounding rate in the coming years. The increasing reliance on cloud-based solutions for service virtualization, containerization, and other purposes by various small to large-scale enterprises is serving as a cornerstone for the growth of the observability platform.
On the other hand, emerging trends such as Artificial Intelligence (AI) and Machine Learning (ML) are propelling the market forward. AI and ML process massive amounts of data and assist in menial tasks, allowing IT staff to focus on more specific tasks and learning patterns, anticipating problems, and suggesting solutions.
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Various organizations all over the world are focusing on reducing time and maintaining the software development operation process. DevOps improves developer collaboration and synchronization while decreasing maintenance for the continuous development process.
Furthermore, automated operations are more accurate and effective than manual operations, and they reduce the cost of operation failure, which is propelling the growth of the observability platform market.
Key Takeaways from Market Study
- The observability platform market is expected to register at a CAGR of 8.2% and 18.9% in Latin America and 20.4% in East Asia respectively through 2032
- North America is likely to dominate the market with a share of 32.9% owing to. increased market acceptance of software automation tools used to generate successful outcomes in industries
- European observability platform market is expected to be valued at US$ 115.7 Mn holding 30.7% share in 2022 and it is expected to register with CAGR of 4.2% over the forecast period.
- The observability segment in solutions leads the observability platform market with a share of 56.0% in 2021 as a result of widespread acceptance of these solutions by industries such as finance, manufacturing and resources and infrastructure
- The public sector in the industry segment is predicted to have the highest growth rate of 18.1%. Public sector operations include a wide range of regular and irregular activities and transactions carried out by employees, customers, and third-party vendors.
- An observability platform for IT administrators and DevOps teams based in Bengaluru and California. LOGIQ has raised $1.8 million in its first seed round, led by New Delhi-based venture capital firm Leo Capital.
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Competitive Landscape
Due to the presence of key players such as IBM, HCL, Tech Mahindra, and Broadcom Inc., among others, the competitive rivalry among market participants is high. Their ability to constantly innovate their products and services has given them a competitive advantage over other market players. Strategic partnerships, mergers and acquisitions, and R&D activities can help these companies expand their market footprint.
Key Players in the Observability Platform Market
- Dynatrace
- ScienceLogic SL1
- LogicMonitor
- Auvik
- New Relic
- GitLab
- AppDynamics
- SolarWinds AppOptics
- Splunk IT Service Intelligence (ITSI)
- Datadog
- Sumo Logic
Latest Developments in the Observability Platform Market
August 2020- Rackspace Technology released Rackspace Fabric, which now includes the Moogsoft AIOps Platform and thus applies artificial intelligence (AI) and machine learning (ML) to log, metric, trace, and alert data to assist in the resolution of IT incidents faster and more effectively. Rackspace Fabric integration means that Rackspace customers will benefit from increased uptime and fewer incident alerts by utilising machine learning to solve IT problems.
October 2020- Splunk Inc. announced enhancements to its IT Operations portfolio, including the launch of Splunk Service Intelligence for SAP solutions, a new version of Splunk IT Service Intelligence (ITSI), Splunk Infrastructure Monitoring Add-On, and Splunk IT Essentials. Customers can embrace the cloud-driven transformation with Splunk's advanced IT solutions, regardless of where they are in their IT modernization journey.
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Key Segments Covered in the Observability Platform Market Report
By Solution:
- Observability
- Services
By Enterprise Size:
- Small Offices
- Small Enterprises
- Medium-Sized Enterprises
- Large Enterprise
- Very Large Enterprises
By Industry:
- Services
- Distribution Services
- Public Sector
- Finance
- Manufacturing and Resources
- Infrastructure
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
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