New York, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global application metrics and monitoring tools market size is expected to expand at ~12% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 31 billion by the end of 2035, up from a revenue of ~USD 8 billion in the year 2022.owing to the increase in the number of large organizations and enterprises worldwide. The number of large companies employing 250 or more people worldwide is estimated to have been 357,520 in 2021, compared to 337,520 in 2020. Approximately 7,900 large businesses with more than 250 employees operated in the UK in January 2022. With the growth of these large organizations, there is an increasing demand for efficient and effective monitoring tools that can help them measure the performance of their applications.
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Furthermore, the growing need for real-time insights into the performance of applications is also driving the demand for these tools. Direct software solutions provide organizations with the ability to customize their software to meet their specific needs, access their data at any time, and more easily scale up or down as their needs change. This makes them particularly appealing to large organizations with more complex requirements.
Application Metrics and Monitoring Tools Market: Key Takeaways
- Market in North America to witness the highest growth rate
- The software segment to gain the most growth over the next few years
- Market in Asia Pacific to propel at a highest growth
Increasing Use of Application Metrics and Monitoring Tools in the BFSI Sector to Boost Market Growth
The banking, financial services, and insurance sector have seen a rapid increase in the use of technology and automation, resulting in an increase in efficiency and productivity. Additionally, with more people turning to digital banking services, the BFSI sector has seen a surge in demand for services. In addition, a study shows that, according to statistics, the total assets of India's banking sector (both public and private) reached USD 2 trillion in 2021. This figure is predicted to hit USD 26 trillion by 2025. This increased growth has been further fuelled by the emergence of new banking products, such as mobile banking and online banking, which have made banking services more accessible to the public. Moreover, the rise of digital payment methods, such as mobile wallets, has also been a driving force behind the application metrics and monitoring tools market growth of the BFSI sector. Further, growth in the BFSI sector is expected to be driven by an increase in monetary transactions resulting from the rapid growth of e-commerce. A total of USD 1,035 billion was estimated to be the total sales of e-commerce in 2022 in the United States, an increase of 7.5% over 2021. As digital banking and online payments become more common, businesses need to have access to reliable metrics and monitoring tools to ensure the security of their customers' data and financial transactions. The demand for these tools is expected to grow as businesses look to protect their customers. As online transactions become more common, the risk of data breaches, fraud, and other cyber threats increases. Having access to reliable metrics and monitoring tools will help businesses detect potential threats and respond quickly to protect their customers.
Global Application Metrics and Monitoring Tools Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid Growth in the Technology Sector to Boost Market Growth in the North America Region
The application metrics and monitoring tools market in the North America region is estimated to garner the largest revenue by the end of 2035, owing to the high adoption of digital transformation initiatives across different industries in the region, along with the increasing focus on enhancing customer experience and the emergence of new technologies. In 2018, an average of USD 15 million was spent by mid-size to large companies on digital transformation in the United States. Moreover, AI and big data technologies have become increasingly complex, and companies have to monitor the performance and usage of applications for better decision-making. Monitoring tools provide insights about application performance, which help businesses improve their operational efficiency, optimize costs, and identify new opportunities. Additionally, the presence of many leading software vendors and many large and small IT companies in the region is also expected to further boost the growth of the application metrics and monitoring tools market in North America. The U.S. economy is heavily reliant on the tech sector, which employs 12 million people. In 2022, approximately 580,000 technology companies are expected to exist in the United States. IT companies in North America are constantly looking for solutions to optimize their operations, and application metrics and monitoring tools can provide a comprehensive view of the performance of their applications. This is anticipated to drive the demand for these tools in the region.
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Increasing Implementation of Cutting-Edge Technologies, such as Big Data and Artificial Intelligence (AI), to Drive Market Growth in the Asia Pacific Region
The application metrics and monitoring tools market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035 owing to the rapid adoption of modern technologies such as big data and artificial intelligence (AI) among enterprises and businesses in the region, which is expected to create a need for application metrics and monitoring tools among regional entities. In India, 62% of organizations have chief data officers, compared to 52% internationally. A whopping 97% of Indian businesses already use Al for automating decisions, and over 87% say that they use it currently in some form. As companies increasingly rely on AI and big data for their operations, they need tools that can monitor the performance of their applications and systems in real-time in order to ensure that they are running optimally and that any problems are quickly addressed. Furthermore, the growing trend of remote working due to COVID-19 has created an increased demand for these tools as companies look to improve their IT operations and ensure the smooth functioning of their applications. The work-from-home model is expected to be adopted by more than 94% of Indian businesses. Moreover, 88% of all employees prefer to work from home. Moreover, the rapid adoption of cloud computing, the emergence of digital transformation initiatives, and the increasing demand for more efficient IT operations in the region are anticipated to drive the application metrics and monitoring tools market in Asia Pacific.
Application Metrics and Monitoring Tools, Segmentation by Deployment Model
- On Premises
- Cloud
- Hybrid
The cloud segment in application metrics and monitoring tools market is anticipated to hold the largest revenue by the end of 2035 as cloud computing technologies are becoming increasingly popular and more cost-effective, making them a preferred choice for businesses of all sizes. It is estimated that over 100 zettabytes of data will be stored in the cloud by 2025. A whopping 94% of people worldwide use Google Drive as their cloud storage service. With 65%, Dropbox is the best cloud storage for collaboration, followed by OneDrive with 38% and iCloud with 37%. Additionally, cloud-based tools offer scalability, reliability and increased flexibility, making them attractive to organizations looking to maximize their IT investments. As a result, they require minimal upfront investments and provide organizations with the ability to easily scale up or down their usage depending on changing business needs. Furthermore, cloud-based metrics and monitoring tools enable organizations to access data and insights in real-time, allowing for better decision-making and optimization of their IT infrastructure. Additionally, cloud services often have more advanced security features than on-premise solutions, as they are supported by expert teams that are continually monitoring and updating security protocols. This helps organizations protect their data and ensure compliance with regulatory standards.
Application Metrics and Monitoring Tools, Segmentation by Form
- Software
- Service
- Integration Service
- Deployment Service
- Training & Education
- Maintenance & Support
The software segment in application metrics and monitoring tools market is anticipated to hold the largest revenue by the end of 2035. This growth is mainly attributed to developments in cloud computing technology and the increasing demand for software as a service (SaaS). Approximately USD 190 billion is expected to be spent on the SaaS industry by 2023. An average of 17 SaaS applications is used by firms with fewer than 50 employees, while 25 SaaS applications are used by firms with 50 to 100 employees. On average, large companies with more than 1,000 employees use 175 SaaS applications. The SaaS model is also projected to be used by 87% of organizations by 2025. Additionally, software is becoming increasingly essential for businesses in order to remain competitive, contributing to the growth of the software segment. Furthermore, software solutions are being increasingly used in various industries such as healthcare, automotive, and finance, along with the emergence of artificial intelligence, machine learning, and blockchain technologies, which is likely to create a need for advanced software solutions and drive up the revenue for the software segment. Additionally, the rising need for the implementation of DevOps practices, along with the increasing need for automation, real-time data access, and analytics capabilities for better decision making, are expected to further contribute to the growth of the software segment.
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Application Metrics and Monitoring Tools, Segmentation by Component
- Deployment Model Monitoring
- Application Runtime Architecture Discovery and Modelling
- User-Defined Transaction
- Application Component Monitoring
- Reporting & Application Data Analytics
Application Metrics and Monitoring Tools, Segmentation by Verticals
- BFSI
- Public Sector
- Healthcare Sector
- Manufacturing Sector
- Transportation & Logistics Sector
- Retail Sector
- IT & Telecommunication Sector
- Media & Entertainment Sector
- Others
Few of the well-known market leaders in the global application metrics and monitoring tools market that are profiled by Research Nester are International Business Machines (IBM) Corporation, Microsoft, Hewlett-Packard, New Relic, CA Technologies, Compuware Corporation, Dell Inc., AppDynamics Inc., Riverbed Technology Inc., Cisco (AppDynamics), BMC, and other key market players.
Recent Development in the Global Application Metrics and Monitoring Tools Market
- BMC, an industry leader in software solutions for autonomous digital enterprises, announced the availability of a KPI Dashboard with the industry-standard DORA metrics found in its Compuware zAdviser solution. Through the use of this insight, mainframe development performance and efficiency will be improved.
- Cisco has launched its AppDynamics Cloud. As a result, it helps deliver exceptional digital experiences leveraging cloud-native observability for remediating application performance issues based on the context of the business and insights derived from the business.
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