Monitoring Tools Market

Monitoring Tools Market Booms: Drivers, Leaders & Key Offerings

Monitoring tools are expected to rise from USD 24.5 billion in 2023 to USD 63.7 billion by 2028, with a CAGR of 21.1% during the projected period. Monitoring tools, often known as network monitoring or performance monitoring tools, are software applications or systems that monitor the performance, health, and availability of various components in a network, system, or application. These tools collect data from a variety of sources, including servers, network devices, apps, databases, and more, and then provide insights and real-time analysis to assist ensure smooth and efficient operation.

The monitoring tools market is flourishing due to several key factors:

  • Rising Complexity of IT Environments
  • Real-time Monitoring and Analytics
  • Growing Need for Security and Compliance
  • Cloud Adoption and Digital Transformation
  • Shift Towards Remote Work
  • Demand for Application Performance Monitoring (APM)

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Rising Complexity of IT Environments:  Modern businesses rely on intricate IT infrastructure with various interconnected systems and applications. Monitoring tools provide visibility into this complexity, ensuring optimal performance and identifying potential issues.

Real-time Monitoring and Analytics: Businesses require constant oversight of their IT systems to make informed decisions and prevent downtime. Monitoring tools offer real-time data and analytics, enabling proactive problem-solving and swift responses to performance issues.

Growing Need for Security and Compliance:  Cybersecurity threats and data privacy regulations are prompting businesses to invest in robust monitoring solutions. These tools help organizations track security events, identify vulnerabilities, and ensure compliance with relevant regulations.

Cloud Adoption and Digital Transformation: The widespread adoption of cloud computing and the ongoing digital transformation across industries are driving the demand for monitoring tools that can handle cloud-based environments and monitor digital initiatives.

Shift Towards Remote Work: With the rise of remote work models, organizations need tools to monitor employee activity and ensure secure access to company data. Monitoring tools play a crucial role in facilitating a smooth remote work experience.

Demand for Application Performance Monitoring (APM):  As businesses rely heavily on applications to deliver their services, ensuring optimal application performance becomes paramount. APM solutions provide insights into application health, identify performance bottlenecks, and help maintain a positive user experience.

Monitoring Tools Market Share - Global Industry Landscape

Some of the leading companies in the Monitoring Tools industry include:

  • Splunk (US)
  • Solarwinds (US)
  • Netscout (US)
  • New Relic (US)
  • Logic Monitor (US)

Splunk (US):

Market Share: Splunk leads in the IT Operations Management (ITOM) and Security Information and Event Management (SIEM) markets. It held a 7.8% market share in ITOM and a 29.8% share in SIEM as of recent reports (Splunk) (Splunk) (Splunk).

Key Offerings: Splunk provides a data platform for security and observability, including solutions like the Splunk Cloud Platform, Splunk Enterprise, and specialized products for IT operations, security, and DevOps. They focus on helping organizations improve their digital resilience and manage extensive data (Splunk) (Splunk).

SolarWinds (US):

Market Share: SolarWinds is a significant player in the IT management space, particularly known for its network and systems management solutions. They have a notable presence in the small to medium-sized business segment.

Key Offerings: Their key products include network performance monitoring, IT service management, application performance management, and security solutions. SolarWinds emphasizes ease of use and affordability in their product designs.

NetScout (US):

Market Share: NetScout holds a strong position in the network performance management and diagnostics market, catering to large enterprises and service providers.

Key Offerings: NetScout's key products include network monitoring, application performance management, and cybersecurity solutions. Their solutions are designed to ensure service delivery and mitigate risks across complex IT environments.

New Relic (US):

Market Share: New Relic is a leading provider in the application performance management (APM) market.

Key Offerings: New Relic offers a comprehensive observability platform that includes APM, infrastructure monitoring, log management, and applied intelligence for troubleshooting. Their focus is on providing real-time insights to improve application performance and customer experience.

LogicMonitor (US):

Market Share: LogicMonitor is a growing player in the cloud-based infrastructure monitoring market.

Key Offerings: Their platform provides unified monitoring for IT infrastructure, including cloud, on-premises, and hybrid environments. LogicMonitor emphasizes scalability, automation, and predictive insights to help organizations manage their IT operations effectively.

Related Reports:

Monitoring Tools Market by Offering (Software (by Deployment) & Services), Type (Infrastructure Monitoring, Application Performance Monitoring, Security Monitoring and End User Experience Monitoring), Vertical and Region - Global Forecast to 2028

Monitoring Tools Market Size,  Share & Growth Report
Report Code
TC 8737
RI Published ON
7/25/2023
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