The global synthetic monitoring market was valued at US$ 1,982.58 million in 2019 and is projected to reach US$ 4,718.57 million by 2027; it is expected to grow at a CAGR of 11.6% during 2020–2027.
In the evolving technology landscape, companies are continuously striving to find solutions that could help them enhance overall business productivity, operational efficiency, consumer experience, and reduce the overall cost.Therefore, the demand for advanced application performance monitoring solutions such as synthetic monitoring is growing exponentially across various industries such as IT & telecom, government, retail, healthcare, and BFSI.
Moreover, the growing penetration of advanced technologies such as artificial intelligence (AI), blockchain, cloud computing, and Internet of Things (IoT) in business environments is driving the need for efficient application monitoring solutions for web, mobile, AIP, and SaaS monitoring.These solutions help companies monitor, control, and modify/fix various types of applications, which further results in providing enhanced experience to end users.
Amid COVID-19 outbreak, companies are adopting the culture of remote working owing to restrictions on on-premise business activities and implemention of lockdowns across various countries.Remote working involves several applications running on remote endpoints, which generates the need for the monitoring and fixing of performance issues.
Therefore, the demand for synthetic monitoring solutions among enterprises is rising rapidly.
According to the latest report by the World Health Organization (WHO), the US is the worst-affected country due to the COVID-19 outbreak in terms of confirmed cases and reported deaths.The outbreak was first reported in Wuhan, China, in December 2019.
However, major companies in the world are adopting remote working to continue their daily operations and key business activities. These companies need secure and high-performance applications to ensure data protection, and provide superior experience to end users, which drives demand for synthetic monitoring among enterprises.
The synthetic monitoring market is segmented on the basis of deployment, organization size, monitoring type, industry, and geography.Based on deployment, the market is bifurcated into on-premise and cloud.
In 2019, the on-premise segment held a larger share of the market.By organization size, the market is bifurcated into SMEs and large enterprises.
The large enterprises segment accounted for a larger market share in 2019.The market, based on monitoring type, is segmented into API monitoring, SaaS application monitoring, mobile application monitoring, and web application monitoring. In 2019, the API monitoring segment held the largest share of the market. By industry, the market is segmented into BFSI, government, retail, healthcare, IT & telecom, and other industries. The BFSI segment accounted for the largest market share in 2019. The synthetic monitoring market, by geography, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, North America held the largest share of the market, followed by Europe and APAC. The market in APAC is projected to grow at the fastest CAGR during 2020–2027.
Overall size of the synthetic monitoring market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the synthetic monitoring market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts, and key opinion leaders, specializing in the synthetic monitoring market. Apica AB; Broadcom, Inc.; IBM Corporation; AppDynamics; Dynatrace LLC; eG Innovations; Micro Focus; New Relic, Inc.; SolarWinds Worldwide, LLC; and Uptrends LLC are among the players profiled during this market study.
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Gross Domestic Product
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