The Synthetic Monitoring Market is garnering substantial traction worldwide. Market growth attributes to the introduction of analytics and cloud technology. Besides, the upsurge in need for proactive monitoring solutions drives the market growth, achieving an organization's customer-centric goals. Also, improved cloud computing capabilities and the expansion of a sizeable cloud-based infrastructure across the globe influence market growth.
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Also, the increasing need for managing the databases with companies and the growing dependency of industries on the internet for routine business operations positively impacts the growth of the market.
Moreover, the rising adoption of synthetic monitoring capabilities in growing numbers of businesses escalates market growth. According to Market Research Future (MRFR), the synthetic monitoring market is poised to grow at 17.7% CAGR throughout the estimated period (2017-2023).
Additionally, the spurring economic growth and rapid industrialization across the globe boost the growth of the synthetic monitoring industry. Rising awareness towards the advantages of synthetic monitoring in proper scaling strategy for the growing web traffic increases the Synthetic Monitoring Market Size. On the flip side, the high risk associated with data mitigation is a significant factor projected to impede the growth of the synthetic monitoring market.
Global Synthetic Monitoring Market -Segments
The report is segmented into six dynamics;
By Services : Managed Services, Consulting Services, Implementation Services, Training & Support Services, and others.
By Monitoring Type : Web Application Monitoring, Mobile Application Monitoring, API Monitoring, Software as a Service (SaaS) Application Monitoring, and others.
By Deployment : On-Premise and On-Cloud.
By Application : Competitive Benchmarking, Service-Level Agreements Monitoring (SLA Monitoring) Application Testing, Content Delivery Network Testing (CDN Testing), and others.
By Vertical : BFSI, Government, IT & Telecommunication, Healthcare, Retail, Automotive, and others.
By Regions : Americas, Europe, APAC, and Rest-of-the-World.
Global Synthetic Monitoring Market - Regional Analysis
North America leads the global synthetic monitoring market. The sizable share of the market attributes to the presence of a number of notable industry players and technological advances. Besides, the rising demand and early adoption of cloud-based platforms drive the growth of the market. Moreover, high R & D investments and the demand for technology and services for web applications, mobile applications, API monitoring, and SaaS application monitoring fuel the market's growth.
The US is the major country-level market in the region and is anticipated to remain highly lucrative across the review period. The North American synthetic monitoring market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global synthetic monitoring market. In 2017, the region had reached a market valuation of USD 297.9 MN. Market growth attributes to the rising purchasing power and the penetration of smart connected devices. Moreover, established IT sectors and the proliferating information technology & industries across the region boost the market growth. The U.K. and Germany are the major growth drivers in the regional market. The European synthetic monitoring market is expected to reach USD 816 MN by 2023, growing at an impressive CAGR during the assessment period.
The Asia Pacific region holds a considerable share in the global synthetic monitoring market. Factors such as the growing investments by leading players and enhancing cloud-based services in the region influence the growth of the market. Moreover, the increasing demand for software-based services in developing countries such as India and China substantiates regional market growth. Also, the increase in demand for private cloud environments and domestic sourcing requirements across the region helps the APAC synthetic monitoring market create a substantial revenue pocket.
Global Synthetic Monitoring Market - Competitive Analysis
Highly competitive, the synthetic monitoring market appears fragmented due to the presence of several matured players. Industry players adopt strategies such as collaborations, mergers & acquisitions, and product/technology development to gain a larger competitive share. Substantial investments are transpired to develop products and expand global footprints.
Technology providers strive to provide quality services with 24/7 technical support, using reliable, scalable, and affordable shared IT plans. They also ensure to provide easy-to-setup and affordable web IT plans, supported with domain names, free web applications, custom solutions, and web design services for businesses.
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Industry/Innovations/Related News:
August 11, 2020 ---- Datadog, Inc. (the US), a leading monitoring & security platform for cloud applications, released a continuous profiler for low-overhead application code profiling. The new low-overhead 24x7 code profiler measures the performance of code in production. With Datadog continuous profiler, customers can better optimize their applications' performance and improve the quality of their code.
Recently, on July 16, 2020, Datadog launched private locations for synthetic monitoring. The new capability enables DevOps teams to monitor internal applications which are not accessible from the public internet. This further enables them to understand the performance of these applications from any location that is mission-critical to their business operations.
Major Players:
Players leading the global synthetic monitoring market include New Relic Inc., Hewlett Packard Enterprise Company, Broadcom Inc., IBM Corporation, AppDynamics, BMC Software, Riverbed technology, Splunk Inc, Dell Technologies Inc., Intel Corporation, and Microsoft Corporation, among others.
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