IT Monitoring Tools Market to grow by USD 47.94 billion from 2022 to 2027 | Improving the efficiency of IT operations to drive the growth- Technavio

NEW YORK, Sept. 24, 2023 /PRNewswire/ -- The IT monitoring tools market is expected to grow by USD 47.94 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 30.46% during the forecast period. The market is segmented by product (ITOA, ITIM, and others), deployment (on-premise and cloud-based), and geography  (North America, Europe, APAC, South America, and Middle East and Africa). Improving the efficiency of IT operations is a key factor driving market growth.  In real-time, e.g. servers, websites, and applications, IT Monitoring tools provide enterprises with the ability to check the performance of their essential IT infrastructure. Information Technology Monitoring tools that monitor network outages, bandwidth usage, performance metrics, hardware failures, and more. If IT is shut down for one hour, it can have a significant effect on business profitability by losing customers and reducing productivity.  The availability of any hardware that is part of an interconnected IT infrastructure, which is hosted on-premises or in the cloud, shall be constantly monitored by ITIM tools. Real-time availability and usage of each machine or device shall also be monitored by the ITIM software. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions of the market's growth. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the it monitoring tools market: BMC Software Inc., Broadcom Inc., Circonus Inc., Datadog Inc., Hewlett Packard Enterprise Co., International Business Machines Corp., ITRS Group Ltd., Microsoft Corp., Nagios Enterprises LLC., NetScout Systems Inc., New Relic Inc., Open Text Corp., Paessler AG, SAS Institute Inc., SolarWinds Corp., Splunk Inc., VMware Inc., Zabbix LLC., Zenoss Inc., and Zoho Corp. Pvt. Ltd.
• IT Monitoring Tools Market is fragmented in nature.
• Market to observe 29.62% YOY growth in 2023.

Market Dynamics:

Major Trend

• The growing adoption of software-defined data centers is a major trend in the market. 
• A software-defined data center (SDDC) is a type of data center where the infrastructure is delivered as a service by virtualizing the physical components.
• The SDDC model comprises three core components: software-defined networking (SDN), software-defined computing (SDC), and software-defined storage (SDS).
• Furthermore, the implementation of software-defined networking (SDN) brings several advantages to stakeholders, including reduced hardware expenses, quicker provisioning of resources, resilience against network outages, and the ability to flexibly allocate bandwidth as needed throughout the network.
• Hence, these factors are expected to drive market growth during the forecast period. 

Significant Challenge

• The limited scalability of currently available tools is a significant challenge restricting market growth
• As organizations expand, the quantity of hardware, IT infrastructure monitoring software, and network elements connected to their networks also grows.
• Unfortunately, only a limited subset of IT monitoring tools possesses the capability to automatically adapt and provide support for the ever-expanding network infrastructure.
• Moreover, very few monitoring tools can fully harness the potential of these evolving technologies, resulting in challenges when trying to establish an efficient IT monitoring system.
• Legacy IT monitoring tools and systems fall short in managing the massive volumes of data and metrics essential for the proper and efficient operation of IT infrastructure.
• Hence, these factors are expected to restrict market growth during the forecast period. 

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Key Segments:

• The market share growth by the ITOA segment will be significant during the forecast period.   In order to gather statistical data and analyze them, ITOA tools are deployed for the monitoring of different IT activities. The insights will enable decision-makers to make data-driven decisions and identify potential causes of errors and performance bottlenecks. Moreover, organizations are increasingly adopting automated ITOA tools due to the rising complexity of their business processes. In the context of IT operational difficulties, these tools are able to learn and use solutions. The ITOA tools should have full integration of natural language processing and machine learning algorithms. Hence, these factors are expected to drive segment growth during the forecast period. 

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by Development

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio