Monitoring Tools Market worth $63.7 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 26, 2023 /PRNewswire/ -- The Monitoring Tools Market is anticipated to incorporate AI and ML, improved security and compliance features, cloud-native support, and a focus on observability in the future. Furthermore, IoT monitoring, seamless interaction with other IT tools, and enhanced user experience-focused monitoring are all likely to become commonplace in monitoring systems.

The Monitoring Tools Market is estimated to grow from USD 24.5 billion in 2023 to USD 63.7 billion by 2028, at a CAGR of 21.1% during the forecast period%, according to a new report by MarketsandMarkets™. Monitoring tools are software applications that track and analyze the performance, health, and availability of IT infrastructure components. They offer specialized functionalities such as network monitoring, server monitoring, application performance monitoring (APM), cloud monitoring, log monitoring, security monitoring, and capacity planning. These tools provide real-time insights into CPU usage, network traffic, response times, and other vital metrics, aiding in issue detection, troubleshooting, and optimization. They offer customizable dashboards and visualization to present data in a visually appealing manner.

Browse in-depth TOC on "Monitoring Tools Market"
280 - Tables
55 - Figures
350 - Pages

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Scope of the Report

Healthcare & Lifesciences to account for higher CAGR during the forecast period

The Monitoring Tools Market in the Healthcare & Life Sciences vertical has witnessed significant growth and innovation in recent years. With the increasing complexity and demands of the healthcare industry, monitoring tools have become invaluable in ensuring the efficient delivery of patient care, optimizing processes, and enhancing overall operational effectiveness. Monitoring tools in this sector encompass a wide range of technologies and solutions designed to monitor various aspects of healthcare and life sciences, including patient health, medical devices, drug development, and clinical trials. In the healthcare industry, monitoring tools are used to track vital signs, such as heart rate, blood pressure, and oxygen saturation, providing healthcare professionals with real-time data for accurate diagnosis and treatment decisions. These tools enable remote monitoring, allowing patients to be monitored from their homes, reducing the need for frequent hospital visits, and improving patient convenience. These tools play a vital role in improving healthcare outcomes, enhancing patient care, and ensuring the safety and effectiveness of medical devices and treatments. As the industry continues to evolve, collaboration between healthcare providers, technology companies, and regulatory authorities will be crucial to address challenges and drive further innovation in monitoring tools for the healthcare and life sciences sector.

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Services Segment to account for higher CAGR during the forecast period

The market for Monitoring tools is bifurcated based on offering into software and services. The CAGR of services is estimated to be highest during the forecast period. Professional and managed services have a significant impact on the Monitoring Tools Market by offering a range of valuable services to businesses. Professional services providers assist with the implementation, configuration, and customization of monitoring tools, ensuring optimal functionality and alignment with specific business requirements. They provide consulting and advisory services, guiding organizations in selecting the right monitoring tools and developing effective monitoring strategies. These providers also offer training and educational programs, equipping businesses with the necessary knowledge and skills to utilize monitoring tools effectively. Managed services providers, on the other hand, offer ongoing monitoring and management of infrastructure and applications, relieving businesses of the burden of maintaining and optimizing their monitoring environment. They provide proactive monitoring, incident management, and performance optimization, ensuring efficient operations and minimizing downtime. These services enhance the effectiveness of monitoring solutions, allowing businesses to focus on their core activities while ensuring their monitoring needs are met by skilled providers.

Asia Pacific to exhibit the highest CAGR during the forecast period

The CAGR of Asia Pacific is estimated to be highest during the forecast period. Monitoring tools is rapidly growing in Asia Pacific, which includes China, India, Japan, South Korea, ASEAN, and ANZ (Australia and New Zealand). Asia Pacific is expected to be the fastest-growing market for monitoring tools. In this region, monitoring tools technologies are utilized for rural and agricultural development. The region encompasses a diverse range of countries, including but not limited to China, India, Japan, South Korea, Australia, and Southeast Asian nations. The increasing adoption of digitalization and the growing importance of data-driven decision-making across various industries, such as IT, telecommunications, healthcare, finance, and manufacturing, have been key drivers of the Monitoring Tools Market in the region. Several factors have contributed to the rise in demand for monitoring tools in Asia Pacific. The surging number of internet users, mobile phone subscribers, and connected devices has created a vast pool of data that requires efficient monitoring and analysis. The escalating cybersecurity threats have prompted organizations to invest in advanced monitoring solutions to safeguard their networks, infrastructure, and sensitive information. The Asia Pacific region is witnessing a dynamic vendor landscape, with both local and international monitoring tool providers vying for market share. To gain a competitive edge, vendors are investing in product innovation, scalability, and ease of integration with existing systems.

Top Key Companies in Monitoring Tools Market:

Major vendors in the global Monitoring Tools Market are Microsoft (US), Google (US), AWS (US), IBM (US), Cisco (US), Dynatrace (US), Splunk (US), Solarwinds (US), Netscout (US), New Relic (US), Logic Monitor (US), Paessler AG (Germany), Netreo (US), ManageEngine (US), Idera (US), Sematext (US), Datadog (US), Icinga (Germany), Nagios (US), Zabbix (Latvia), Sentry (US), UptimeRobot (Malta), Atera (Israel), Better Stack (Czech Republic), Sumo Logic (US), Checkmk (Germany), Exporise (US), ITRS (UK), Riverbed Technology (US), Nlyte Software (US).

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Recent Developments:

• In June 2023, IBM acquired Apptio, this acquisition to advance IBM's existing resource optimization, observability, and application management offerings, maximize value for clients and drive significant synergies across several IBM growth areas.
• In March 2023, Cisco and Lightspin are aligned with a common goal to help customers modernize their cloud environments with end-to-end security and observability from build to runtime.
• In February 2022, Netscout announced the availability of nGeniusEDGE Server, a comprehensive, plug-and-play solution that provides customers with the visibility and insights they need to ensure a high-quality end-user experience regardless of where employees work..
• In April 2021, ManageEngine launched RMM CENTRAL WHICH is a unified remote monitoring and management solution for managed service providers.
• In November 2020, Datadog and Google will grow a relationship with Datadog's first European Google Cloud data center to now include new regions, making it even easier for organizations to access and implement Datadog's monitoring and security platform.

Monitoring Tools Market Advantages:

• Real-time insights into the functionality and state of numerous systems, applications, and networks are provided through monitoring tools. Organisations can immediately detect and address problems thanks to this visibility, reducing downtime and increasing uptime.
• Potential concerns can be found before they become serious ones with the aid of monitoring technologies. Organisations can avoid expensive downtime and service interruptions by identifying and fixing problems as soon as they arise.
• Monitoring tools support keeping an eye on how resources like CPU, memory, and disc space are being used. Organisations are able to deploy resources efficiently thanks to this data, preventing resource waste and ensuring optimal utilisation.
• Monitoring tools help with capacity planning by examining historical performance data. Based on consumption patterns and trends, organisations may forecast future resource needs and prepare for scalability.
• Monitoring tools help service-oriented firms satisfy service level agreements (SLAs) by giving information on system uptime and performance. Customer satisfaction is increased and a good reputation is maintained when SLAs are met.
• Tools for monitoring can automate some processes and send alarms when predetermined thresholds are crossed. The IT staff can respond quickly to events and take the necessary action thanks to this proactive strategy.
• Tools for monitoring provide useful measurements and statistics that support data-driven decision-making. Based on quantitative findings, organisations can utilise this information to strategize, prioritise investments, and make improvements.
• By following and inspecting crucial processes and data, monitoring technologies assist assure compliance in sectors with rigorous regulatory requirements (such as healthcare and finance).
• Monitoring technologies help organisations save money overall by enhancing performance, avoiding downtime, and automating procedures.
• Monitoring tools aid in locating problems that can have a detrimental effect on user experience. Quickly resolving these problems makes customers happier and increases brand loyalty.

Report Objectives

• To determine and forecast the global Monitoring Tools Market by offering (software and services), type, infrastructure monitoring tools, application performance monitoring tools, security monitoring, end user monitoring tools, vertical, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors affecting the market growth
• To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Monitoring Tools Market
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Monitoring Tools Market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Monitoring Tools Market
• To profile the key market players; provide a comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market
• To track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and research & development (R&D) activities, in the market
• To analyze the impact of recession across all the regions across the Monitoring Tools Market

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