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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
Monday, October 2, 2023
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.
Get a glance at the market contribution of the segments, Request a Free Sample Report
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The Web 3.0 blockchain market is estimated to grow at a CAGR of 47.85% between 2022 and 2027. The market size is forecast to increase by USD 27,422.25 million.
IT Monitoring Tools Market Scope
Report Coverage
Details
Base year 2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR Accelerate at a CAGR of 30.46%
Market growth 2023-2027
USD 47.94 billion
Market structure
Fragmented
YoY growth 2022-2023 (%) 29.62
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution North America at 42%
Key countries
US, Canada, China, UK, and Germany
Competitive landscape
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled 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.
Market dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics,
and Market condition analysis for the forecast period.
Customization purview
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments.
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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com
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SOURCE Technavio
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