Market Overview:
The Global Synthetic Monitoring Market size was valued at USD 13.73 billion in 2022, and is projected to reach USD 121.57 billion by 2032 at a CAGR of 12.5% from 2022 to 2032.
Synthetic monitoring refers to the technique of monitoring web applications, networks, and other digital services by simulating user interactions using software agents. The objective of synthetic monitoring is to identify performance issues and errors before they affect real users. The software agents simulate user transactions and interactions, including website visits, logins, and other activities, and measure the response time, availability, and other metrics. The adoption of synthetic monitoring is driven by the need to ensure high-quality user experience and minimize the risk of service disruptions. With the increasing dependence on digital services for business operations, the impact of service disruptions and performance issues is becoming increasingly significant. Synthetic monitoring enables businesses to proactively identify and address potential issues before they affect real users, thereby improving the overall user experience and minimizing the risk of downtime.
Synthetic monitoring also helps businesses to identify performance bottlenecks and optimize their systems for better performance. By analyzing the response time and other metrics, businesses can identify areas for improvement and take action to optimize their systems. This can help to improve the overall efficiency and reliability of their digital services. Moreover, synthetic monitoring can also help businesses to identify security vulnerabilities and prevent cyber attacks. By simulating user interactions and monitoring the response time and other metrics, synthetic monitoring can detect anomalies and alert businesses to potential security threats. This can help businesses to take proactive measures to prevent cyber attacks and protect their digital assets. The adoption of synthetic monitoring is also being driven by the increasing use of cloud services and the need for visibility into cloud-based applications and services. With the increasing complexity of cloud-based environments, synthetic monitoring provides a comprehensive view of the performance and availability of cloud-based applications and services.
Overall, the adoption of synthetic monitoring is driven by the need for high-quality user experience, improved performance, and reduced downtime. Synthetic monitoring helps businesses to identify potential issues before they affect real users, optimize their systems for better performance, and detect security vulnerabilities. With the increasing dependence on digital services, the adoption of synthetic monitoring is expected to continue to grow in the coming years.
Demands for digital services for business operations is propelling the market growth.
One market driver for the synthetic monitoring market is the increasing dependence on digital services for business operations. As businesses become more reliant on digital services, the impact of service disruptions and performance issues becomes increasingly significant. For example, an e-commerce website that experiences downtime or slow performance may result in lost sales and a negative impact on the customer experience. Synthetic monitoring provides a proactive approach to identifying and addressing potential issues before they affect real users. By simulating user interactions and measuring response time, availability, and other metrics, synthetic monitoring can detect performance bottlenecks, security vulnerabilities, and other issues that may impact the user experience. This allows businesses to take corrective action before these issues affect real users and minimizes the risk of downtime.
In addition, as businesses increasingly migrate to cloud-based environments, the complexity of digital services is increasing. Synthetic monitoring provides a comprehensive view of the performance and availability of cloud-based applications and services, which helps businesses to identify and address potential issues before they impact the user experience. Overall, the increasing dependence on digital services for business operations is a key driver for the synthetic monitoring market as businesses seek to ensure high-quality user experience, minimize the risk of downtime, and optimize their digital services for better performance.
Segmentation:
By Type
· API Monitoring
· Website Monitoring
· Mobile Application Monitoring
By End-User Vertical
· BFSI
· IT and Telecommunication
· Retail
· Government
· Manufacturing and Automotive
· Military and Defense
· Other End-user Verticals
Geography:
North America currently dominates the synthetic monitoring market due to the high adoption rate of digital services and advanced IT infrastructure in the region. The presence of major market players in the region and the increasing focus on improving user experience and reducing downtime in North American businesses are also driving the growth of the market in the region.
Impact of COVID-19 on the global Synthetic Monitoring Market:
The COVID-19 pandemic has had a significant impact on the synthetic monitoring market. With the pandemic forcing businesses to rapidly shift to remote work and increased reliance on digital services, the demand for synthetic monitoring solutions has increased significantly. As businesses increasingly depend on digital services to maintain operations, the need to ensure high-quality user experience and minimize downtime has become even more critical.
The pandemic has also accelerated the adoption of cloud-based services, as businesses seek to ensure business continuity and enable remote work. As a result, the demand for synthetic monitoring solutions for cloud-based applications and services has increased. Additionally, the pandemic has highlighted the need for security and resilience in digital services, further driving the demand for synthetic monitoring solutions that can detect and prevent cyber threats. Furthermore, the pandemic has caused disruptions to supply chains and business operations, which has led to a growing interest in synthetic monitoring solutions that can help businesses identify potential issues and optimize their systems for better performance. As businesses look to navigate the challenges posed by the pandemic and maintain operations, synthetic monitoring has become an increasingly valuable tool.
Overall, the COVID-19 pandemic has led to increased demand for synthetic monitoring solutions as businesses seek to ensure high-quality user experience, minimize downtime, and maintain business continuity in the face of disruption. This trend is expected to continue in the coming years, as businesses increasingly depend on digital services and seek to optimize their systems for better performance and security.
Impact of the Russia-Ukraine War on the global Synthetic Monitoring Market:
The ongoing Russia-Ukraine conflict has also had an impact on the Synthetic Monitoring Market, particularly in Europe. The conflict has led to economic instability and political uncertainty, which can discourage investment and hinder the growth of the market. In addition, the conflict has also raised concerns about data privacy and security, which could impact the adoption of AI technologies that rely on sensitive data. The impact of war on the synthetic monitoring market can be significant and multifaceted. War and conflict can lead to disruption of supply chains, damage to critical infrastructure, and disruption of business operations, all of which can affect the demand for and adoption of synthetic monitoring solutions.
Company Profiles:
· AppDynamics
· Broadcom Inc.
· Catchpoint Systems Inc.
· Dynatrace LLC
· IBM Corporation
· Micro Focus International PLC
· Neotys SAS
· New Relic Inc.
· Pingdom AB
· Riverbed Technology Inc.
· SmartBear Software
· SolarWinds Worldwide LLC
· Splunk Inc.
· Sumo Logic Inc.
· ThousandEyes Inc.
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Market Research Process
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.
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