Unified Monitoring Market worth USD 11.10 Billion in 2023
The report "Unified Monitoring Market by Component (Solutions and Services), Deployment Type (On-Premises and Cloud), Organization Size, Vertical (BFSI, Healthcare & Life Sciences, Telecommunications & ITES, Manufacturing), and Region - Global Forecast to 2023", The unified monitoring market size is expected to grow from USD 3.32 Billion in 2018 to USD 11.10 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 27.3% during the forecast period. The growth of the unified monitoring market is driven by many factors, such as increasing complexities in applications, applications running on the dynamic IT environment, reduced time to resolve issues, and increasing need to efficiently manage the security and performance of the IT infrastructure. With the increase in the adoption rate of Internet of Things (IoT) and big data among enterprises, the unified monitoring market is expected to gain a major traction during the forecast period.
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Solution component is expected to hold a larger market share during the forecast period
Unified monitoring solution provides an integrated view of the activities and performance of resources by using monitoring tools for evaluating, monitoring, and managing services, applications, and infrastructure. It provides several features, such as full visibility across the cloud/virtual or on-premises environment, elimination of blind spots, and early detection of issues and vulnerabilities. Moreover, unified monitoring solutions are built for organizations of all sizes, and as business activities increase, the monitoring tools can scale simultaneously. Unified monitoring helps organizations in reducing their operational expenditure. These advantages are expected to spur the demand for unified monitoring solutions.
On-premises deployment type is estimated to hold a larger market size in 2018
The on-premises deployment type is the traditional approach of implementing unified monitoring solutions. It provides enterprises complete control over their platforms, applications, systems, and data, and these can be handled and managed by organizations’ internal IT staff. The government and BFSI verticals prefer the on-premises deployment type, as enterprises in these verticals cannot put the confidential data of the nation at risk, by losing complete control over sensitive data, financial records, accounting information, and money transaction information.
Large enterprises segment is expected to hold a larger market size during the forecast period
Large enterprises are defined as business entities with more than 1,000 employees. The adoption rate of unified monitoring solutions and services by large enterprises is high and is expected to continue during the forecast period. Large enterprises have dedicated in-house IT resources with large IT budgets, hence they can consider a variety of cloud and non-cloud unified monitoring strategies. Additionally, they have a global presence, high market shares, technical expertise, and effective business strategies.
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Banking, Financial Services, and Insurance (BFSI) vertical is estimated to hold the largest market size in 2018
Financial service firms focus more on how to engage, sell, and serve their customers across all channels and connected devices. Using unified monitoring solutions and services, financial institutions can seamlessly serve their customers across all channels, including the web and mobile devices. The BFSI vertical offers significant opportunities for the growth of the unified monitoring market, as complex enterprise applications create the need for tracking all IT infrastructure processes, the deployment environment, and the performance of applications. Enterprises in the BFSI vertical are concerned about data security and privacy issues. This vertical can access better security features through the enhanced security tools that accompany unified monitoring solutions and services.
North America region is estimated to hold the largest market size in 2018
North America is estimated to hold the largest market size in 2018, while APAC is projected to be the fastest-growing region. North America is a matured market in terms of technology adoption, due to various factors, such as standards regulation, advanced IT infrastructure, presence of many enterprises, and the availability of proficient technical expertise. The US and Canada are expected to contribute to the growth of the unified monitoring market in North America.
The major vendors providing unified monitoring solutions and services include Dynatrace (US), CA Technologies (US), AppDynamics (US), Zenoss (US), Zoho Corporation (US), Opsview (UK), GroundWork Open Source (US), and Fata Informatica (Italy), Acronis (Europe), and Paessler (Europe).
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