Synthetic Monitoring Market Size To Expand at a Notable CAGR Of 8.41% During 2024 - 2032

press release/- Market Research Future Published a Cooked Research Report on Global Synthetic Monitoring Market.

Synthetic Monitoring Market Overview:

Market Research Future (MRFR)’s analysis reveals that the global synthetic monitoring market has been projected to strike a CAGR of 8.41% during the forecast period 2024 to 2032. Its valuation is estimated to reach USD 2.51 Bn in 2032. Synthetic monitoring technique supports the customer-centric approach of the websites and applications by highlighting downtime before it affects the end-users. With the boom witnessed in the IT sector globally coupled with the large-scale digitalization drive, the market has unleashed immense growth opportunities.

The intensified need for proactive monitoring solutions and performance metrics is likely to drive the expansion of the synthetic monitoring market in the forthcoming years. In the 2000s, the market went through challenges such as lack of technical expertise which has been subdued to an extent over the past few years. The market has turned out to be highly attractive after the integration of analytics and cloud technology. The future trajectory of the synthetic monitoring market signifies accelerated adoption of the technology through the assessment period.

The fast-developing nations offer attractive opportunities and are expected to propel the expansion of the synthetic monitoring market in the foreseeable future. Key players are focusing on the development of novel technologies for capitalizing on the thriving market. Growth strategies undertaken by these players for acceleration of revenue creation include mergers & acquisitions, collaborations, product development, innovation, etc.

Segmental Analysis:

This MRFR report presents an exhaustive segmental assessment of the global synthetic monitoring market based on services, monitoring type, deployment, application, and vertical. By services, the market has been segmented into managed services, consulting services, implementation services, and training and support services. Among these, the consulting services segment is likely to account for the maximum share of the market over the next couple of years. Meanwhile, the managed services segment is anticipated to expand at a higher CAGR over 2023.

By monitoring type, the market has been segmented into web application monitoring, mobile application monitoring, API monitoring, and software as a service (SaaS) application monitoring.  The API monitoring segment is currently dominating the market and is poised to maintain its prominence across the review period.

By deployment, the synthetic monitoring market has been segmented into On -Cloud, and On-premise. Among these, the on-premise segment held the dominant share of the market in 2017. However, the on-cloud segment is likely to gain momentum during the review period and emerge as the largest segment of the market by 2023-end.

By application, the market has been segmented into competitive benchmarking, Service-level agreements monitoring (SLA Monitoring) Application Testing, and Content Delivery Network Testing (CDN Testing). The application testing segment is expected to expand at the most significant CAGR of 20.7% during the assessment period. Its valuation is anticipated to touch USD 703.6 Mn mark towards the end of 2023.

By vertical, the synthetic monitoring market has been segmented into BFSI, Government, IT & Telecommunication, Healthcare, Retail, Automotive, and others. Among these, the BFSI segment is projected to retain its pole position through the forecast period. In addition, the retail sector resonates strong growth opportunities and is estimated to mark a comparatively higher CAGR of 22% over 2023.

Regional Outlook:

The regional assessment of the global synthetic monitoring market spans across North America, Europe, Asia Pacific, and the Rest of the World. North America is forecasted to hold the dominant share of the market over the next couple of years. The U.S. has been projected to emerge as the major country-level market of the region and is anticipated to remain highly lucrative across the review period.

Europe is poised to retain the second spot in the global marketplace through the assessment period. It is projected to grow from USD 297.9 Mn in 2017 to USD 816 Mn by the end of 2023. The U.K. and Germany are poised to drive the growth of the synthetic monitoring market in the region over the next few years.

Asia Pacific signifies tremendous developmental opportunities which are prognosticated to influence the market growth positively. The region’s synthetic monitoring market is expected to strike a comparatively higher CAGR of 22% over the assessment period.

Competitive Dashboard:

Some of the key players profiled for a detailed market share analysis are IBM Corporation, Broadcom Inc., BMC Software, Splunk Inc, Hewlett Packard Enterprise Company, New Relic Inc., Microsoft Corporation, Riverbed technology, Dell technologies Inc., AppDynamics, and Intel Corporation.